7 Important Ways And Rules To Escape From Poverty

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7 Important Ways And Rules To Escape From Poverty

Princemma

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Poverty is something everyone wants to avoid at all costs. Even the poor don’t like the fact that they are poor. Some people wonder how the rich make their money after thinking and not getting a valid explanation they sum it up that all rich men are evil. Not all people who are rich are evil some got their money because they knew these secrets I will be sharing with you in this article. So relax and keep your mind at rest. Take note if you don’t practice these principles nothing is guaranteed but if you are ready to practice it I can say welcome to the rich society.

1. Save one-tenth of whatever you earn: You might ask me how does that even make me rich? Well here is the answer saving ten percent of whatever you earn for a couple of years/month will increase your savings. The more you save the more money you get. The rich learn to save a certain percentage of their money over time. One of the books I read “The richest man in Babylon” Advises that you save a percentage of whatever you earn. This percentage should not be less than 10 percent.

2. Create a Budget and stick to it: Some questions like this might be going through your mind after reading the first point. How can I even save 10% of what I earn when the money I earn is not even enough for me? Here is what I want you to do, write down a list of things you buy every month and on another piece of paper write down essential things that you need. Compare these two lists together you will notice that there are some things you buy in the first list as a result of your desires not that you actually need them. This is where your budget comes into play. Write a list of essential things you need, such as feeding and making sure not to include mere desires like flashy things or things you can do without. Stick to your newly found budget and with time you will notice you will be able to save a lot without you spending most of your money on desires and worthless things.


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3. Invest Wisely: Whenever you have the opportunity to invest, don’t just rush into it without fully knowing how that particular business works. If you can’t invest time to learn how investment works don’t invest your money because you will likely lose it. Invest wisely in stocks, businesses, or anything you can invest in. At times the best investment you can make might just be that business you are planning to start, all you need is to invest your time, money, and effort to make that business a success. If you want a guide on investment to check out some of my old articles I have something you can read to help you make the right investment choice and if you don’t understand anything about investment follow me as I will be dropping an article about investment for beginners very soon.

4. Guard your money: Learn to guard and protect your money. Keeping your money in a particular place is a foolish decision instead invests. Don’t invest in things based on trends and don’t ever invest in anything you don’t understand. Don’t allow the opinion of others who know little about money and how it works to influence your investment decision. Seek advice from people who understand how the financial world works, don’t take money advice from quacks, and people who have little or no experience about money and investment.

5. Own your home: This might sound funny or it might not try as much as possible that the house you live in belongs to you. Learn to save your money and plan to own a house for yourself. Most rich people are the owner of their homes. You might not build a luxurious house at first but try to build a house

6. Think Long term: Think long term and provide in advance for your future and your old age. Whenever you invest think long term for you to enjoy the fruit of your labor. Learn to build and prepare for your future. This will save you from being broke by the time you become old.

7. Diversify your knowledge: Learn as many skills as you can. The world is really changing fast and most of the services which are needed 10 years ago might not be needed tomorrow. Diversify your knowledge in different skills. The more wisdom you have the more you have confidence in yourself about the future.
With this am sorry I will have to stop here but don’t worry I will be posting more articles later in the future so I advise you follow me so you can see more of my articles anytime I post a new one. I will leave you here to comment on your thoughts. Take note that knowledge is useless unless it is applied so I beseech you to apply this knowledge.

Don’t forget to like and share this article so others can read this useful information.

Thanks for reading and follow me for more words of knowledge
 

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