Some people are rich because they know what to do with their money. They make clever decisions. They put their money to good use instead of keeping it in the bank. They understand, if the money is not used, they’ll not make more money. They use their money wisely by further investing in exciting business opportunities, and doing charity to help others. They know, wealth is used to attract more wealth.
If you want to grow, without investing in yourself and your business, the chance of success is low. Money is the byproduct of success. If your business is successful, you are rich, and vice versa. For a successful business, the 80/20 principle weighs a long way. No business has ever flourished without investment in its marketing and sales. Marketing is the backbone of any business. Spending money on marketing and outreach to spread out the word to your potential buyers is like taking bath daily. It makes you fresh, and eager to look for better opportunities.
Many successful businessmen invest in small companies, commodities, and stock and they hold it for a longer period of time. Warren Buffett, America’s most prolific investor is known for holding onto his stocks and making wise investments. Wise investments mean, he won’t buy assets with depreciating value.
Using money does not mean extravagance and spending it on things you do not actually need. If you misuse your money, you will lose it all very soon. Looking at the lifestyle of successful people, what they wear daily, kind of cars they drive tells us, a moderate approach is a great way of living a happy life. Their goal is to become rich, not look rich.
Living a balanced life is a prerequisite to becoming successful. You can not work 24/7. You have to spend time on yourself, spend time with your friends and family, do healthy outdoor activities such as sports skiing, and spend money on holidays.
According to Forbes, one of the secrets to happiness is, spending money on experiences, not things. The time you spend on experience is actually an investment done on your own well-being. The reason is very simple, after vacations when you come back to work, you are relatively fresh and can work with better energy, and improved focus which results in better work productivity.
One of the secrets of being rich and knowing how to use money effectively is philanthropy. Giving money for good cause makes you happy and it is life karma, money spent on charity comes back to you in a different form. We grow by helping others grow.
Statistics from the IRS show that people with incomes of more than $1 million give 3.6% of their income to charity, vs. 3.5% for those with incomes below $1 million.
The freelancing wave is quickly getting popular all over the world. With so many people willing to quit their full-time regular job and become their own bosses, the freelancing lifestyle is very different from a regular, mainstream live style. Freelancer has to be organized, have projects in the pipeline to support their self-employment, and grow their business. Using the money to get more projects is a secret key for every freelancer.
If you are freelancing by working on a basic, free profile on any freelance marketplace, you should upgrade it by spending money on the premium membership. It has many benefits such as extra bids, better marketing coverage for new jobs invitation, and a lot more. Buying extra bids on freelance marketplaces like Upwork and Guru gives them a better chance of sending out proposals to more jobs.
If you show up for the opportunities, you are in a line of at least being noticed. Doing business is an open leveled playing field, everybody is in the race and competing with one another. Those who win the competition are the ones, who learn how to use their money to make more money. Thy key is, to invest money wisely and keep looking around for better business opportunities.
Money is useless if you do not know how to use it.