Growing your money is not always about money. Keep these following tips in mind which don’t have a direct link to money but often grow your wealth.
#1. Your knowledge of your most important skill and the ability to be the best in it
Roger Federer wouldn’t be all that well known if he was working for Berkshire Hathaway and Warren Buffett would probably not do well as a Tennis Player. Knowing what you do well and honing that skill will help you join the ranks of the accomplished.
#2. Your ability to deal with impulse
You are near the month end and you are low on cash, but you see this stylish new leather jacket in the mall. You don’t need it and you didn’t plan on it but you can’t hold yourself from buying it with your credit card. That’s an expense you didn’t need. You now have less money to save and invest.
#3. Your Understanding of Risk and Volatility
Investing in equity is risky, but most rich people are worth what they are largely due to the value of the stocks and shares they have. Rather than fearing risk and volatility, you should understand these two factors.
#4. Your ability to plan and prepare
When you leave for office most of you tend to leave well ahead of the time, keeping in mind the commuting time and possible traffic jams. Similarly planning in every aspect helps you see problems before they arise.
#5. Your health and your attitude towards it
If you tend to exercise regularly, eat healthy and limit the amount of stress you take, you probably don’t see your doctor too often. Being healthy is a lot easier on your wallet than falling sick.