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Habits You Should Adopt 2020 To Make Richer by Maol(m): 6:34am On Jan 10, 2020 |
Your Habits really determine your position or financial status in life. The position you are today is a result of your habits. Also the position you will be in the future will a result of your habits. If you want to get richer or more wealth in life you need to adopt habits that will make you achieve your goals. According to Thomas C. Corley in "Change Your Habits, Change Your Life," a culmination of his research on hundreds of self-made millionaires writes that “habits are the cause of wealth, poverty, happiness, sadness, stress, good relationships, bad relationships, good health, or bad health," In this new year 2020 many people will make new year resolutions and adopt new behaviour which is a good thing. Being consistent through out the year is what really matters. We will take a look at habits you should adopt in 2020 to get richer. 1. Live within your means. Wealthy people avoid overspending by paying their future selves first. They save 20 percent of their net income and live on the remaining 80 percent. Among those who are struggling financially, almost all are living above their means. They spend more than they earn, and their debt is overwhelming them. If you want to end your financial struggles, you need to make a habit of saving and budgeting what you spend. Here are some sensible ways to budget your monthly net pay: Spend no more than 25 percent on housing, no matter if you own or rent. Spend no more than 15 percent on food. Limit entertainment—bars, movies, miniature golf, whatever—to no more than 10 percent of your spending. Vacations should account for no more than 5 percent of your annual net pay. Spend no more than 5 percent on auto loans, and never lease. Ninety-four percent of the wealthy buy instead of leasing. These folks keep their cars until the wheels fall off, taking great care along the way so that they save money in the long run. Think of savings and investments as two completely different things. You should never lose money on your savings. Try to stash six months of living expenses in an emergency fund in case you lose your job or your business goes belly-up. Contribute as much as you can afford to a retirement plan. If you work for a company that matches your contributions up to a certain percentage, great. Always take that free money when you can get it. 2. Don’t gamble: Source and read more: http://www.sanwomi.com.ng/2020/01/habits-you-should-adopt-2020-to-make.html
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