Make Money Work for You Instead of Working for Money
You might have heard this expression before, but you should make money work for you instead of working for money.Â This is a true expression.Â In general, you will never become rich working for other people.Â But that is what most people do.Â They work for other people, barely covering their own expenses and at the end of many years of effort, end up with little money.Â
Rich people, on the other hand, make money work for them instead of working for money.Â That means that they save their money.Â Sometimes people talk about rich people and say that they are cheap.Â But did they ever consider that maybe by being cheap, they became wealthy?Â
This is also the reason that the children of wealthy people often become poor.Â They don't know the value of money and waste it without thinking about where it will come from in the future.Â Instead of using money to become wealthy, they make the luxury store owners wealthy.
Being Rich is a Lifestyle
How many times have we heard of lottery winners that win millions of dollars and then in a few short years end up with nothing?Â What about those children who inherit large fortunes and then end up with very little in the end.Â It is because they didn't have the lifestyle of being rich.Â
Rich people have a financial plan.Â Often times, they have professional financial planners.Â These financial plans make sure that their money is put to good use and doesn't end up wasted.Â On the other hand, people that chance across large fortunes, but don't have the mindset of a rich person, end up with little or no financial planning.Â They spend the money in wasteful ways that end them up in bankruptcy.
Be Careful with Interest
Often times, the middle class approaches a bank with the idea of getting a loan.Â Those loans are given out for the benefit of the bank and the bank only.Â The bank often times recovers twice the value of the loan when all of the interest is calculated in.Â
Rich people don't take on loans unless they know they will make more money than the cost of the loan.Â Rich people lend their money to others and collect interest instead of taking on loans that cost them interest.
Be Careful of the Credit Card Trap
How often do people who have promising careers get trapped in credit card debt?Â This goes with the above point.Â Be a lender and not a borrower.
Invest or Be an Entrepreneur
Investing your money and making it work for you is a sure path to becoming rich.Â Entrepreneurship is the other path.Â Entrepreneurship is simply taking a small amount of money and investing it to have a much larger amount of money in the future.
Either way, you have to make money work for you.Â If you have a decent sum of money already, you can invest it to make more, as long as your investment will return enough money to more than cover your basic expenses.Â
Otherwise, choose the road of entrepreneurship.Â Look for business opportunites that can put you on the road to riches.
Becoming rich is a decision.Â You have to make the right one.