Top 3 Mistakes Rich People Don’t Make
Successful people have one thing in common, they all know how they earn their money, how they should spend it, and how they save some of it. These are the three most important thing to remember. Success may not only be about money, but it does have that huge contributing factor to it. Not all of them managed to get a degree, but they proved that as long as you are determined, passionate, and street-smart.
There are challenges in life that must be faced that cannot be taught at school, so you have to educate yourself every single day about life, and that involves handling money. To start you off, here are some of the common mistakes that successful people don’t do.
MISTAKE 1. Not saving enough for retirement
One of the most common mistakes most people do is that they are living their day to day lives, without thinking ahead. Most people believe in YOLO (You Only Live Once), that they do whatever they want to do, they buy everything they want and they don’t really worry about what might happen once they’re too old to work. Saving up for retirement is a huge deal that everyone must take care of. No matter how old you are, as long as you have a nice-paying job, you must start saving up for retirement.
Learn how to budget, and also spend less than you earn. Be like Sir John Templeton, he is known to be a legendary investor, who actually saved up 50% of his income and he became a billionaire. He definitely lived within this means. One of the problems with people nowadays is that they are always trying to show off especially in social media, whereas they would later realize it is totally for nothing.
MISTAKE 2. Credits and Loans
Another common mistake most successful people doesn’t do, is that they don’t pile up their debts and they don’t waste cash on fees and interests. Debt could totally ruin a person’s life, simply because that person doesn’t know how to handle their money the right way. If you cannot afford something, either don’t buy it or save up for it. It is not advisable to use credit cards and loans especially if your income is not stable and that you might get sacked anytime. Credit card interests are sometimes too high even if they would tell you it is lower than others, it would be too late for you to realize that you need to pay them so much just for the interest. If you don’t stop using credit cards and getting loans, you will forever be in debt.
MISTAKE 3. Taking foolish risks
Finally, taking foolish risks is so common, especially in the business world. It is a major fact that owning a business can definitely make you rich, but at the same time, it could also put you in debt for the rest of your life. A lot of people think that anyone can get into business, which is true, but not every business succeeds in the end. For instance, a man loves food, so he decided to open up a restaurant without going to business or culinary school, he made up his own menu and hired some staff members. It opened for a couple of weeks and people are no longer eating there. What went wrong could be the fact that the owner himself made the menu. Chefs must be the ones to make the menu and not just a person who loves food. Another factor could be the fact that he doesn’t know how to run a restaurant since all he knows is that he loves food. This is one huge example of taking foolish risks when it comes to money, it is never ideal because it is like gambling.
If you want to be successful, you should stay in school as much as you can. Be sure that you are going to the path that you think would make you happy. However, you must also learn that live too far from being easy, so you have to be wise in and out of the classroom. If you’re stuck in a job that you absolutely hate, then do something about it, just make sure that it will be for the better and not for the worst.
More in Luxury & Life Style
Worried About Your Student Loans? Here’s How You Can Repay Them
One thing that keeps students about to graduate happy and jittery at the same time, is the realization that another big...August 20, 2018
Things to Do when Debt Collectors Call
Having a standing debt is not easy. It gives us a lot of stress just thinking about how to pay. Receiving...August 17, 2018
Investment Mistakes The Ultra Wealthy People Would Never Make
You might have been repeatedly asking what wealthy people do that you do not do. While these millionaires and billionaires just as...August 16, 2018
How Charles Lazarus Turned Toys R Us Into a Toy Empire
On June 29, 2018, the biggest toy store in the country finally closed all of its doors worldwide, ending the toy...August 15, 2018
Want to Start a Successful Medical Crowdfunding? Follow these Guidelines
What if one day we just woke up and had an accident going to work? Or what if that physical pain we’ve...August 14, 2018
How Employers Benefit from Helping Workers Pay Student Loans
When a person starts working in any job, one of his or her ideal priorities is to start saving for the...August 13, 2018
How Crowdfunding Is Helping Biodiversity Conservation Around the World
If we were to choose one great thing about crowdfunding, it will most definitely be its ability to make people and...August 10, 2018
The Richest Pastors in the World: Private Planes, Big Real Estates and Fancy Cars Galore!
It was once said by Scientology founder, L. Ron Hubbard, that a person who wants to get rich should start a religion....August 9, 2018
The Richest Banks in The World
Banks: the custodians of our hard-earned money and providers of good financial advice and always ready to meet our credit needs....August 8, 2018