How To Multiply Your Money Through These Eleven Ways
It is quite easy to grow your money, some people don’t just have the know-how. These steps can also be applied to growing your business as well.
1. Create legitimate multiple sources of income
create two or more business outlets and expect something tangible monthly or annually. Put all necessary security in place as you can’t be everywhere at the same time and effortlessly get more income than you would have with just one source of income.
A legitimate business gives you peace of mind and stability in your business, as you really need this to grow your business and money.
2. Save at least 10 percent of your income
Make it a strict habit to save at least 10 per cent of your income, you can set your income on automatic transfer to a fixed deposit account and within a year you’ll discover that you have so much on a separate account to do whatever you like, but for the purpose of this topic, reinvest your saved 10 per cent income so as to further grow your money.
3. Invest a portion of your income
As instructed above, don’t be blown away by how much income you were able to make, focus on how much more you have the right to make. There is no such thing as being too rich, build a business empire while you can and you will never be afraid of bills. As your income comes, invest. Broaden your horizon in the business world, and you set your money on auto-growth.
Be patient to see it grow, If what you have in your hands is not good to be called a harvest then it’s a seed, sow it!
4. Keep a good financial record
This is important to track and analyze all income and expenses, so you will know; how? When? and why? you made your money, and; what? When? and where? You spent your money.
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5. Spend your money on what you really need
it is true that there is a lot of beauty to behold, buy and own. Before you are tempted to give all you have for a temporally pleasure or satisfaction, ask yourself a question or two; do I really need this? What benefit will it be to me?
If you are in the habit of buying things you don’t need at the moment, soon you will run out of funds for things you really need, and then you may have no option but to sell at discount the things you own.
6. Make friends with successful people
I have made my analysis over the years, I don’t see any disadvantage to having legitimate rich/successful friends. They have ideas and connections to share with you and before you know it, you are on your way to huge success.
They do not demand so much of you financially, so the little you have is already safe with you.
7. Live a debt-free life
What you can’t afford to pay for at the moment is not yours. Shun the temptation, and move on with your life. Focus on your journey to legitimate money-making and someday you may own a factory that produces a variety of whatever it is you went crazy for.
8. Be careful or avoid giving out loans
If you are not sure of getting back your money with or without interest, then don’t do it. You don’t have to fight or sue anyone to get back your hard-earned money.
Remember peace of mind and stability are a must for successful business growth. What you can’t deal with, avoid.
9. Don’t spend more than you earn
I know you have so many questions right now, you are free to spend on your needs but remember you have to grow your money to a certain level first before you can spend on just anything out there. You should not weaken or close down completely any growing investment, especially on things you don’t really need.
The idea here is, that growing your business should be your major priority because only with this will you be able to afford almost anything in the world. If spending is more important than growing your money, soon you may have to borrow to maintain whatever it is you bought.
10. Focus, don’t be distracted
Make a scale of preference, and focus on what is more important. You can’t chase two rabbits at the same time, both will escape. If growing your money is important to you, you should give it your time, attention, and focus.
Yes, you can have time for any other thing but with growing your money, a careful strategic plan should be considered to avoid stories that touch.