Thomas C. Corley says in his research that "habits are the cause of wealth, poverty, happiness, sadness, stress, good relationships, bad relationships, good health, or bad health." Gaining wealth is much of an easy task and gets equally harder if your small little steps to achieve wealth does not transform into your habits.
Small steps that you initiate to create multiple streams of passive income can actually accumulate a lot of earnings. The little steps do matter if placed in a right direction and with an exact aim of achieving the desired. Aiming to gain wealth and following the steps can let you be secured financially.
The first and important step to be financially secure in gaining wealth is to keep a track of where your money is going. By keeping control of your daily expenses and reviewing it, you can easily monitor which expenses can be avoided or minimized.
Self-made billionaires Richard Branson and Jack Dorsey get up before the sun and start their day before 05:00 am. In a five-year study of hundreds of self-made millionaires, it has been found that nearly 50% of the self-made millionaires wake up at least three hours before their day starts. Joining this early bird club would eventually make you more productive and will eventually lead to you to earn more wealth.
According to Warren Buffet "Do not save what is left after spending, but spend what is left after savings." You should pay yourself first and make a habit to at least save 20% of your paycheck. This will enable you to make savings every month and would let you minimize your avoidable expenses. One should also not spend more than what one makes.
Another small step to gain wealth is to get rid of bad debt and bad habits. Bad habits are behaviors that you develop which hold you back from being successful. This includes smoking and drinking that limit you from working effectively and efficiently.
You should Set daily goals and Manage your time effectively to become more productive in earning wealth.
While going for shopping, write a list before and the stick to it and whenever you pick up an item, implement the 10 second rule and ask yourself why you're buying it & whether or not you actually need it.
Where to Start?
Other small steps include is to inviting friends over instead of going out, renting out unused space in your home, making own gifts instead of buying from the store, using carpool or by taking public transformation and by swapping books, music, and DVDs on the Internet or at the library.
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