Millionaires may be rare but that might all change, as money expert Alan Andrews reveals the rules of making money, as well as maintaining your wealth.
Avoid being busy with the wrong things
Many people think that being busy is a good thing, but it depends on what you are busy with. You need to make sure that you are doing things that add value to your life. Avoid participating in too many projects at the same time, as the quality of your work is highly important.
The ten per cent rule
When you are thinking of investing in something, ask yourself whether you would be confident enough to invest ten per cent of your net worth into it. If not, avoid investing in it.
The more money you save, the more money you make, and the more you will have in case of emergencies. Multi-millionaire Sophia Amoruso says: “Have a portion of your pay check automatically diverted into a saving account. Once it’s in there, forget about it. You never saw it anyway. It’s an emergency fund only (and holidays are not emergencies).”
Know the value of your time
It is important to help other people but you need to recognise that your time is also valuable. If you have a skill in a certain area, charge people for it and they will be willing to pay.