The Science Of Getting Rich: Get Rich Stay Rich
The Science Of Getting Rich
Every purchase should be weighed against the cost/benefit ratio. The affluent, who are notorious savers, are always looking for ways to save costs and avoid spending money on high-ticket products that have no value or are essentially status symbols. Few things are purchased without much deliberation by the wealthy. While they have no doubt about lavishing on their homes, vacations, and their children’s educations, they are sensible in practically every other area.
Things You Should Know And Also Do
- The “Wealthy” are continually considering options. For example, when shopping for an automobile, the wealthy consider models that cost $75,000 and ones that cost $20,000. Then they can determine that for only $35,000, they can acquire all of their desired characteristics.
- Put your extra cash to good use. One thing that folks who have never had any money have in common is that when they do acquire some, they regard it as if it were a gift. They generally spend it on items that only satisfy them for a short time. When the “Wealthy” acquire wealth, they put it aside. They realize how critical it is to enable money to grow in order to keep up with inflation. They are also aware of how easy it is to lose money and are fearful of doing so.
- Life’s major expenses, such as a college education, should be planned for in advance.
- Make progress on your mortgage.
- If your company offers a 401k plan, take advantage of it.
- Set up an automatic transfer from your bank account to a mutual fund on a monthly basis.
- Purchase a cash-value life insurance policy to compel you to accumulate assets.
- Borrow money from a bank to make an investment.
- Don’t take out a loan to pay for assets that aren’t worth much.
- Calculate how much money you’ll need to get from point A to point B.