10 Ways to Manage Your Money Like The RICH
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- Опубликовано: 27 июл 2020
- In this video we talk about 10 important ways to manage money the way some of the most successful people in the world do it.
Money management is the foundation of wealth and without it is practically impossible to become rich.
In this video you will learn the answer to the common question “how can I manage my money better?”
Learning to manage money like the 1% will allow you to understand your personal finances and know exactly what your money is doing.
With this intel, we’d be able to make educated decisions with our money.
Want to learn more about wealth and personal finance?
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1. Plan your monthly finances
2. Keep an eye on non-recurring expenses
3. Beware of small expenses
4. Pay your consumer debts as soon as possible
5. Keep your savings in a separate account
6. Look for any tax write-offs
7. Plan your taxes
8. Lower your debt interest
9. Take advantage of credit card perks
10. Expand your knowledge
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Thank for the comment 🎉
Thanks! Now i don’t have to watch the video :)
How can you pay off student loans fast? It can distract you from investing or saving
instablaster.
“The person who doesn't know where his next dollar is coming from usually doesn't know where his last dollar went.”
--Unknown
“Formal education will make you a living; self-education will make you a fortune.”
--Jim Rohn
👆🏻major idea
The key is to notice where your money is going. What gets measured, gets improved.
100% agree 👆🏻
This applies to so many things. I lost 60lbs in about 3 months and everyone wanted to know what I did. I just tracked my weight and calorie intake. I want to roll my eyes when people say "I don't eat more than anyone else!" but refuse to measure it.
I agree with all these tips. You cannot build wealth if you can't budget and have no idea where your money is going.
Small expenses ussually adds up and when you try to take note of it, you'll realize that it could get costly.
Summary
- Make a monthly budget
- Plan non recurring expenses
- Beware of small expenses
- Pay consumer debts asap
- Keep savings in separate account
- Look for tax write offs you can take advantage of
- Plan your taxes ahead of time
- Lower debt interest
- Take advantage of credit card perks
- Expand your knowledge
Best educational and content!!!!! Thanks. Let's leave a comment to support him
Great video! Budgeting in my mind is a key method to increasing your wealth. I believe every dollar has to have a job.
The last one, 10th "way of expanding knowledge" was best among all 10. 👍.
Expand your knowledge is probably the best advice. Love your tips! Great video Better man 👍🏻
Very important to continue learning and expanding our knowledge.
Financially ilitirate are the most common thing why people are not able to grow their wealth. Most people knew they are earning money, but didn't realized that their earned money is not making more money. People should know their own income statements and balance sheet. People can do this are capable of handling future wealth...
thank you very much sir
Happy to help! Hope it was useful
number 1 very good crucial for me very very important and number 3 true small expense go up fast and yes the better men project number 7 its important to not have a bad surprise
Very true! Planning those taxes the year before can save lots of money in taxes
Excellent tips and recommendations! Wealth is not an overnight success story but a lot of time, effort, and patience throughout the process. I recommend #5 to a lot of people just so that they can resist the temptation, and it definitely works! Thank you for sharing these :)
Great idea brother
thank you for this i like the way you teach
I'm working on number 3 this year
That’s awesome, those small expenses quickly add up.
Planning expenses is my favorite
You can do the snowball method, or try to pay off the highest interest debt first
Well done...!
Thank you Phil!
“You must be the change you wish to see in the world.” - Gandhi.
The wealthy start with a goal and work backward.
Know what you want and what it’s going to take to get it. If you don’t know what you want, you’ll get something that’s the result of a bunch of decisions made for instant gratification.
Even if you aren’t raking in millions, you can grow your wealth just by mimicking the financial habits and strategies of the ultra-rich.
Live within or below your means
Pay off debt
Don’t just save, invest
👍
"Stop buying crap"
Third ❤️❤️
❤
Fourth today 😂😂🙄😜from kenya..
Greetings! I hope you're putting this information to good use in Kenya.
#10
Not listed, live below your means, the more frugal you are the more you can save. And somethings you can’t plan for the heater/ac unit goes out, the refrigerator stops working are a couple of things that can’t be planned for, but if you live frugally you just might have the savings to cover unexpected expenses.
