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Not-So-Secret Strategies Rich People Use to Get Richer page 4
SMART SACRIFICES MASTERING MILESTONES ON THE ROAD TO RICHES
PAY OFF HIGH-INTEREST DEBT. You must stop the bleeding from costly credit card debt. One of the best strategies is the avalanche method, which entails paying off your highest-interest debt first to save the most money on interest. Another method, the snowball approach, requires paying off the smallest debt first, then redirecting that money to pay off the next largest debt. This method saves less money in interest but offers more immediate gratification. SAVE UP AN EMERGENCY FUND. If you can, set aside $2,000 as a safety net immediately. After paying off any high-interest debt, build that fund to cover 3–6 months of expenses. Stash it in a high- yield savings account so it will keep working for you while you pursue other goals. INVEST YOUR SAVINGS. Start investing any new savings for higher returns. Avoid speculative plays such as cryptocurrency or individual stocks. Instead, do some research on index
funds, exchange-traded funds, bonds, or certificates of deposit with solid track records.
INCREASE YOUR EARNINGS. If you don’t have money, you must work to get it. It may not be fair that some people work three or four jobs to meet their goals, but it’s better than staying stuck. You also may have to invest in gaining new skills to increase your income. TAKE CHARGE. Clinging to a victim mentality is self-defeating. Thinking positively isn’t enough to make you rich, but it will open up new opportunities you couldn’t otherwise have imagined and help you stick to your goals. Once you have mastered these secrets of the rich, start working toward your own milestones. The lifelong rewards will be more than worth the effort!
People who struggle financially cite some common reasons: low pay, credit card debt, high housing costs, inflation, too much retail therapy, etc. Few realize that by setting goals and making the sacrifices required to achieve them, they could join the ranks of those who live comfortably with ample savings. Here are five proven steps for making your money work for you.
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