What most people don't realize is that becoming rich isn't as straightforward
as you would imagine sure some people inherit millions of dollars or will gain
their wealth through winning the lottery but a 2017 survey found that 88% of
millionaires are self-made only 12% inherited their wealth which means that
the majority of people are becoming rich by putting in the work but it's more
than just hard work that drives their success when most millionaires won't
tell you is that they employ certain money tricks to both earn and save more
money and in today's video I will share with you the seven money tricks you must
use right now and if you're new to the channel then hit the subscribe button
below for more life-changing content money trick number one don't trust
yourself with the rich know that the poor don't is that no one is perfect
put another way through which tend to be more self-aware than there are not so
well-off counterparts which is why they employ tactics that will reduce their
tendency to self-sabotage one of the ways they do this is through the use of
automatic deductions you see for the rich the generation of income is often
not a problem but what holds people back from turning this significant income
into a significant wealth is their ability to save when posed with the
opportunity to spend it can be hard for even the most responsible of individuals
to shy away from shelling out cash which is why they like to make this saving
process automatic if you are unfamiliar with automatic deductions they work in
the following way whenever you get paid a portion of your pay is withheld from
going into your main bank account typically people will set up a savings
account - the money is routed into many wealthy individuals take this practice a
step further by restricting their access to the savings account to ensure that
the money that is allocated to this reserve cannot be spent no matter what
which is how they ensure that their pool of savings increases over time money
trick number two making small choices the rich know that small choices when
compounded over time can result in a large financial impact the simple act of
saving money no matter the amount can empower and motivate you in ways you
might not expect for example saving just five dollars a
day with 10 percent compound interest would allow you to save one thousand
eight hundred and eighty five dollars after just one year which doesn't seem
like that but if you did this over 40 years you
would end up with nine hundred and forty eight thousand six hundred and eleven
dollars which is a significant amount of cash to have on hand besides being able
to accrue a large financial nest date by stringing together these small but
positive choices this daily commitment to saving gives a richer sense of
control which many people lack in their financial lives you see there are many
aspects of life that are out of your control for example you don't have much
control over the economy or the job market and because of this it can be
easy to get discouraged when things aren't going your way to avoid feeling
defeated give yourself the opportunity to make a choice about something you do
have control over choosing to save is one small way you can have some say in
your financial life just ask Charles Duhigg author of the power of habit in
his latest book smarter faster better Duhigg writes motivation is triggered by
making choices that demonstrate to ourselves that we are in control the
specific choice we make matters less than the assertion of control in other
words it's not really about the five bucks you save or the extra twenty five
dollars you decide to throw out your debt it's the fact that you're making
the decision in the first place that makes this trick very powerful money
trick number three imagine your future rich self what do great athletes famous
actors and successful entrepreneurs all have in common other than being rich the
one thing that ties them together is their use of visualization just about
anyone who become successful will tell you that you need to envision yourself
achieving your goals before you can accomplish them in real life but
unfortunately some people cannot see past your day-to-day State for instance
spending five dollars on a Starbucks Coffee doesn't seem like a big deal and
every day millions of people give away their change to fuel their caffeine
addiction however for those who aim to become rich that $5 can have a more
significant meaning a rich individual faced with the decision to spend five
dollars on a premium coffee would probably consider the future cost of
making this purchase you see that five dollars today will grow to $100 by the
time you retire if you started that purchase in this way you might change
your mind right with the rich dude that the poor don't is continuously ask
themselves what the future cost of the spending decisions are and whether or
not they align to the realization their future rich lifestyle and if you
think this visualization technique to something new
think again Napoleon Hills classic thinking Grow Rich first published in
1939 lays out a step-by-step approach to pairing visualization with action and
millions of people have successfully employed this technique Hill suggested
in the book that the first step is to fix your mind on the exact amount of
money you desire and be clear about when you expect to receive this amount Jim
Carrey famously tried this technique in 1990 when he wrote himself a moth cheque
for ten million dollars for acting services rendered and post-dated it for
1995 he gave himself five years to become one of the most successful
working actors in Hollywood and was able to cash that check he had written to