100% agree👆🏻
The Better Men Project, thank you for liking my comment
That's what makes having an emergency fund essential!
Know what your money is doing is better then not knowing. Keep track and you can raise your income.
*A good credit score is under rated*
Agreed 👆🏻
The 🇧🇸bahamas is great🇧🇸
😍😍😍😍
what's good book to read for better money management?
No mention whatsoever of having 3 or more months (or even any) emergency expense fund. Yes, a savings account was mentioned, but many people don’t even have enough set aside in cash for a $400 emergency. 3-6 months of living expenses saved away can (more often than not) result in not even needing to worry about credit cards or loans. It’s not always easy to save it, but if it’s hard to save it, consider how much harder it will be to cover an emergency expense (especially a job loss) in that case.
Invest invest
Yolo, life is short
So live in debt and let others get wealthy off of you?
second
lol at least i have to have it before i manage it
1:30 there's an app for that
Hi come have a look at the company im with, i quit my job because of it
"Snowball" way of paying debts is exactly NOT what rich people would do. Rich people care about money, not fast gratification of paid off debt. The best way for your finances is to pay the highest interest debt first, then second highest, and so on.
I love the debt snowball vs debt avalanche debate.
Debate? There is nothing to debate. Paying off the highest interest (is it called "avalanche"?) is financially better. It is a trivial mathematical exercise.
@@annakrichevsky2779 but people disagree with its sustainability and practicality. Its simply not for everyone.
Well, I guess managing ones money like the rich is not for everyone either... Then again, I doubt the rich even have several high-interest debts in the first place, so there is no decision to make. All debts that have higher interest than your long term investments projected gain should be paid off immediately. Those having lower interest than projected gain can be kept indefinitely.
Very good, BUT the biggest most important thing is not on the list: EARN MORE MONEY! The energy you spend on the nitpicky things could be better spent generating more revenue for yourself. Just half of that hour you spent on hold trying to get $10 off your cable bill could have been better spent on a sales call for possibly 100X the money with a prospective customer or client. Focus on learning more about yourself and what you do best and do it well, then position yourself to hire someone to handle the little things. Abundance is your birthright, but the first step to realizing it is to stop focusing on scarcity-oriented thinking that will keep it from you.
Invest automatically. ...
Get help. ...
Take advantage of tax laws. ...
Invest in real estate (no, you don't need millions). ...
Know your way around credit and debt. ...
Keep your eyes peeled for a good deal. ...
Crack a book.
This advice is for the middle class, not for the rich. For ex. if you are rich, you have very few reasons to use a credit card.
If you are rich, you use nothing but credit cards. It’s dumb not to.
For one, you get interest free money for an entire month as long as you pay your balance the following month and one to two percent (sometimes five on certain purchases) cash back.
@@fretworkband3204 I'm from Poland. I checked with my bank and it seems that there is no "cash back" here. Maybe it's mostly an American thing. In my bank only black "world elite" VISA has some real perks.
how rich are you
It cool to teach people how to manage money but to save to go on a trip. It not cool making your savings work for you to pay for that trip now that cool. While you on that trip your savings still working for you. Even when you come back it still working now that cool. Why invest when you're investments supposed be working for you? Why save when you're investments supposed bring you more income?
Number 5 shouldn't be on this list. All the mentors I watch say never save money. Always invest the extra money you have into assets
How are you going to invest it you don’t save it?
Well the way the video made it seem was that you hold your extra money in a savings account which in turn loses value over time and just sits there. I guess save if you want to invest into real estate wholesaling without taking out a loan. Every paycheck I invest 1/3 of it into my TD Ameritrade account, my Crypto Accounts, or my online marketing business. Robert Kiyosaki has a good explanation on why you should never save money.
11. Own a central bank.
You lost me right at the start. Rich people don't pay interest so credit score is irrelevant
Depends on your definition of rich.
A $50million+ rich person doesn’t have a big need for credit score more than financial statement to use credit.
A $1-2 million rich person still uses credit on a day to day basis. So credit score for most people under $5 million is still very important.
I dont own credit card canceled all of them i have seperate bank account for savings my mind is easier a lot easier credit cards are modern slavery