How to be rich
Money management skill is one of the basic rules for maintaining personal money and increasing wealth, and this can be done by using paperwork to show how much is being earned, how much is spent, and one of the rules to be followed to manage money:
- Less spending than is earned: spending at a higher rate than is earned leads to debt accumulation, which is difficult to get out of, and spending what is fully earned will not help the individual prepare for emergencies, or life changes, so less spending helps save some money For the future and to deal with crises positively, the higher the income and the less spending the better.
- Make money make extra money: This can be done by investing money, where good and secure investment of money helps increase the money earned over time, and not all the money should be placed in the same savings fund, but in business, or better education to get Better job.
Reducing luxury expenses
Money can be conserved and personal wealth increased by cancelling subscriptions and unused memberships, such as magazine, internet, or TV subscriptions, and looking at variable expenses such as electricity bill, phone, car insurance, grocery charges, and then considering The possibility of getting cheaper insurance, halving your phone bill, or eating less to save some money.
Focus on passive income
Passive income reflects making money without much effort by pursuing the initial work significantly, where you can build a fortune from scratch without capital by writing a book, singing, patenting, brand, or website, which means investing oneself by working on For self-interest and talents, if you own money or shares, then they can be invested in a commercial company, which helps to grow funds for these shares, and can buy ownership in an operating company such as factories, or furniture stores, where this method of investment helps to increase the money and get Wealth.