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How to get rich: 5 tips from business owners

  • Highlights

  • Compartmentalise tasks by following the chunking technique

  • Change the way you view money

  • Track your expenses via budgeting apps

  • Make smart investments and have a cash reserve

Whether your goal is to become a billionaire or have a sizeable, steady income, having a financial plan is essential. These 5 tips will help you amass wealth and increase your capacity to attract money in your life just like successful business owners do.

1. Manage your time and daily goals

A sure-fire way of increasing productivity is to emulate the habits of business owners who compartmentalise their tasks each day. The secret is a technique called ‘chunking’. Chunking means breaking down your work into tiny morsels and do them one by one. Don’t procrastinate your tasks and write down everything you need to do and divide your tasks by priority. Don’t forget to take breaks to perform them with efficiency.

2. Change the way you view money

Business owners view money as a tool and not a result. Similarly, you can condition yourself for prosperity by thinking of money as a means to an end or a way to achieve your goals. Rather than viewing earning money as a source of stress, it is important to detach yourself from it emotionally. This will help you make sound financial decisions and take control of the money you earn and not the other way around.

3. Don’t stretch your feet further than your sheets

Not spending or investing more than your earnings allow you to, by taking on debt or overusing your credit cards, is something that business owners are adept at doing. So, track expenses by being conscious of small expenses and big ones too. Whether it is buying a car or shopping for groceries, maintain a budget, download a budgeting app such as Mint or Wally to keep an account of outgoing expenses smartly and keep your current income and fixed expenses in mind before you do so.

4. Prepare for opportunity and emergency

A business owner is always ready for growth and financial hurdles into two ways: by maintaining a reserve of funds and by investing money in areas that generate income passively. Take a cue by doing the same. Apart from the active income from your job, you can invest in the right schemes, be it FDs, mutual funds or property, to earn regular payouts. You can also add to your salary by taking up a paying hobby such as blogging. This passive income will help you prepare for opportunities like buying a second home during a distress sale and come to your rescue during emergencies.

5. Increase the value you offer

Just like business owners aim to differentiate their offerings from competitors or increase the perceived value of their products or services, you too can increase your wealth by letting your work speak for you. By increasing the value you bring, you directly increase your worth. So, invest in yourself. Be it that correspondence course, distance learning or online certification in a field of your choice, add to your skill sets and increase your knowledge.

Follow these tips to manage your money and mindset towards it better.

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