3. Save to invest, don’t save to save
Grant Cardone writes:
“The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income). To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.”
You can try mutual funds. There are insurance plans with investment options available today. You can try them out. For as low as 2,000 pesos a month, you can invest on a life insurance plus a mutual funds that is managed by the financial firm of your choice. You can try Sun Life and Pru Life UK among others.
The point is: You will never run out of options. You just have to find ways to put your money to good use. You should make your money work even while you are sleeping.
Remember what Warren Buffet once said, “If you do not figure out a way to earn while you sleep, you will work until you die.”
4. Don’t show off — show up.
“I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income,” writes Cardone. “I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy.”
The idea is simple: You need to be rich, not to look rich. Keeping up appearance may be a little important for success (apparently it contributes), but keeping too much appearances is detrimental to your financial health.
Again, just buy what you need. Or if you really want to buy something which looks fancy, go for the cheapest price tag.