Four Millionaire-Approved Money-Saving Hacks to Follow Now
Money — it isn’t easy to handle and just the thought of managing it makes most of us anxious! Are you worried about money or the lack of it in your savings account? Well, you aren’t alone if you equate money with anxiety. Most of us could do with a little bit of monetary advice — not that you don’t know how it works. Yes, we all know that we need to save for retirement, but what’s more important is to know what more you need to know to handle your finances better. Let’s ask these self-made millionaires who, with their best money-saving hacks, can help get you more out of your money!
Bootstrapping business to own it all
Every entrepreneur has gone through the path of failure to reach the pinnacle of success. Yes, they gain capital and they lose it, too. The startup community is a place where entrepreneurs create products to transform the world! But it isn’t always hunky-dory — money matters seldom are — but then it’s okay too, and we have to understand and accept it. If you fail in one, you can try in another. You can get an extra job, get a smaller apartment, reduce your expenses, or some other ways. Believe it or not, there are simpler ways of saving money than you would get credit for. What you need are patience and practicality, and you have that in plenty, but you should learn to do is to channelize it. Gary Vaynerchuk, founder and CEO of VaynerX and author of Crushing It, says it loud and clear: if he can do it, so can you!
Treat money with care
Kara Goldin, founder and CEO of Hint Inc and creator of the Kara Network, does not mince her words when she says to treat money in a way that it could go away from you any moment. It applies to your personal and business finances. The 2008 financial slump affected one and all but they had an answer to deal with all the financial wrangling, and yet, they survived it without making a lot of sacrifices. She had a clear strategy to lie low while the storm wreaked financial havoc, and when it blew over, she focused and strategized to build the business all over again.
Working for free to make companies sit up and notice you
Matt Schuldt, co-founder of TPA Media Group, a personal branding agency, got his financial game right without investing any money and he insists you can do it, too. For this, you have to take up a new skill — say, business scaling and branding — and this will help small companies to trade equity for. You can offer free help to a few known organizations that have great things going for them. Then, you can provide services to other small businesses in exchange for a share of profits or equity. So, concentrate on growing your business from strength to strength in industries ranging from public relations, e-commerce, and online marketing. Read between the lines when you sign the contract and try and over-deliver. Try to aim for fifteen to twenty-five equity that can help with the other businesses.
Know how to spend it
Earning comes easy to most people; when it comes to spending, not so much. Josh Harris, founder of Agency Growth Secrets, says that if someone does not know how to spend the’ earned capital’ right or just plans to save it, it isn’t enough. You have to do something extra to make it real. So, make that list and add all the things you want — the house, car, the vacations to exotic places, all of it. Include the entire cost and calculate the total. So, consider it as a goal and not an arbitrary number. Get it all down to the last detail and learn how much more you need for taxes and savings, and you’ll be closer to achieving that elusive goal.
Remember, you will always have to live below your means. Define, list down, and strategize to make a plan for your future; this is one way to understand and respect money.
Every penny counts, and when you save it, it all adds up! Yes, it does! So, buckle up and implement the strategies to build your finances to realize its full potential.
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