7 Money Tricks Millionaires Know That You Don’t | How To Be Good With Your Money Best Education Page #Online Earning

What if I told you that there were numerous strategies that rich people use

to manage their money better than 99% of others well in this video I'll share

with you seven money tricks millionaires know that you don't and if you're new to

the channel then hit the subscribe button below for more life-changing

content number one setting up automated bill payments plain and simple bills

suck and they suck for two reasons first they drain money from your bank making

you temporarily poorer and second they can be easy to forget to pay there's

nothing worse than missing a bill payment and having to waste an hour on

the phone with a customer service representative trying to work things out

well the rich don't have this kind of time to waste the rich know that their

time is valuable and that's spending unnecessary time on monthly bills isn't

wise so it's for this reason that they set up automated bill payments most

companies that offer recurring services like cable gas heating etc can set up

automated payments that are withdrawn from your bank account each and every

month meaning that you don't have to carry around the mental baggage of

remembering to pay your bills but the benefits of setting up automated bill

payments doesn't stop here automating this process will also allow you to make

timely payments which helps you avoid hurting your credit score if a bill

would happen to go unpaid while millionaires make paying bills as easy

as possible by using this technique this doesn't mean that they are totally

hands-off in the process most millionaires are known for being quite

diligent in their financial management and this is for good reason

more than 14 million Americans were victim of identity theft and credit card

fraud in 2018 which is why most millionaires review their expenses on a

monthly basis therefore if you want to manage your money like the rich then you

should be reviewing your bills on a regular basis

number 2 designating zero spending days when most people think about the

millionaire lifestyle they assume it involves frivolously spending money each

and every day well they be wrong in fact many

millionaires do just the opposite by imposing zero spending days into their

week on these days there is absolutely no spending and one of the benefit of

saving money by doing this seems obvious there are actually many other positives

first having zero spending days forces you to pre-plan your spending making you

more likely to stick to your budget you will have to designate which days of the

week you can spend and which you can't forcing you to spend your time to assess

your weekly allocation of expenses second it helps you avoid unnecessary

time spent online browsing the average American spends almost 18 hours a week

surfing the web which for millionaires could mean thousands of dollars for gone

moreover knowing you can't spend on certain days of the week helps cut down

commuting to and from stores allowing you to focus your attention on more

value-added activities finally adhering to your spending day restrictions builds

discipline which is a skill that is important in all aspects of your life so

if you want to truly live like a millionaire then start by implementing

one day a week where you don't spend any money and as this becomes easier begin

to add days until you are spending only one required number three creating and

reviewing their money goals the average person's financial goals are quite broad

which is a main factor in why they aren't rich if you ask them what their

goals consist of they would say something like my goal is to retire at

65 or my goal is to make six figures one day in short their lot cost your money

goes to resemble that are mediocre financial lives millionaires on the

other hand are diligent in their goal-setting ways in fact about 80% of

the wealthy are obsessed with pursuing goals which includes a creation and

review of short medium and long term goals some millionaires are so consumed

by their goals that they review them every morning upon waking up and every

evening before bed where most millionaires will tell you about goals

in general is that they must be written down and they must be detailed a Harvard

Business study found that the 3% of graduates from their MBA who had their

goals written down ended up earning 10 times as much as the other 97% put

together just ten years after graduation but once you have your goals written

down you must also review them it stated that people who very vividly describe or

