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The first habit of making money, is to start tracking your spending immediately.
The whole point is being able to spot inefficiencies where you might be overspending without even realizing it, and getting a REAL, ACCURATE count of how much you spend each month. By seeing this firsthand, you’ll be able to better optimize your budget – cut back in certain areas – and have more money left over that you can invest with.
Secondly, and I know it sounds cliche, but pay yourself first.
This gets you in the habit of prioritizing what’s most important here…YOU. It’s getting in the habit of you treating yourself, your investments, and your retirement as basically the #1 bill you MUST pay every month. And this just increases the likelihood that you’ll actually save that amount.
Third, be VERY aware of lifestyle inflation.
This is what happens when you slowly start to make more money over time, and you slowly start to treat yourself a little more. Maybe you get a promotion and get just a slightly nicer place. Maybe you start eating out at slightly nicer restaurants. Maybe you starting buying new clothes slightly more often. Nothing overly noticeable overnight…but over time, it adds up.
Fourth, ANYTIME you invest – have a long term outlook.
This is really FOUNDATION to investing and making money. For the majority of people, market timing doesn’t work. There have been study, after study, after study which prove that even the best HEDGE FUNDS in the world cannot beat the average return of the SP500…and lets be real, if THEY can’t do it consistently over 10 years, what makes you think you’ll have a shot at it? Having a long term outlook also tends to have better tax advantages, too.
Fifth, when it comes to investing – Invest your time FIRST, money second.
Jumping in right off the bat with a huge cash investment isn’t ALWAYS the smartest choice to make. Sometimes it’s a lot better to invest your time upfront learning about something, or trying it out firsthand before you dump cash into it. There’s always a chance that you decide your time and money might just be better spent elsewhere once you begin learning more about it. Plus, even if you have NO MONEY right now and don’t know where you start, you have time to invest.
Sixth, the BIGGEST piece of advice I can give you is that IF you want to make a LOT of money, you need to do something that pays on results, NOT time.
ANYTIME you’re getting paid by the hour, there’s ALWAYS a limit to how much you can make. You can only physically work so many hours in a day, until your income plateaus very quickly. Getting paid on RESULTS, however, means that your income has NO LIMIT – which can result in a VERY high income, very quickly. I also like that, when you get paid for results, you have DIRECT control of how much you money you make. Controlling your income and making more becomes MUCH more difficult to do.
Seventh, my personal favorite – if there’s something you want to buy, make your investments pay for it.
If you follow this one piece of advice, you will NEVER run out of money – and this is how I’ve built my entire lifestyle, pretty much. Find a way for everything you buy to make its money back and pay for itself. Then suddenly, almost everything you do is now an investment.
Just remember – something like this takes A LONG time to do – don’t expect this to happen overnight. But if you begin PLANNING this mindset now and following everything that I’ve mentioned so far, it’s absolutely something you can achieve LATER if you stay disciplined with your finances, live below your means, invest EVERYTHING, and do this consistently.
Oh, and I lied…one more…ideally, in terms of making money, do something you enjoy doing.
You should be so enthusiastic about what you’re doing to the point where it just becomes FUN, and also happens to make money. Unless you enjoy what you do, you’ll get burnt out and quit. Finding something you LOVE doing means that you can work indefinitely without feeling burnt out or deprived of something in your life. And by doing so, chances are, you’ll make a lot more money.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com