Getting rich is not just about earning top dollar or winning the lottery. Here are top tips, gleaned from the rich that will get you on your way to having money.
1. Don’t Burn Bridges
“A lot of life is really about who you know and making sure you hold on to those relationships. My big break was when I was hired to represent a company started by people I knew from high school.”
– A partner at a prestigious law firm
2. Clip Coupons
“When you open up the paper and you see those coupons, it looks like dollar bills staring you in the face… It’s how I grew up. Why not?”
– Hilary Swank to talk show host Kelly Ripa, on clipping coupons
3. Cash is King
“I go to the ATM only once a week and pay for everything with cash. That way, I’m forced to stay on a budget without counting pennies and saving receipts. I can spend only what is in my wallet. I turn it into a game where each week, I reduce my ATM withdrawal amount by $20 to determine how low I can really go.”
– Alan Corey, author of A Million Bucks by 30
4. Stop Wasting
“I get a tremendous amount of satisfaction from not wasting things. I still collect all the tiny pieces of soap and put them together into one bar. I still squeeze the toothpaste tube dry. And I grow a lot of my own vegetables.”
– August Turak, founder of two successful software companies and author of Business Secrets of the Trappist Monks
5. Great Ideas
“Look around for investment ideas in your everyday life. After my wife got excited about the fact that Hanes sold its L’eggs pantyhose in grocery stores, I figured that the company was on to something. I bought Hanes’ stock and watched it rise sixfold.”
– A manager of the Fidelity Magellan fund
6. Good Investing
“During the spring of 2012, I read the Wall Street Journal and learned that (clothing retailer) Talbots was supposed to be acquired, but after the deal fell through, its stock fell nearly 50 per cent in one day. That’s when I purchased $5,000 worth of Talbots stock. Its value increased by 50 per cent that day, and I made the decision to sell it right then.”
– A partner at a prestigious law firm
7. Negotiate
“When negotiating a new salary, always end the negotiations with a request for a nine-month review, instead of the usual 12-month review. It always gets approved, and it gives you a three-month head start on a potential salary raise or bonus.”
– Alan Corey
8. All in the Name
“Rich people like to use initials. You rarely meet a really rich person named Bobbie, Rickie or Danny, but you may meet Robert W. Smith – or, if he’s really made it, R. W. Smith.”
– An investment professional who blogs at stuffrichpeoplelove.com
9. Be Creative
“If you want success, you have to accept risk. I was working at AOL in the 1990s when the company let go of 300 people. I was one of them. The movie Titanic was coming out, so I took my rent money and had 500 T-shirts printed that read, ‘It sank. Get over it.’ If I didn’t sell those shirts, I was homeless. I sold 500 shirts in six hours and made five grand. Then I called USA Today and gave a reporter the story. I sold 10,000 shirts on the web over the next two months and ultimately racked up 100 grand. That was my very first company.”
– Peter Shankman
10. Get What You Need Yourself
“When you’re buying something, it’s good to ask, ‘Where does the store get it?’ We were paying for organic produce, and the prices were killing us. So I think, Where is this store getting its food from? We do the research, call the wholesaler, and find out the criteria for ordering. The minimum order was $250. So we started taking orders from friends and arranged to get pallets of food dropped off in our driveway.”
– Jerrod Sessler, founder and CEO of HomeTask, entrepreneur, and former NASCAR driver
11. Go To The Top
“I once went all the way to the head of customer support at Dell over a problematic computer that was out of warranty, and I was shipped a new one the next day. If you are willing to go up the chain, you will very likely reach someone who is willing to bend the rules to rectify a complaint and fix the problem.”
– August Turak
What do you think….anything you would add to the list to making your money count??!!
SOURCE: Readers Digest
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