The goal is to be rich not look rich. This has come to be one of my favourite sayings. The number one reason why wealthy people are wealthy is because they watch what they spend their money on. Here are some ideas:
1. Live below your means (NOT just within your means)
Just because your friend Jo eats at expensive restaurants every day, buys the lastest iPhone or new car just after it's released, doesn’t mean you have to.
The best way to ensure you are wealthy later on in life is to live below your means now. Be aware of what it costs you to live and stay within those limits. And definitely do not using credit cards or loans to maintain a lifestyle to compete with others.
2. Eliminate unnecessary expenses
Do you buy lunch everyday? get UberEats all the time? catch an Uber instead of public transport or walking? These are all unnecessary expenses that simply require a little planning to not utilise. Your health and wallet will thank you.
3. Do It Yourself (DIY)
Do you really need to get someone to do your gardening, wash your clothes, clean your house, wash your car, wash your pets, deliver your food? The money you spend paying for these services could redirected to saving or investing.
4. Sell the stuff you no longer use
How many things do you have lying around that you could list on eBay, Gumtree or FB Marketplace. Thanks to all these platforms and more, you can sell these items and not only clear out your house, you may be surprised at how much you can make.
5. Find a side gig
With platforms such as AirTasker, Uber and fiveer, consider a part time second job or side hustle for some extra money. Or create your own website/Instagram page and sell your services/products for some extra cash.
It is important to remember that becoming rich is a slow process that requires you to be disciplined, focused and patient. It will be worth it in the end.
Message from CAtherine
Occasionally I come across an interesting article to do with Home Loans. I thought I'd share some of these with you here.