If you want to be wealthy, you must know how to retain money. It is not enough to earn money. Retaining money is a necessary skill in creating wealth. How much you retain is more important than how much you earn? According to Dan Lok, Multi-Millionaire Entrepreneur, money doesn’t make you rich. Skills make you rich. Match your gifts and talents to the problems of the world and money will chase you.
Money has rules. What are the rules of money?
Rules of money:
- Pay yourself first.
- Learn how to invest.
- Don’t be a hater of it.
- Give every kobo a job.
- Spend less than you earn
- Have a plan and set goals.
- Don’t be a slave to money.
- If you have it, don’t flaunt it.
- Keep your finances organized.
- It’s a game, learn how it works.
- Always have an emergency fund.
- Always make money work for you.
- Learn how to make money passively.
- Use it to solve problems in the world.
- Know how to risk it and leverage it
- Don’t use credit if you don’t have cash
- It’s not what you make, it’s what you keep.
How to retain more money?
1. Delay luxury by extension of delayed gratification
2. Cut down your expenses
3. Make saving money a lifestyle
4. Increase your investments consistently
5. Stop spending to impress people
6. Simplify your lifestyle
Practicing these will help us to retain more money and grow more financial muscles.