Financial Tips from a Millionaire

July 4, 2017

Who wouldn’t want to be rich, right? Or at least, who wouldn’t want to never worry about money again? These tips from a Canadian millionaire could help you get started.

Who wouldn’t want to be rich, right? Or at least, who wouldn’t want to never worry about money again? Having a ton of money might not be quick or easy to achieve, but it is attainable by starting and maintaining healthy personal finance habits. If you’re ready to focus on saving your money and working hard, these tips from a Canadian millionaire could help you get started:

1. Have multiple income sources – don’t leave yourself without a backup

Advice from many millionaires and billionaires is, “don’t have all your eggs in one basket”. If you are reliant on only one source of income and it dries up, what do you do? Find ways to bring in new income – it’s never a bad idea to have a backup should things from your main source go bust. Working overtime or finding a second job isn’t always an easy option to put into action, but if you’re dedicated to making cash and saving it, there should be some sort of backup income. How much should you save? Some millionaires recommend having enough money to cover yourself for 12 months – it’s a stretch of a goal, but it’s not impossible!

2. Educate yourself on money matters

Do your own research, don’t expect others to just tell you. Know what your banks offer, and understand thoroughly any fees or charges on your money, credit cards, loans etc. Shop around and choose the best option for you. If you’re paying bills each month, are you over paying for services unused? You are responsible for your own money management so gain as much knowledge as you can, from multiple sources, to ensure you are managing your money to the best way you can.

3. Only invest in what you know

If you’re thinking about increasing your income through investment, don’t just invest for the sake of it or because of hearsay. Know the risks and opportunities and make educated decisions on investments.

Lastly, START EARLY!

And if it’s too late for that, start now! The sooner you switch to a healthy way of managing and tracking your money, the closer you are to the stage of not having to stress out about finances.

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