HABITS THAT MAKE MILLENNIALS GET RICHER
Your money habits, as little and insignificant as they appear to be, make all the big difference for amassing wealth. Your six-figure salary or your multi-million inheritance do not make much of a difference if your money habits have not been pruned by discipline.
Millennials are often faced with this challenge because they make a lot of “not so conscious” decisions and they tend to keep their good money habits off till later.
Changing your money habits is critical to securing a future for you, and there are some who have, and are reaping the benefits. Let’s explore some of these habits some millennials possess that is making them get richer.
1. THEY PUT SOMETHING AWAY: No one said you should put all your earnings in your savings account and not enjoy it. As little as 10% of your income or more can go a long way if you can afford to spare it every month. One can’t underestimate the power of starting small; once we see progress, we tend to repeat behaviors and momentum builds. Make this a habit.
2. THEY CHANGE THEIR MINDSET: The right mindset can make you build wealth and get you anywhere you want to be. To achieve this, a change in mindset is required. For instance, most people pay bills, spend money, then save what’s left or not save at all, when in fact it should be the other way round. Saving money for your goals should come first before anything else. Also, try to keep the demands on your money as low as possible even when your income increases.
3. THEY HAVE A PLAN AND SET RULES: It is human nature to be unguarded and that is why laws are constantly being made to keep us in check with our excesses. It is normal to get your paycheck and want to run to the store and get that expensive product or gadget, but with a plan and a set of rules, you are likely not to. Have a time-based plan on what you want to achieve and when, then start saving towards it. Be disciplined enough to stick to the plan too. Adopt your own private mind tricks that will serve as a spending guide and abide by it.
4. THEY DON’T LIVE TO IMPRESS: Simply because you are a billionaire doesn’t mean you must drive a Bentley or the latest exotic cars. While they are good for prestige and status, they are not very necessary. The billionaires of this world tend to live within or below their means and are not flashy or extravagant. Spend wisely. Billionaires see everything they spend their money on as an investment, so spend on things that will have a lasting turnover on your investment. This mindset will help you retire early too because you will be able to save more. Retirement can seem far away if you are in your twenties or thirties but tackling retirement early helps you attain your retirement goal early.
5. THEY INCREASE THEIR EARNINGS AND GET OUT OF DEBT: Everyone knows being in debt is not a very good ground for amassing wealth. Regardless, some of us have been in bad debt at some point in our lives and this can pose a hindrance to reaching one’s goals. These millennials try as much as possible to get out of debt so they can focus on their goals, and they make sure to prevent themselves from repeating the same mistakes. One of the ways they get out of bad debt is to increase their earnings. This will give them more control of the debt situation while they invest. Diversifying your stream of income and looking for investment opportunities with the help of a financial expert is another way to help you keep on track.
They say “Rome was not built in a day”, and we know you have promised yourself and failed so many times to save and invest. Well, these habits will take some getting used to and Saversclub can help you with that.
Saversclub provides everything you need from savings to investments, to paying your bills and even do transfers all in one app.
Join the club of savvy millennials today and never be broke again.
Visit our website www.saversclub.ng or call us on 08180000113.
