subject: Tips From The Rich - How To Manage Money [print this page] If you are like most people you likely feel as though you could make more money and don't know what you should do with the money you have. The super rich know how to manage money and maintain the style of living we all dream of. I've discovered several tips that you can turn your money management around and help you to be far more wealthy than you thought possible.
Better Time Management at Work
You can use your time more wisely at work. Many of us love the 'water cooler meetings' but are they the best way to spend your time? Not really. Instead of talking about the most recent episode of 'Lost', learn to be the best at a specific part of your job, learn something new, or find ways to cut costs. The more effort put into what you do at work the more you should get out of it in the end. Stand out as the best candidate for a promotion or salary increase. If you are motivated enough you might even find yourself in your bosses chair.
Negotiate Your Salary
When a lot of people start at a new career they are usually too scared to negotiate their salary and take whatever is offered. Research has determined that people who negotiated their salary increased their salary by nearly eight percent when compared to the people who did not. What is the worst case scenario? You might just get the big fat pay increase that you want and create new ways of how to manage money.
Be More Charitable
It's amazing how well the 'pay it forward' mentality works for the rich. The average household with an income of over $500,000 gave away over 6% of their income to Charitable organizations or special causes. Not only does giving back to people in need will supply you with a lot of satisfaction and you can write off donations at tax time. If you are really on top of things you may even be able to find your way into a lower tax bracket.
Own Your Own Business
As the old adage says 'You can never get rich by working for someone else.' It takes a lot of effort, determination, headaches and sleepless nights to own your own business. On the plus side, the sense of accomplishment, excitement and monetary rewards of having your own business are immense. Before you leave your job and start a franchise that sells chocolate covered pretzels, do a lot of planning and create a business that can sustain you and your family. The more {preplanning you do|you plan and discover how to manage money better, the more successful you will be. The rich aren't rich by mistake.
Strategize Borrowed Money
The wealthy often borrow as much money or more than the average person but they way they borrow money is very different. The wealthiest people in the world are half as likely to have credit card debt and they are also less likely to have auto loans. Most of the wealthy carry mortgages much like the average person and they are three times more likely to have loans on real estate investments. The rich know how to manage money better than most people because they wisely borrow.
Buy Into Real Estate
Do you think Oprah or Donald Trump rent where they live? If you plan to get ahead with money and stay ahead you must buy real estate. Don't purchase outside of your budget. Attempt to buy a home that you are able to afford and could even renovate to sell in a couple of years for a big profit. By renting, your cash is being wasted. Chances are your mortgage payment will be as much or less than you are spending each month for rent.
Take small steps if you hope to get ahead with your money and follow these tips of how to manage money. The rich aren't rich by fluke. They usually take calculated risks and are rewarded financially in the end. You have it in you to make those same type of decisions and begin to make the money you've always dreamed.
by: Brandon Schmid
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