10 Money Insights That Will Make You Richer

Just a few simple but very useful tips that could come in very handy for making more money.
money insights

Share:

Share:

Just a few simple but very useful tips that could come in very handy for making more money.

1. Create Multiple Streams Of Income

Avoid relying only on a single income stream. A salary will almost never make you rich. 

Be sure to jump on new opportunities to create additional avenues of income, especially if you think that it has good potential to be stable and sustainable. It is usually an opportunity to invest, or even an opportunity to start a business. If not now, then when?

2. Come up with 3 new ideas a day, and write them down

We tend to forget things more easily than we think. Make it a habit to write down good ideas that pop into your thoughts.

It may not seem like much, but it will definitely increase your chances of coming up with a winning idea that could change the world, or at least your world. And remember to write them down, before you get caught up with something else in the next moment and forget what you came up with.

3. Master the art of copywriting

Copywriting enables you to communicate your ideas to a wider audience. While it may seem trivial, effective copywriting can extend your reach across borders and allow you to present your ideas without the need to be physically present.

4. Read, read, and read

Read for knowledge, or read for pleasure. The more you read, the more knowledge you attain, which might lead to new inspirations and ideas. As the old saying goes – knowledge is power.

5. Don’t try to save money by being stingy on a cup of coffee

If you don’t already get it. This statement means to network. Go out there and meet people. Share your ideas and talk about it with people that you think you can potentially collaborate with.

When you meet arrange to meet someone, it is always polite to buy them a cup of coffee. Don’t stinge on a cup of coffee. Even if the meeting does not turn into a collaboration, at least you got to know someone better, or even made a new friend. Even better, that cup of coffee could lead to a money-making partnership. The best way to save money is to make more.

6. Come up with ideas to connect people who can help each other

Another point about networking. Connecting people is the very essence of networking. Make a pleasant introduction and stay out of the way. However, try to avoid random making random connections. Networking is NOT about hanging around and giving out name cards. Connect people who you think can collaborate or help each other.

As we connect people to each other, we get to deepen relationships with others and expand our own networks as well. If you have skills or knowledge that can add value to a collaboration, you may even get invited to be part of it. Successful people thrive on networking as that is often how fresh ideas and new businesses are created.

7. Never invest more than 5% of your wealth in any single venture

As the old saying goes – don’t put all your eggs in one basket. Diversify your eggs.

Ideally and conservatively, this should be a rule of thumb to follow, albeit being a little risk averse. The exception would only be if you are absolutely sure of a particular investment that you know for sure will be profitable. But how often do we get to say that?

8. Avoid starting a business in a space that is saturated with a lot of competition

Selecting the right industry to start a business is crucial. If possible, select a niche market where competition is low and entry barrier is high. Even better if it is a market that you can monopolise because of an advantage that you may have over others. A high entry barrier will also mean higher profits and less competition.

Think scale. Find a global problem and offer a solution. A solution for the world will naturally become a global and scalable business.

9. Surround yourself with the people you love

This is not being selfish. Filtering and choosing the people that you want to surround your life with is self-love. Be around people who will love, inspire and encourage you. These are often the same people who will motivate you and help you through your darkest hours. Filter out the people who bring you down. Positive vibes only!

10. Above all, practice Gratitude

True abundance comes from a heart of gratitude. Keep striving the best you can, but also be grateful for the things that you already have.

Keep a clear mind, and with that, trust your intuition. In every situation you encounter, and with everyone that you meet, go with what feels right for you. Always be skeptical. Not everything is as it seems on the surface. The people who really know how to create wealth are also the ones who hide it best.

The ones who don’t know how to create wealth give seminars about it. Always be skeptical. Even of what you read on this article.

More Posts

why cash flow is important

Why Cash Flow is Important

Small businesses are finding it harder and harder to survive and grow in the business world of today, where new technologies can quickly change an entire industry.