#Strategy : 8 Lifestyle Changes to Make if you Want to Earn more Money …If you Want to Learn How to get Rich — How to Grow & Master your Money — Consider these 8 #Lifestyle Changes
When it comes to earning more money and growing your wealth, sometimes all it boils down to is establishing key habits and making small lifestyle changes.
“Success is a learnable skill,” emphasizes T. Harv Eker in his book “Secrets of the Millionaire Mind.” “If you want to be a great golfer, you can learn how to do it. If you want to be a great piano player, you can learn how to do it … If you want to be rich, you can learn how to do it.”
If you want to learn how to get rich — how to grow and master your money — consider these eight lifestyle changes:
Start hanging out with people you admire
Andrew Carnegie, who started with nothing before becoming the richest man in the country, credits all of his riches to one principle: the Master Mind.
The idea is that you surround yourself with talented people who share your vision because the alignment of several smart and creative minds is exponentially more powerful than just one.
Plus, we become like the people we associate with, which is why the rich tend to associate with others who are rich.
“In most cases, your net worth mirrors the level of your closest friends,” explains self-made millionaire and author Steve Siebold. “Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income. The reality is, millionaires think differently from the middle class about money, and there’s much to be gained by being in their presence.”
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Get a part-time job
If you want to earn more, a simple solution is to work more — and you’ll get a lot more out of a second job than extra income.
You’ll grow your skill set by working in a different field, put your brain to work in a different context, and expand your network. Plus, it’s a great opportunity to monetize a specific interest of yours — such as photography, music, tutoring, or coaching — or turn your passion into a side hustle.
Check out high-paying jobs you can do on the side and read about how to start a side-hustlefrom a woman who earned up to $4,000 a month on the side.
Bury your head in books
Rich people would rather be educated than entertained — if you want to be like them, cut the cable and dive into books on investing or personal finance, or pick up a successful person’s biography.
“Walk into a wealthy person’s home and one of the first things you’ll see is an extensive library of books they’ve used to educate themselves on how to become more successful,” Siebold writes.
Take billionaire Warren Buffett, for example, who estimates that 80% of his working day is dedicated to reading.
While the rich don’t necessarily put much stock in furthering wealth through formal education— many of the most successful people have little formal education — they appreciate the power of learning long after college is over.
Get used to doing uncomfortable things
If you want to build wealth, be successful, or get ahead in life, you’re going to have to get used to uncertainty or discomfort.
Rich people, in particular, find comfort in uncertainty. “Physical, psychological, and emotional comfort is the primary goal of the middle class mindset,” Siebold writes. “World class thinkers learn early on that becoming a millionaire isn’t easy and the need for comfort can be devastating. They learn to be comfortable while operating in a state of ongoing uncertainty.”
If you want to get rich, you have to be OK with being uncomfortable. If you’re not, learn how to be, Siebold advises: “The great ones know there’s a price to pay for getting rich, but if they have the mental toughness to endure temporary pain, they can reap the harvest of abundant wealth for the rest of their lives.”
Start adopting this mind-set today with one of Siebold’s suggested strategies: “Make a list of the five things you must do today that are uncomfortable but will help you build your financial fortune.”
Switch to a high-interest savings account
Chances are, the money sitting in your savings account is growing at a negligible amount. That’s because most of us use the “big banks,” which offer a measly interest rate of just 0.01%.
With that interest rate, if you let a $10,000 deposit sit in your standard savings account for one year, you’d receive a mere $1 of interest, and that’s before taxes. A $50,000 deposit would yield just $5 of interest after one year.
But if you’re using a high-interest savings account at an internet bank (a popular choice is Ally Financial), your $10,000 deposit would generate $100 of interest over one year — and $50,000 would generate $500, thanks to the 1% interest rate. Online savings accounts with higher interest rates — the highest one out there is 1.25% — would get you even more.
Granted, using a high-interest savings account isn’t going to score you a windfall or make you rich a year from now, but it’s an easy way to earn a few extra bucks from money that’s otherwise unoccupied.
If you want to make the jump from a traditional bank to an online bank to start earning back more interest, read more about high-interest savings accounts and check out Magnify Money’s list of bank options.
Set goals and visualize achieving them
Businessinsider.com | December 11, 2015 | Kathleen Elkins