picture their goals are anywhere from 1.2 to 1.4 times more likely to

successfully to their goals then people who don't

moreover having detailed goals significantly increases your chance of

success one very effective method for creating goals is using the SMART goal

framework this method requires your goal to be specific measurable achievable

realistic and timely for instance using the SMART goal

framework your financial goal could be save $12,000 in my high interest savings

account in 12 months by setting up $1,000 monthly deductions with my

employer having a robust goal that satisfies all the elements of the SMART

goal framework is much more likely to have you succeed then creating vague

goals like save money or become rich number four

spending on self development as per Warren Buffett the most important

investment you can make is in yourself and millionaires put the Singh into

practice religiously you see not all expenses are created equal and

millionaires know that making smart investments in books conferences and

training can yield them significant returns in the form of business contacts

knowledge and even cold hard cash and the more money millionaires make the

more they spend on continuous education for example Canadian entrepreneur and

multi-millionaire Dan Locke invest more than five hundred thousand dollars a

year into his education in the form of courses coaching and many other learning

opportunities and this type of spending doesn't have to be limited to intangible

things for instance investing in a dual monitor setup has been shown to increase

productivity by twenty to thirty percent this increase in output could result in

making thousands of extra dollars a year for the average millionaire

unfortunately the average person isn't as keen on spending for self improvement

as a typical millionaire in fact the average American spends $200 a month on

treating themselves which makes up roughly 22% of their disposable income

but I'd be willing to bet that most would shy away from spending $20.00 on a

book or $50 in an online course number five

outsourcing low value tasks as I've previously mentioned time is money and

the one way the millionaire's save time is by outsourcing their low value tasks

you see the mindset of the average person is to do everything themselves in

order to save money however millionaires

understand that just because they can do things themselves doesn't mean that they

should millionaires can rationalize use of outsourcing because they understand

the concept of opportunity cost opportunity cost is defined as the loss

of potential gain from other alternatives when one alternative is

chosen for the rich they know that spending two hours grocery shopping

means two hours they can't use to make money or enjoy time with their kids

millionaires know how much their time is worth and by freeing up their time by

getting others to accomplish some of their tasks they're able to lead more

productive and enjoyable lives fortunately you don't have to be a

millionaire to leverage the benefits of outsourcing sites like up work and

Fiverr allow you to connect with skilled individuals who will be more than happy

to take work off your plate in the past I've used freelancers from up work to

proofread my scripts designer logos and even manage my emails so that I get

focused my intention of making more YouTube videos or allocate extra time to

my studies number six following the 30-day rule even for the

rich one of the biggest deterrents in the quest to save money are impulse

purchases nowadays we are constantly being bombarded by ads that make us all

the more likely to pull out our credit cards than spend for instance one moment

you could be innocently scrolling through Facebook and the next minute you

find yourself with a whole new outfit in your shopping cart and if you think

these are rational purchases don't add up you be wrong based on a study of 2000

American consumers the average amount of impulse purchases per person was $450 a

month which equates to more than fifty four hundred dollars a year to avoid

these impulse purchases and unnecessary purchases in general whenever

millionaires find themselves wanting to buy something new they write it down

along with the date it will be in 30 days then these wealthy individuals wait

at least 30 days before actually trying to buy it

millionaires do this for a few reasons first of all it helps them avoid falling

victim to impulse purchases and secondly more likely than not having the time to

mentally process a purchase will make them realize that they don't really want

the item as much as they originally thought finally this process allows them

to refine their ability to delay gratification in fact the ability to

delay gratification has been cited as a leading indicator of fine

actual success researchers at Temple University in Philadelphia ranked the

most important factors in determining affluence occupation education location

and gender topped the list but delaying instant gratification veto many of the

more traditional signals including age race ethnicity and height researchers

believe that a person's ability to envision larger future Awards makes them

much less likely to succumb to short-term pleasures which is why the

30-day rule is critical to realizing financial success over the long term

therefore while millionaires know that they aren't perfect leveraging rules

like this one can help them make smarter financial decisions number 7 use the

twenty thirty fifty method saving the best for last

millionaires leverage the power of budgeting through the use of the twenty

thirty fifty method whereas the general public let themselves spend aimlessly

millionaires know that what is a measured isn't managed and one of the

best ways to measure their financials is through the use of the twenty thirty

fifty method this budgeting technique works by dividing your income into the

following ways fifty percent is designated to living

expenses like rent utilities and groceries the next thirty percent goes

towards entertainment costs like going out to eat or seeing a movie the final

twenty percent is meant to go right into your savings account the only problem

with this method is that sending money to your statements account every month

will not grow your wealth the average savings account yields just 0.09 percent

interest annually which means that even if you have fifty thousand dollars in

savings you would earn a measly forty-five dollars in interest this is

why millionaires use the twenty thirty fifty strategy a bit differently than

the average person knowing that savings accounts spare little interest most

millionaires will use that twenty percent for investing instead so what do

they invest in calm investment vehicles include equities in real estate which

have historical average returns of eight point four and six percent respectively

so with that same $50,000 we just talked about

you can instead be earning anywhere from 3,000 to $4,200 since - thanks for

watching if you want to go from the life you have to the life you deserve

you

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