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7 Secrets of Billionaires for financial management | Best Money making ideas

Updated on January 30, 2011

7 best money making ideas

This article will provide information about the 7 best money making ideas that can be adopted to save income and make you rich. If you ask any rich person definitely he will share this money making ideas.   These financial management tips are also mentioned in Paul Robinson’s (Motivational Trainer) Money Magnetism. When we study the habit of any rich man it is possible to view that he follows a strict rule in using money. This steady and stern attitude with money might make him rich.

Every one of us has several habits which will be created by self. All these habits will later recreate us. 90% of our daily life may be controlled by these habits. Same thing happens when comes to talk about money. We all have a specific habit in spending and depositing money. Surprisingly these habits will determine our future whether to become rich or poor. It’s true and also most of us are not bothered about our habits. Below I am going to introduce 7 effective methods that can be adopted in your life to become rich. All these 7 money making ideas are proposed by great billionaires who have considered this as best for financial management.

Famous billionaires Warren Buffett and Bill Gates
Famous billionaires Warren Buffett and Bill Gates
Warren Buffett
Warren Buffett

1. Lend money to yourself

First thing you should do is to keep a part of your income by yourself. This is the primary and important strategy in money making ideas. We can name it as a financial freedom account. Never keep an ATM card for it and make sure that you cannot access and use this account easily. This money will grow gradually and will provide an income to you in the future.

“Ask yourself how many times you gave money to yourself? “

Only 5 people in 100 people will do this. If you ask other 95 about this they may say that they don’t have enough money to do so. But this is a great lie. You can manage it.

If you want to become rich

1)      First give a check to yourself.

2)      Next pay your taxes.

3)      Meet the expenditure needed to maintain your life style.

4)      Pay your bills.

2. Earn and Deposit

Why some people earn money ten times others? It’s not because they are ten times hardworking and smarter. They like to earn more and use it wisely.

Many of the people say “I don’t have enough money to deposit”. But earning is never depended on the income, it is habit. If you are saving on one penny then also it’s a saving. Don’t think money saving can be started when you get more money; most of the times it won’t work so adapt this as a good habit in life.  Rich people consider each coin as seed to the money tree. That’s why they deposit money wisely. Money has a power to attract more money. This is what can be achieved by depositing money. If you watch a poor he will meet his expenditure with all the money in hand.  The attitude of rich towards money is also different rather than spending they consider money as a good asset for deposit. Their main is to double the money they have. If you want to be rich they it is strictly advisable to follow this depositing habit.

Parkinson’s rule says that “increase in income will increment the expenditure”. So how you can overcome this situation? The solution is explained in third method.

Warren Buffett's house
Warren Buffett's house

3. Follow Less Spending

Consider spending money as an art, you should be a master in this art to start money making to become rich. When you look at the world’s most famous billionaires you can notice that they all follow a simple life style. World’s top billionaire Warren Buffett is still living in house which he bought 50 years ago.

American actor Will Rogers once told “Many people spend money that they never earn, buy things that they never need and get recognized by people that they never like.” Well truly said by Will Rogers this is what is happing in real life. High useless expenditure will surely degrade your financial stability. To start less spending in your life first lists all your expenditures according to your priority. Spend money to these expenditures according to the sequence in your list.

Here I like to quote a Russian proverb “It is easy to spend but difficult to earn”. So be wise in spending money. Today is the world of plastic money, anything you need will get through a credit-card.

·         So when you plan to buy something think twice whether it is necessary.

·         Try to avoid borrowing money.  If you got any loan then first pay for it and this will provide a satisfaction to your mind when you pay back your entire loan.

·         Avoid taking money with high interest.

·         Always use a safety deposit box which can be used for immediate expenses like hospital needs.

4. Give more attention to your profession

While considering financial management you should give priority to your business or job.  Try to have an upgrade for your profession in each moment. Using this way try to earn more. When considering rich they will have vision for their life, so you should also develop a strong desire to be rich.

·         Make use of each chance you get to improve.

·         Never feel desperate about your current situation.

·         Should focus on your aim and never leave it half a way.

·         Develop a disciplined and planned movement.

·         Spend your energy and money to achieve your goals.  

·         Get advices from professional financial advisors.

5. Carefully study before taking risk

People those who are financially stable and who become rich by their own hard work can withstand lose up to an extent.  They will focus on the opposite side of their lose and they will try to utilize it. Before taking a risk in business they will analyze the probability and cost of the lose. Common brilliance is more needed than a Harvard MBA while doing a business by your own. One should use his basic sense to adopt this.

·         Get more information from trusted sources.

·         Never trust anyone who doesn’t do business by self.

·         Never trust your boss who is not interested in doing work.

·         Beware of quick money making programs, it will be a trap.

·         Be sure that you are an expert in what business you are going to start.

·          Trust in your confidence.

·          Except the worst outcome and work for the best outcome for your business.

6. Donate a part of your income

6th strategy in money making ideas is totally different from other strategies. To lead a well social and satisfied life, donate a part of your income to the needy. This is also an important strategy good financial management.  Here the 6th step is connected with some philosophical aspects.  How much you give that much you earn, that is the philosophy with money. A deed with a true kind heart will always gives you goodness in life. All kind of donations will eradicate the poverty from your mind.

Arabian proverb says” If you have sufficient money then share your money; if you have insufficient money then share your heart”.

7. Deposit for your own growth

Billionaires are usually depositing money for their own welfare and growth. They will find the latest ways to double their funds and execute it. They will improve the quality of services and products regularly in business.  This will be effective to the growth of business.

If you are determined to follow the effective money making ideas then you should also have a healthy mind first.

·         Read your favorite books to keep your mind fresh.

·         Think about nice thoughts to give exercise to your mind.

·         Practice meditation, it will also sharpen your mind.

·         Hear motivational audio records.

These all are the 7 secrets of Billionaires, which is very much useful to follow as best money making ideas. This can be adopted as the basic for your financial management. Always be confident and self motivated to get best in your life and work hard for it. Success will be yours. Hope these money making ideas can be easily followed.

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      RAJJAN SINGH YADAV 6 years ago

      Very -very realistic.