It is always a dream for everybody to become financially successful. And sometimes some people become rich while others may fail. But difficult thing people fail to understand is that, to stay rich is even more harder than to become rich. It is very common today to see someone who was financially buoyant before to become poor overnight.
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Ask yourself, why is it so?
That is why I want to share this important article for you on how to stay richer.
HERE ARE WHAT TO DO TO STAY RICH
1. Start businesses. As soon as possible, the rich stop trading their time for money and rather find ways and businesses where they can hire people who do it for them. Not one of my clients has a job and is instead a multiple business owner. Owning your own business put you in a position of power, and keeps your time spent building assets not income.
2. Learn how to negotiate. ALL of them knew how to negotiate like a pro. This is not a task to be left up to someone else. Saving money and getting the best deal is ultimately THEIR job.
3. Know exactly how much they made last month and have a specific goal for this month. They have a specific goal that they are aiming for and don’t mind making incremental steps to reach it. Of one of my clients this past weekend, he’s already a millionaire many, many times over (he’s also hired me to do some strategic marketing work in his company), I wondered, what’s next for this man. So I asked, “Sir, if you don’t mind, I’d love to know what the ultimate goal for you is”. Without ANY hesitation, he said, “I want to be the biggest employer in my country. Currently, it’s xxxxx and once I finish this project we’re working on, I’ll be at least ½ of him, so I know exactly how much further I have to go. Plus, this person in power, he is 20 years my senior, so I know I can beat him”. How’s that for a specific goal eh?
4. Are competitive and play to win,whereas the poor are constantly trying to preserve what we have. Some of us totally shy away at competing, and to me, this means that we really should not attempt starting a business if we want to avoid ALL risks. There are those chances where you can create something that has absolutely no competition at all, but that’s a scary place to be and it’s pretty rare. I mean, even when Apple’s ipad came out, it wasn’t alone for long and they had to constantly innovate to make sure they stayed on top. Compete or stay poor.
5. Risk failure for even a glimpse of greatness. I spoke with a very special lady last night, who is 20, and says that she knows she will be in business one day. The only thing is, that she wanted it to be perfect if she put her name stamp on it, that she could not risk failure and how did I do it. I told her, you cannot have GREAT opportunity without opening yourself to failure, just as you cannot experience a GREAT love without opening your heart to possible heartbreak. The rich know that the greatest wealth sometimes sleeps in risky places and they don’t mind taking calculated steps to get it.
6. Know exactly what’s in their account,what their credit score is, what they are worth at the bank, and simple accounting practices. This one amazed me a bit-the accounting practices that is. I met and was mentored by a serial entrepreneur and retired multi-millionaire in 2016, and he told me this, “Nick, take a basic accounting course and learn what profit/loss, projections, EBITDA, etc. is. You are responsible for your money and what’s going in and out”. I have noticed that all of my wealthy clients have slightly above the average knowledge in accounting and ALWAYS know what’s going on with the money they do have.
7. Diversify their assets and have money coming in from multiple streams. CEOs, there’s something to this creating streams of income thing. Most of the clients I’m speaking of on the real estate side, are in Oil and Gas, BUT, they all own real estate investments ( with me) have stock in various companies, none of them have 1 business ( they have a structure in place to run the others) have invested in other companies, and are constantly looking for and creating opportunities to grow their portfolios.
8. Don’t waste a lot of time in agenda-less meetings. Watching my clients do this has DIRECTLY impacted the way I have my meetings now. In the last few years, my meetings have reduced by more than ½. BUT, I’ve become much, much, more profitable. Before, even a whiff of new business got me out of the door, and burning my tires to go and grab a piece of something that I had not vetted for it’s legitimacy, had me talking to people who just wanted a date while I was desperately seeking a deal, or wasting countless hours meeting with people just because they might want to do business in the next year, or so, or…… Rich folks, they don’t do this. If a meeting happens, it’s pretty high-level and is done to lead to a contract. The deals don’t always happen, but a meeting NEVER happens unless the parties are serious and vetted. If you implemented this one thing here, how much time would you save…..
9. Spend money to make money. What really surprised me and embarrassed me at the same time, was one of my first meetings with a pretty wealthy lady, and I was decked in my designer gear, thought I looked great, and she-she was much more modest, and didn’t wear designer names on her sleeves. Ohhhh but she looked great at the bank. I was wearing my lil change on my body, and she was making money with hers. Now, I’ve never been a total slave to designers, but I’ve definitely slacked off on my purchases and REALLY understanding that the rich, they use their money to build assets, to start businesses, to invest in other businesses, to buy real estate, to build apartment complexes, to etc. etc. The rich don’t wear their money AS much as the poor and middle class do. When they do make a purchase, trust, whereas we scraped together our coins to buy that Gucci bag, they could probably 2000 of them before they’d even buy one.
10. Buy assets that increase in value, not decrease as soon as it’s bought. The rich make it a habit of buying real estate, art, jewelry ( increasing value jewelry) and land. They learn the difference between what is truly an asset and what is a liability.
An asset puts money in your wallet.
A liability takes money out of your wallet.
Plan for a rainy day. No matter how wealthy they were, many of them told me that they always put aside money from every single deal for times when they may not make money or occasions when they may lose money. You never know what could happen, and they want to at least attempt to prepare for worst case scenarios.
11. Have a budget. One of my recent clients and I are working on an expensive real estate investment for them. The husband makes the money, but the wife “manages” the money. Now, we’re talking about a few million here ( my biggest real estate sale), but when it comes to negotiations, the wife is concerned about $53,000. I was a little shocked-it seemed like pennies in the big scheme of things….But her negotiation skills taught me a bit, she said to me, “ Kristi, I have a budget. Period. It doesn’t matter what I actually have in the bank. For this investment, I have a budget, and we will stay within it”. Yesssss maam! Lesson learned.
12. Do not pay full price for most things. Surprised eh? ALL of the clients that inspired this post, NONE of them avoid trying to get a bargain. Sometimes they win, sometimes they don’t, but they always attempt to get a deal and save as much money as possible.
13. Become savvy about investing and don’t rely solely on their advisor. You MUST be in charge of your finances in order to grow them and you must have a certain level of knowledge yourself to keep that bank account growing. The wealthy are always open to learning more about money whereas the poor feel like we already know enough.
14. Don’t make a ton of impulse buys.They take the time to research their purchases-especially the large ones, to make sure they are getting the best deal, are familiar with all of the benefits and truly need the item. I’ve watched this countless times.
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16. Are focused on mastering sales and marketing. They don’t shy away from these 2 skills thinking someone else in their company can do it or should do it. They become masters at selling- I mean, who’s the best spokesperson for your business, product, service or yourself? They also are quite comfortable at marketing, are open to new techniques and marketing trends AND they watch what’s working so that they can implement it into their lives and businesses more often.
18. Find ways to leverage their money,while the poor find more jobs and ways to work for their money. Again, wealthy people are always looking for ways to make their money grow, instead of ways to work for a salary or be paid by the hour.
19.They create their own opportunities.The rich don’t sit and wait for someone to give them an opportunity, for a window to open, for someone to call, for permission. All of my clients are very confident and have taken risks to build pathways when the road seemed to be at a dead end.
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