Financial success has nothing to do with making a lot of money!
What makes the difference is knowing how to use it well and manage it on a daily basis.
And that, people who succeed financially know it perfectly.
They are never wrong about how they use their money.
Discover 10 mistakes successful people never make with their money. Look :
1. They never spend more than they earn
Successful people aren’t big spenders.
That is to say that they live on less than they earn.
This is one of the most important rules if you want to succeed financially.
And besides, they always save some of the unspent money.
Many of the richest people in the world have followed this basic principle all their lives…
…even when they had no money!
Even being billionaires, they were saving at least 50% of their income.
Of course, it’s much easier to save when you’re rich!
But what is important is to start even with a small amount.
You can achieve financial success by saving just 5-10% of your income per month.
This learning is progressive and does not happen with a wave of a magic wand.
To help you, discover 35 tips here.
2. They never buy unnecessary stuff
Financially successful people focus not on price, but on the value of their purchase.
Never mind paying full price.
What matters is that a profit emerges on arrival in the medium or long term.
To better understand, let’s take a concrete example:
Is it better to buy 1 pair of low-end shoes at 50€ every 6 months?
Or 1 top quality pair at 200€ every 4 years?
In the first case, we spend a total of 400€.
In the second, only €200, even if it is a larger sum to pay at the start.
You see, that’s the approach of successful people.
They don’t look at the price first, but its investment value.
Successful people buy things that last over time with a focus on quality.
They always invest in anticipation of future appreciation.
They never buy useless stuff that has a low lifespan.
3. They never take revolving credit
successful people have never taken revolving credit.
Why ? The reason is simple, but extremely important:
This type of money reserve tricks you into believing that you have money artificially.
In reality, it puts people in debt because of exorbitant rates.
Once you put your finger in the gears, it is very difficult to get out…
Similarly, successful people avoid paying for things in instalments.
And this, even if there are no fees behind. Why ?
Because these installment payments always make you feel like you have more money than you actually have.
However, the first rule that we have just seen is precisely to live below your means…
…and not above!
4. They never pay too much tax because they know the right tricks
Everyone has to pay taxes.
But some pay much less than others.
How? ‘Or’ What ?
By using simple but effective tricks.
If you also want to lower your taxes, start with these simple tips.
For those who already have a comfortable income, remember to invest in real estate by following these tips.
This allows you to reduce your taxes while inflating your real estate assets.
So many examples that ordinary mortals don’t pay much attention to.
However, these financial tips are essential.
And that, successful people know very well.
In the same way, rich people never make mistakes on their tax return.
They know how to complete their tax declaration perfectly.
And when they have money problems, they also know the tricks to get a tax rebate.
5. They never settle for stagnant income
Some people never ask for a raise or are content with 1 to 3% per year.
Except that accepting such a small increase means accepting to remain financially immobile!
It’s at best slightly higher than inflation or worse you don’t even cover your costs.
Instead of staying in this position, successful people are always looking to increase their income.
How? ‘Or’ What ? In particular thanks to small jobs and more like these.
But not only.
Instead of watching TV, they always prefer to learn something new.
Thanks to the Internet, it is always possible to follow online training courses for free.
To help you, here are 37 websites that should please you.
By having more skills, your value in the labor market increases compared to other people.
As a result, you find work more easily and you have more weight to ask for a raise.
6. They never let a month go by without reviewing their account
Financial success requires new habits to adopt.
This learning is slow and must be regular, but it will certainly pay off.
In particular, you must get into the habit of monitoring your accounts.
successful people fix themselves in their agenda at least 1 hour every month to go through their account.
Investments, bank accounts, real estate loans, invoices…
Everything is scrutinized.
And when they detect an error or omission, they take immediate action.
They also control all banking operations:
Agios, bank service package, credit card fees…
The smallest unjustified debit is immediately claimed from the bank, while the others are negotiated.
7. They never put all their eggs in one basket.
The famous billionaire Warren Buffet often quotes this saying:
“Rule number 1 is to never lose money”.
All investments involve some degree of risk and therefore the possibility of losing money.
But successful people use 2 powerful tools to avoid losses.
First, they have long understood the importance of insurance (home, car, life accident insurance, etc.).
They thus protect themselves from any potential risk of everyday life.
Secondly, they diversify their assets and their heritage as much as possible.
In other words, they don’t put all their eggs in one basket.
If they invest money in the stock market, they don’t do it in just one value, but in several.
That way, if one of them breaks their face, it’s not all their money that goes up in smoke.
In any case, do not forget one fundamental thing.
Never rush headlong into something you can’t control or that seems too good to be true.
Educate yourself, ask questions; and if you still don’t understand, don’t invest.
8. They never claim to know everything when it comes to money.
The world is vast and complex; successful people know and deeply understand this truth.
This golden rule is all the more true when it comes to money.
A lot of information circulates and a lot of news surrounds the daily life of the financial sector.
This is why successful people understand their limitations and focus on their strengths.
So to succeed, start by taking stock of your knowledge of the financial world.
If you are a beginner, read 1 or 2 classic books like this one to introduce you to the basics of finance.
As you learn, take your knowledge up a notch and read, for example, the biography of a billionaire like Elon Musk.
You will learn a lot about the relationship to have with money and how to succeed.
9. They never let the experts decide for them.
Successful people always seek expert advice…
…but they never let them decide for themselves.
For example, it is reasonable, even advisable, to seek the advice of a tax accountant, lawyer or other to optimize your business.
However, successful people take the time to ask questions and are well explained.
By doing so, they evaluate the advice given and make thoughtful decisions with a clear understanding of the consequences.
Remember this rule if you start to have money.
It will save you a lot of trouble!
10. They never let money take precedence over their health.
The pursuit of financial success is an entirely laudable goal.
But it can also quickly become very time-consuming and lead to serious health problems…
How? ‘Or’ What ?
For example, by burning out because you work too much to succeed.
Even though money is important, successful people never neglect their health.
On the contrary ! They take great care of their health and body.
Because there’s no point in having money if you’re sick…
They walk at least 30 minutes a day, they play sports for free, they eat a balanced diet and sleep at least 7 hours a night.
And if this is not the case, they compensate by taking small naps during the day.
As you will have understood, successful people always seek to maintain a balance between professional, financial and family.
Do the same and you will have the keys to be happy and financially independent!
Have you followed the 10 tips of successful people? Let us know in the comments if it worked for you. We can’t wait to read you!
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Also to discover:
10 things rich people do to save money. Don’t Miss The 9th!
4 Golden Rules To Always Have Enough Money In Your Account.