Peace and blessings. With the New Year, many of us are making “RESOLUTIONS” to grow and keep our hard-earned money.
Several are working hard towards achieving “Millionaire” status in regards to their earnings.
Most don’t realize that while EARNING millions is great; the goal is to KEEP these millions.
But how do we do this? In my research speaking and working with the wealthy, I’ve developed these 8 “SECRETS” that they practice. Here they are:
1. Be frugal, not cheap
Being frugal means spending your money WISELY. Frugal spenders make a habit of buying the HIGHEST QUALITY PRODUCTS or SERVICES at the LOWEST price possible. They focus on QUALITY first and COST later.
2. Keep your spending in check
Use this breakdown for your take-home pay monthly:
Housing-25% or less (the wealthy tend to buy, not rent)
Cars-5% or less. This includes the monthly payment, insurance, gas, tolls, registration fees, and maintenance
Clothing-5% or less
Vacations-5% or less
Entertainment-10% or less
That’s 50% of your income. If you save a minimum of 10%, invest 20% that leaves your debt payments at a max of 20%.
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Thank you for reading Kinji Ridley’s article on scoopnewsusa.com. For more on “8 Most Common Secrets of Self-Made Millionaires”, please subscribe to SCOOP USA Media. Print subscriptions are $75 and online subscriptions (Print, Digital, and VIZION) are $90. (52 weeks / 1 year).
