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Success is directly proportional to the effort you spend. So is money. While these two come gradually, you may incorporate these 5 investment habits that can make and keep your rich.
Spend Less Than What You Earn
Finally receiving your paycheck after several weeks of work may entice you to treat yourself to some shopping spree or food feast or booze. You may always pamper yourself once in a while but don’t overdo it.
Start Saving at a Young Age
The sooner you start saving money, the better you financial stability becomes. Keep a portion of your paycheck on your bank account or make an investment. Savings come with greater purchasing power in the future and better financial freedom.
Debt is a friend you don’t like to keep for long. If you can pay for something all at once in cash, do it. Don’t rely on your plastics too much else you’ll find credit card bills piling up.
In any case you have had some unpaid debts in the past, pay for them first before making any new loans. This also builds your credit score.
Save As Much Money As You Can
If you find yourself with some extra cash, do a budget check before hitting the mall to buy anything. There may be necessities you cannot put off, buy them. To those things that can wait, save up first and as much as you can.
Don’t rush into getting things you can do away with for a few weeks, months or years. Be practical. While most things depreciate in value, your savings won’t.
Discover a Career You Enjoy
Just like in a roleplaying game I’m addicted to, when you’re inspired, you earn more. Keep a job that doesn’t bore or stress you that much. Success becomes sweeter and smoother when you enjoy things.
There goes 5 investment practices that will make you rich in no time.