How To Get Rich (Slowly)

Published by admin on 07/08/202007/08/2020

We all want to get rich, but often it’s the ‘how’ that really derails all our best-laid plans of yachts and 1000 thread-count sheets.  However, with a little patience, sometimes we already have all the tools to be at least a bit richer in our own hands. Saving, while not the most glamorous way to make your fortune, definitely is the easiest. So with this in mind: here are five tips to save so one day you can enjoy the benefits of your long-awaited fortune!

Set goals

Whether it’s a short-term goal like going to Europe at the end of the year or a long-term goal like putting a deposit on a house, you need to have the right motivation. Otherwise, you’ll lose track, and fail before you’ve even started!

Talk to Your Friends About It.

We all know the saying “Friends who save together, stay together.” Okay, well, admittedly I made that up, but if you get even just one of your friends on board with your plan for saving money for your futures, it’s going to be a whole lot easier to stick to your limits. They’ll keep you on target.

Slow Down

Take it slow. Don’t try and save a million dollars all at once. It’s not going to happen, and it’ll make you feel like you’ve failed. Be incremental, and watch your money grow.

Plan Ahead

Don’t tell yourself you’ll save $1000 a month and then only remember on the last day. Save a little bit every day, or a little bit every week. Put aside $100 a week and treat it like rent money: it’s not to be touched on pain of death and homelessness.

Track your Savings

The number one tool I use to keep my spending in check is MoneySmart’s handy iPhone app: TrackMySpend. Every time you make a purchase, just log it in, and check out their cool bar graphs that’ll tell you exactly where all your money is going. Or even use your own banking systems for keeping on top of your money.

Untouchable Savings

If you save in something tangible like gold and silver, you’ll be less tempted to whittle away at your savings because you’ll be losing out on an opportunity to make greater returns in the future. Furthermore, gold and silver is always easy and doesn’t require a heap of knowledge about the market. Google “investing in gold” and look into the easy options available, or visit FirstGold™, The GoldCompany’s own online gold and silver savings plan to look into how you have a more stable future.

Related Article: How to get rich without getting lucky (Part 2 Timeless Principles).

Related Article: 4 financial resolutions for the New Financial Year.