himself a half decade earlier besides just visualizing the amount you want to
make he'll also advise that you determine exactly what you intend to
give in return for the money you desire after making these declarations Hill
suggested that you close your eyes and envision living this rich lifestyle
every single day until it comes to fruition this technique is said to
program our unconscious mind to find solutions to our financial problems and
allow us to better see resources people and events that will help us reach our
goal money trick number four only spend cash
the next trick that wealthy individuals use to become rich is to only spend cash
I'm sure you've been out before and I've seen someone pay for an expensive item
or a fancy dinner with a wad of cash and while your first impression may have
been that this individual was just trying to show off there may have
actually been a calculated reason for this behavior you see whether you were
buying groceries or a new phone spending cash makes us notice the monetary
effects of our actions this is because as we are paying we are physically
handing over money and we see the depletion in our wallet whereas when you
use a credit or debit card the potential to spend almost seems endless part of
this pain we feel when we spend cash is due to what researchers call coupling
when someone buys an item with cash they immediately know how much that item cost
which can be painful however when someone pays with a credit
card there is a time period between when they purchase the item and when they
have to pay for it which makes the cost seem less important so just how much
more will it cost you to pay on credit versus cash in 2001
MIT published the results of a study analyzing spending behavior when
spending cash versus credit the results highlighted that shoppers spend up to a
hundred percent more when using their credit card to pay instead of cash
therefore if you want to curb your spending and employ this money trick
then cut up your credit cards and sir carrying around more cash money trick
number five sleep on big purchases while sleep can reduce stress improve your
memory and elevate your mood where most people don't realize is that it can also
help you make wise financial decisions in fact sleep can be an important tool
in your toolkit when it comes to saving money a recent study of two thousand
consumers found the impulse purchases or purchases that haven't been thought
through properly amount to fifty four hundred dollars a year for the average
American and by getting proper sleep your decision-making capabilities
significantly increased meaning that you will be much more likely to avoid
frivolous spending secondly sleep who loves you the time to contemplate big
purchases financial experts suggests that whenever you were contemplating a
big purchase you should take anywhere from 24 to 48 hours to decide therefore
taking a night or two to sleep on large expenditures allows your unconscious
mind to process the information related to the purchase and analyze it while
you're dreaming making you much more likely to be confident in your decision
money trick number six calculate the cost in hours ii lost money trick that
the rich used to grow their wealth is to convert the cost of their purchases into
work hours for example if you make twenty dollars an hour at your job then
buying that new $100 t-shirt is really five hours of your time
unlike the poor the rich habitually ask themselves if that item they are
obtaining is worth the time it took to earn the money to pay for it or in this
example is that sure it really worth five hours of work time when you begin
to see your purchases in this light it will dramatically change how you
perceive the value of not only your money but your time as well the
interesting part is that this way of thinking not only benefits you when
considering a purchase but it also can be used to assess how you spend your
free time in general time you are working at your job or your business are
productive hours but what about free time have you ever evaluated how much
money you are forgoing by mindlessly scrolling through Instagram or Facebook
news feeds as of 2018 the average social media user spent a hundred
thirty-six minutes or two hours a day on social media sites let's say you make
$80,000 a year at your job roughly $40 an hour is scrolling through Facebook
for two hours a night really worth $80 to you in short whether you're buying an
item or determining how to spend your time keep in mind that there is a cost
to everything and that one thing that separates the rich from the poor is how
they value this precious time money trick number 7 use the stranger test you
walk into a store and see a shirt that you think would look great on you
well you now know that you should assess how much time you are exchanging for
that $50 shirt you still feel inclined to buy it well before pulling out your
wallet and completing the transaction you should be running yourself through
the stranger test if you've never heard of the stranger test before let me
explain imagine a stranger standing in front of you in one hand they have the
t-shirt in the other hand they have $50 which would you rather have in most
cases the cash is probably more appealing when taking this approach on a
regular basis you will start to see yourself continuously picking the money
over the item which solidifies your position in not splurging and instead
keeping that money in hand thanks for watching if you want to go from the life
you have to the life you deserve then hit the subscribe button now
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