Most people imagine the rich in a very standard way. They are believed to possess huge mansions, a large fleet of cars and never ending luxuries at their disposal. The reality is far from this. The rich are people who believe in being simple and it is their simplicity that leads those places.
If you are someone who is looking to learn about savings from the ones who know it best- your search has ended. We did an extensive research and tried to find out what is the best piece of advice a rich man would give. If you want to know what it is, read on!
Following The Cardinal 70/30 Rule
This is sure to be the most important advice a rich man will ever give you. Spend only 70% of what you earn. The rest can be invested in a variety of ways to extract maximum wealth from it. You can look forward to capital investments or the standard saving methods.
Investing In Experiences That Enrich You
As clichéd as it may sound; invest in experiences not products. It is important to build one’s personality and grow along the way. Hence this is a sure winner in the league.
A Stich In Time Saves Nine!
We have all heard this proverb as a kid but how many of us follow it? The rich have always believed in tackling things hands on. This ensures that the problem is nibbled in the bud.
Understand All The Odds, Terms And Conditions
One mistake that most people commit while investing money is that they do not really understand the odds. A blind gamble is sure to attract unfavorable consequences. Make your money work hard too!