Before I actually get into talking about different ways of investments and how they double and what doubles this and what rate of return all this other stuff, let me first talk to you about the biggest problem most people are facing. you know what it is they don’t have enough money. that’s the problem.
52 percent of Millennials ages 18 to 37 years old, have less than $1,000 in savings. and 16 and a half percent of Millennials have over 20 thousand dollars in savings.
so what’s the problem? savings! we need more savings. we need you to have more money in your pocket. so why don’t people have more money in their pocket. Its because of five different challenges.
Now everyone wants to have more income and it is limitless. Why is that? When you think of raising your income. What comes to your mind first? Why should you need more income? Is it because you want to buy something your friends bought. Do you want to showoff what you got? Or do you want to save money for the future!
Now if you have one of these reasons then believe me you’ll never be rich or satisfied with your income no matter how much money you make. Now how is that?
If you are constantly under pressure finding a reason to spend on something for short term you’ll end up spending on things which will be outdated and will no longer be useful to you after a couple of years or so. But if you think you can save 50% of what you are earning right now on a monthly basis, you’ll be having an amount which could be invested and double it.
I am a huge fan of savings. I earn quarter a million dollars every month and more than 60% goes into savings. And I have been doing this for the last five years. Doing this for five years made me a millionaire already and I really don’t have to rely on any fixed income as I could build my own business which I did last year without hesitation and fear of finances.
Now this comes purely out of a mindset which doesn’t get tempted with the lust on gadgets, love on restaurants, TV’s, Cars, or real estate for that matter. If you can wait and hold this urge to buy things then you could be a millionaire too.
I have a couple of friends who earns a Million Dollars a Year and is always looking for debts. Bank loans, credit cards which make them sick paying bills month on month.
On the other hand I have my personal secretary who earns 25% of what they earn and he is debt free, credit free and has cash in savings, a new house he is about to purchase.
How can this happen? The Expense cut formula.
My friends never drove a Corolla, they are after lambhorghinis and ferraris which are more than what they could earn a year. Since they are accustomed to that lifestyle they are stuck with the false impression and fear that they could lose their identity and the lavishness if they rode something cheaper.
This happens to all ou there who have always dreamt of something bigger and when they achieve them, they are not happy and crave for another big thing and are constantly under threat, not only to themselves but also to their family.
So cut loose on expenses. Limit yourselves to spending habit. Think of how to cut down on starbucks when you can have it at 50 cents. Why spend 20$ when you can get it done with 2$. This is how cost cutting happens.
Always have a clear understanding of the tax laws and cut down the consultants who you’ve hired to work for you.
Consultants charge you on things which come at a very low price online. Lets say you are into Kitchen Appliances and you want to advertise on social media about your brands. Don’t hire an agency who can do this. Instead go for online services like Fiverr which can help you with the gigs which are as low as 5$.
These kind of online resources help you in cutting down the charges which you pay as tax on the service you take.
This is one thing everybody is after. Too much of research and confusion keeps you distracted, thinning your vision on the decision.
I personally cannot recommend on what should you invest in. But I can tell you this. Always invest in something which you have 100% knowledge in it. If you are new to something, don’t invest it and regret later.
Lets say you are good at sales in real estate and you made half a million in the last quarter. Now if you are thinking of investing in mutual funds or Bitcoin, the chances of you getting profits is 90% less. Instead if you invest in a new venture or construction business buying their 30% of stocks then it’ll give profits and you own 30% of a construction company.
That’s how Warren Buffet does it. He diversifies his investments into various companies and hold them till they mature. And then he makes it to more than 50% of the company and that’s how he keeps hold of all the companies he invests in.
That’s it! This is how you Double your money.
(Tip for Doubling your money starting right now)
1) Save any amount of money right now-it could one dollar.
2) Add 2$ tomorrow
3) Add 4$ the day after
4) Add 8$ the fourth day and so on
Now imagine how much you’ll be left with by end of the month. Do the math. It is possible only if you cut down on the unwanted things you have been investing.