Finance Coaching: Ten tips to get Rich.

from On October 27, 2015

Finance Coaching: 10 TIPS TO GET RICH

Do you dream of becoming rich & financially independent? Probably, like the vast majority of the population. However, where are you in your life, financially speaking? Are you on the path to financial independence or are you depending on your next pay check to arrive to pay your bills? Unfortunately, according to a survey by the Canadian Payroll Association (CPA), 59% of workers say they would experience financial difficulties if their paycheque was given to them one week later. In the case of single-parent families, 76% of them claim that they would have difficulties in meeting their financial obligations if their pay was late. Wow! Imagine the pressure that these people must undergo every week? Also imagine the conflicts and battles that lack of money can cause. I do not wish that to anyone. In this Finance coaching article we give you ten tips to get rich.

So How can you avoid living one paycheck to another? Here are ten tips to get rich.

1. Take the decision to become rich. The main reason why people are poor when to retire is that they have never decided to become rich. So take this decision now. We all have the same choice: being poor or rich. Money does not bring happiness, but it takes away the pressure and contributes to being in a good mood.

2. Pay your debts first. Who pays his debts grows rich. Stop immediately spending money you do not have to your possession. For example, do not put a trip, shows or evening at the restaurant   on your credit card if you do not already have the necessary funds in your savings account. Moreover, the fact of saving to buy something will give you a greater sense of satisfaction.

3. Pay cash. If you do not have the discipline to pay your credit card balance in full every month (interest rate at 18%), pay your purchases cash only. You will realize the real value of money and you will spend less, guaranteed!

4. Look for bargains and shop before you buy. As you’ve probably experienced, two or three phone calls can save you hundreds of dollars on a home or auto insurance. A few years ago, for example, thanks to some clicks on the Internet, I saved $500 on the purchase of a new MacBook Pro (laptop). The laptop had a small bump on top … who cares!

5. Purchase used things. Do you absolutely have to buy new? Here’s an interesting statistic for you, 80% of millionaires became millionaires driving second-hand cars. Not because they did not have the funds to have something new, but because they knew that a car is not an investment, it loses about 40% of its value in the first two years.

6. Negotiate. When it time comes to buy something of a certain value, always ask for a rebate or a discount. The worst that the seller can say is no. Imagine how much money you would save in a lifetime if you were given a 20% discount every time you ask for a rebate. Let’s take a house purchase for example, the savings you can make could be in the tens of thousands of dollars.

7. Set up a system to automatically save money. Ask your financial institution to take automatically 10% of your monthly or weekly net income for you and put that amount in any investment       accounts. Do this for 25 or 30 years and you automatically and effortlessly become a millionaire.

8. Increase your self value. Money is only a measure of the value of a given service. Increase your value and society, employers or customers will be willing to pay more for the work you are doing.   How can you increase your value? Make education a priority in your life. Read books, listen to audio training programs and hire coaches or mentors to help you achieve your goals.  Nobody said it would be easy to become rich.

9. Have multiple sources of income. The wealthiest people in our society have more then one source of income, they have several. Ideally, your additional income sources should not ask you a lot of time and should generate income without your physical presence required. It may be, for example, investment income, a transactional website, rental income, etc.

10. Invest your savings into assets rather than liabilities. Assets make you earn money and its value increases with time (A building with appartements for example). A liability costs you money   and its value decreases with time (A boat for example).

About 80% of the wealthy became millionaires by themselves. They started with the ambition, energy and discipline, nothing more; Immediately take the decision to become rich and to stop living from one paycheck to the other. The key to your future financial success has nothing to do with the economy, but rather with your philosophy. Thank you for being an Amethyst Coaching fan. Thank you for reading this Finance Coaching article. Please let us know if you have any questions, we love hearing from you.


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