﻿TOP 10 WAYS RICH PEOPLE SAVE MONEY IN 2020
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Our focus today is how rich people save their money. It isn’t sufficient to just get rich;
you also need to know how to manage that money in order not to become broke in the future.
There are several things rich people do in order to save money. It might shock you to know that
poor people spend a lot of money on food, shopping and on temporal things which have little or no use
more than the rich do. There is no one of us who doesn’t like money, if you wonder how the rich and
successful people have much of it just watch this video to the end. We have shortlisted a
lists of hacks you can apply to your daily life in order to save up as much money as possible.
1) INVESTING Isn’t it amazing
to know you can make more money from what you already have? Wages alone hasn’t made
anyone rich. You can watch the lives of several billionaires like Steve Jobs and Warren Buffett,
they had a job and 2 or more side hustles. There are several businesses and projects
you can invest in and reap benefits in a few months. Now you can use your little salary
you earn monthly to make millions for you. It just depends on your visions and what you want
for yourself. Rather than keeping that money in the confines of banks and microfinances,
take it, invest in a business and watch it multiply over the months. This entails embracing
every single opportunity that comes your way, but investing only in the ones which are legit.
2) PAY USING CASH Paying for your goods and services using cash is
one of the best ways to save money. Spending cash is harder than spending money using a credit card.
Human beings can manage physical money more than virtual money. A practical example is buying
subscriptions for a data bundle using virtual money, once this data bundle is exhausted, you’ll
think of buying another subscription. This happens again and again. But when paying for subscription
using physical cash you will think of managing it and thus will end up spending it with caution.
It is thus very important to pay for goods and services using cash.
3) ALWAYS BARGAIN Rich people aren’t
ashamed of bargaining where it matters. They don’t spend their money carelessly. Whatever
you’re purchasing be it a good, service, a house or car never be ashamed or afraid to bargain
because you can knock off at least 10-30% from the price of the product by simple asking.
So bargaining is a skill you have to acquire if you want to save your money and become rich.
4) AVOID DEBT Be sure to avoid debt at all cost.
Try living beyond your means and stop settling for things above what you earn until you have more
than enough to afford luxuries. You have to ensure that the interest you make from your business is
working for you and not against you. Imagine having to pay off debts every month from the
interest you make. You are nowhere close to becoming rich. Try to pay off all your debts
as soon as possible and you will definitely save as much money more than you can imagine.
5) DON’T SPEND MONEY ON UNNECCASARY THINGS JUST TO IMPRESS PEOPLE
This is number one reason for the saying ‘’ the rich will always become rich, and the poor
will even become poorer’’. If you are an average earner, stop trying to live above your means. Stop
buying stuffs you can’t maintain because you want to impress people or belong to a certain club or
group. Don’t buy a house you can’t foot the bills; don’t buy a car you can’t fuel, don’t buy the most
expensive dress or shoe at a shop just to impress people who have little or no regard for you.
Most of these people won’t be there for you when you go broke. Try to quit the expensive life style
and go for what you can afford. I bet you will save up much money than you ever imagined. Take a
look at Steve Jobs for example, when he was alive you will barely see him put on the most expensive
of dresses. Rich people don’t spend their money on things which have just a temporal use to them.
Be wise and use your money properly. 6) BUDGETING
When you work according to your budget, you save up more. Have you ever had 500,000 FRS CFA and
the next minute it’s all gone? You might not even know what you spent it on. It is very important
to know where your money goes. This is why you need a budget to keep yourself accountable for
every dime you spend. There are mobile apps you can download to help you stick to your budget
and keep track of the transactions you make each day. Before investing in a project; have a budget,
before hosting a party; have a budget, before going for shopping; have a budget.
This is what will close the gap between your current situation and you getting rich.
7) DON’T WASTE ANYTHING Because you have a particular
commodity in excess doesn’t mean you should waste it. A lot of rich people manage money
by using things to the fullest. Be it your tooth paste; use it till its finish, if you
have excess food keep some in the refrigerator rather than throwing it away. Ensure you buy
only things you need and never throw anything away until you have used it to your fullest.
8) BUY DAILY NEED PRODUCTS IN BULK If you are a regular buyer at grocery or
fashion shops, you will notice that buying goods in bulk is much cheaper than buying a single item.
Basic needs like your soap, shampoo, food, drinks, perfumes,
lotion, are pretty expensive but if you buy these stuffs in bulk, you will save up a lot.
You now understand why whole sale prices always differ from retail prices.
9) EAT OUT LESS, COOK AT HOME How much do you spend on feeding monthly?
How many times do you go out to have lunch or dinner? Depending on the city you reside,
the average person spends 2000 TO 5000FRS each day for food. Imagine going to a restaurant for
lunch and supper and having to spend about 3000 to 10,000 FRS daily meanwhile you can spend 3000
FRS and cook a big pot of food at home and consume for two days and even have left overs at the end.
You can save on groceries too. Instead of going to the most expensive of restaurants or ordering
food online, there are a lot of stores where you can get foodstuffs at affordable prices.
Plan your meals and allocate a shopping budget to it. This will
save you hundreds of thousands and make you live a healthier and happier life.
10) OWN FEWER THINGS People often think rich
people possess many properties but to a little extent that’s false.
They don’t own a lot of useless things; rather they own fewer things which are of use to them.
For example; instead for a rich person to buy 5 Ferraris and 6 Lamborghinis,
they prefer to buy an SUV for daily use (because of all the protection and extra advantages that
comes with it) and maybe a sports car for the weekend. Buying one good phone is better than
having a Samsung phone, a tablet, an Ipad, and a laptop. Try to cut off these extra expenses
and go for what is necessary at a given time. This is one of the ways rich people save their money.
There are many ways to save money and it is very important to start from today. Right from settling
your debts, getting a side hustle, cutting off unnecessary expenditure to investing all these
are necessary. The most important is investing, the more you invest, the more you save.
Hope you enjoyed this video. Please like and share this video to people out there
looking for ways to save their money. Hope you hit the subscribe button and turn on
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