Becoming a millionaire is not just some unrealistic dream. The statistics show that more than half of millionaires are self-made. The lessons that we can gain from them can’t guarantee us a millionaire status, but it’s totally worth listening to. cool stuff, cool stuff, cool stuff
Op-cast.com has put together some of the smartest sayings about earning, saving, and investing money to help you to get a little bit closer to your dream of getting super rich.
9. The 50/30/20 rule
This is a rule that can be used for managing a budget. It supposed to divide your income into 3 categories:
- The first category is living essentials. 50% should be allocated for monthly expenses such as rent, transportation, utilities, groceries, etc. cool stuff, cool stuff, cool stuff
- The second category is personal spending. It means you can use 30% of your income for entertainment, shopping, hobbies, and anything that makes you happy.
- The last category is savings. 20% of your money should go straight to the bank. You can follow the advice of Grant Cardone, a self-made millionaire.
“Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.”
8. Buy in bulk and on sale
Clearly, it’s not the kind of advice that you expect to get from millionaires. But we all can agree that this way of shopping can save some money. This rule applies to the products you’ll actually use and won’t waste.
“It’s so hard to make a return on regular investments that […] you’re better off buying two years’ worth of toothpaste when it’s on a 50% discount. There’s an immediate return on your money. That’s real savings that you get to put in your pocket.”
7. Don’t use credit cards.
If you have a credit card in your wallet, it encourages you to buy what you want right away, regardless of whether or not you can actually afford to do so. But using credit cards to make purchases means spending money you don’t actually have. Moreover, the reality of high-interest rates makes your purchases much more expensive.
“Credit cards are the worst investment that you can make. That the money I save on interest by not having debt is better than any return I could possibly get by investing that money in the stock market. I thought I would be a stock market genius. Until I wasn’t. I should have paid off my cards every 30 days.”