Everyone wants to become financially successful if not free, well-off or independent. However, becoming rich often seems to be a blur to most people as they hear and see stories of men and women who literally have become rich overnight. They hear a story of a person who dropped out of school and became rich the next day by selling his cool app he sold to Google for $5 million dollars. Another is an employee who got laid off in the recession and all of a sudden has a profitable business running in 3-4 months.
Let me get one very important point straight. All of these stories are not people who are special people who are chosen to become rich while the rest suffer in poverty and lack of money. Anyone can become financially successful as they have become. What’s missing in this puzzle is a lack of seeing the bigger picture. If you want to know how to double your money, you have to realize that these people have invested thousands of hours of work and effort “behind the curtains” to achieve the success they have achieved.
It’s just that we weren’t there seeing them burning the candle at both ends. Right now, all we see is the success they are now enjoying.
Here are ten proven principles how to double your money.
1. Recondition your attitude towards money
Unsuccessful people associate spending money with happiness. This comes way back to early childhood. When we were young and we would have extra allowance given to us by our parents, we would go out to the store and buy…guess what? Candy. On and on whenever we receive money, we would buy candy because as children, candy makes us happy. The problem is, we develop this mentality up until we are an adult and spend, spend, spend. Research has shown that after a lifetime of work, an Average American Family would only have $8,000 in net worth. They spent all their money in useless stuff and in the end, they suffered for it. The first step on how to double your money is to recondition your attitude by removing the notion that spending money uncontrollably will make you happy.
2. Change the meaning of saving
That brings me to the second advice. Change the meaning of saving. This means that if you want to become financially successful, you have to replace the old meaning of associating happiness with spending money and change it to the belief that “saving money makes me happy.” You can do this by reciting the words, “I like saving money” on and on day after day for up to 30-50 times a day until you begin to feel the positive emotion of happiness associated to saving. Until then, you will only sabotage your efforts halfway through saving money because you will reach a point that it is irresistible to save. Change your thoughts and you will change your life.
3. Create a Financial Freedom Account
It is said that in the 21st century today you must learn how to budget your money and save 15-20% of your income throughout your lifetime if you want to become wealthy. However, if that’s not possible make it a goal to start by saving 10% of your income every month and living off the remaining 90% for the rest of your life. If that is too hard, refer to the next advice on how to budget your money.
4. Practice the 1% formula
Every big and monumental achievement began with a small and seemingly insignificant step. If you don’t believe that, just think of the beautiful Pyramids of Giza. It took roughly 15,000 men in a span of 10-20 years to move, lift and carry, as research says, millions of blocks of stone and concrete day and night. The same it is for anything worthwhile. Start with something small. Your starting step in learning how to budget money is living off 99% of your income and saving 1% to a Financial Freedom account. Do that over and over until you are comfortable enough to increase your savings by 2%. All of a sudden you will realize that practicing how to budget money is easier and you have made it comfortably to 10 or even 15%.
5. Realize that there is no "easy way to riches"
There is no easy way to riches. There really is not. Accepting the fact that it takes hard work, skill and effort to build a lifetime of wealth is already winning half the battle.
6. Getting rich is a compound interest of sweat and effort
The Compound Effect, as Darren Hardy the success author explains, is the accumulation of small efforts compounded overtime that yields to an overwhelming result or achievement.
Every effort you do to become wealthy may go unnoticed at first but realize that if you just focus on moving forward, no matter how small every single day, you will get to here you want to be.
In becoming financially successful, practicing the good saving and spending habits on how to budget your money and how to save money will compound over time.
7. Increase the value of your greatest asset
Your greatest asset is your ability to earn money not only on how to budget money. You may think it’s something else but strip everything away from you and you will still have you earning ability. If you’re really serious on learning how to double your money, invest in yourself. Take classes. Read books. Look for mentors who are more successful and surround yourself with positive people. Do whatever it takes to increase your effectiveness in your area. If you’re in a job or business, ask yourself this question, “Why am I being paid or why am I on the payroll?” Sharpen your ability to earn money.
Research has shown that the number one quality that all successful people have is the quality of self-discipline. With self-discipline, all the things, methods and ways to become rich, on how to save money, will work only if you have it.
On the other hand, no amount of intellect, skill or talent will suffice if you don’t have self-discipline.
The biggest mistake you could ever make in life is to always take the path to least resistance. Resolve now to practice Self-Discipline in all areas of your life.
9. Know how to delay gratification (IMPORTANT)
In line with self-discipline, the second most important rule on how to double your money is learning how to delay gratification. This is perhaps the single most difficult obstacle that any person needs to face if he or she wants to become financially successful. Delaying gratification takes enormous amounts of self-control and mastery. But once you have it, you dream of wealth, riches and doubling your money are virtually guaranteed. How do you practice delaying gratification? In everything you do! From cutting down the food you eat, to not spending that extra $100 on some shoes and learning instead how to save money and invest it in something that would give you a much greater return. Delaying gratification only means choosing what you want now and what you want most.
10. Develop Persistence
Success is in fact, a coming together of all things done correctly, over and over again. Like a stage play wherein everyone needs to coordinate with each other to make an unforgettable debut, so is success in money, finance, health and relationships. If you practice these 10 principles day in and day out you will surely become successful in the area of money. Resolve that you will never quit and you will face any amount of challenge and difficulty that comes in your way. Do whatever it takes to take control of your financial destiny.