Jun

30

6 Tips To Attract Wealth - Part 2

June 30, 2007 |


Tip 3

Delayed gratification. If you have read “Rich Dad Poor Dad“, then you would have heard about “doodads”. Doodads are, in essence, items that do not help you in making more money. Such examples are luxury items like branded handbags, clothes and so on. Next time when you have an urge to buy something, stop. Then think.

Think if you buy that luxury item, what do you gain in return? A momentary feeling of satisfaction of owning it? Then what?

What if you saved that money that you planned to spend on the item and invested it? In 3 months time, that amount of money would probably bring you the money enough to buy 2 more of the same item! How about in a year’s time?

This is delayed gratification. Knowing that one day, you would have more than enough excess to get the item that you so desire. It does not mean that you have to be stingy and save all the money and horde all your cash. It does not work that way either… what is life when all we do whole day is to keep holding on to the money? Can we bring money with us when we die?
No!

We need to live the life that we want and we enjoy but the issue being when can we do that?

What you can do today is set up a money plan. Distribute your hard earned income into proportions. First take away the amount of money you want to save or invest before you deduct away your daily expenses like food, transport, rent etc. Then break down the remaining earned income for other purposes. For example :

If your earned income : $1000

Deduct 20% Savings/Investment : $200

What you have after deducting the savings : $800

Take away your daily expenses : $600

Your remaining money : $200

Now then, you can split the rest for other purposes like charity, a pair of shoes for your kid, a gorgeous top for yourself, a nice spa treatment, candlelight dinner with your loved one or buying a book. Or you can save this amount and accumulate the monies to spend on a bigger ticket item like a nice vacation for the whole family.

When you spend this way, you can spend without guilt as you have already saved your money in your own little nest that will grow in size slowly but surely.

Keep this mindset everytime you have excess money coming in and split up the money in the same way.

So do not just happily just spend all the excess money away!

Tip 4, 5 and 6 coming up soon!






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