One Trick That Can Make You Richer
Everyone wants to know how to get rich. Especially in the New Year we begin to seek out steps we can take to mark off this particular resolution on our list.
Kerry Hannon, the author of the book “Love Your Job” suggests that “secret” strategies such as negotiating your pay prior to accepting a position can help you on your journey to building financial wealth. Educating yourself about the position and reasonable salaries for the position will assist you in developing your expectations. She also proposes that marketing yourself as a profitable commodity for your potential employer can help with securing higher earnings in the beginning.
These and other strategies such as investing are indeed beneficial in building funds. Yet, it stands to reason that considering a change in mindset can render far greater returns in becoming rich. Catherine Hawley, author of the article entitled “The Boring Secret to Getting Rich” featured on Time Magazine’s online platform, states that the biggest secret to becoming rich is to “live below your means.”
The mainstream financial adviser, Dave Ramsey was quoted as stating that the key is to “Live on less than you make! Act your wage!”
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Many of you have heard the popular saying that “More money brings more problems.” I believe it is better stated that increased amounts of money bring the temptation to spend it on stuff. If we take a closer look at where the money we have coming in now is actually going, we might be surprised to find that much of it is spent on conveniences other than needs. We are led to believe that the picture of success in this arena is rampant with more things, upgrades, and lavish lifestyles.
As strange as it may sound, frugality and being rich actually go hand in hand. As described in an interview with Thomas J. Stanley, author of “The Millionaire Mind,” “if you want to be rich, you need to stop acting like you have money in the bank and start living beneath your means.” This interview was summed up in the title of the following article entitled, “To act like the rich, be frugal”:
Being smart about the particular positions you take and strategizing in career advancement are great ways of improving your financial status. Overall, thought, If you are seeking to be rich or just to improve your financial standing, a good first step might be to consider a downgrade. Whether it is canceling your cable subscription, carpooling to work, or reducing your grocery bill, finding a way to spend less than you make could be a good first move.