Sanyatti
Member
10 MONEY HACKS (THAT NO ONE TALKS ABOUT)
1. COMPOUNDING INTEREST:
Albert Einstein once said:
"Compound interest is the 8th wonder of the world."
It works best when you:
- Invest consistently
- Invest as much as possible
- Maintain a long term mindset
Don't work for your money.
Let your money work for you.
2. CREATING MULTIPLE INCOME STREAMS
On average, millionaires have up to 7 income streams.
Income stream examples:
- Rental income
- Earned income
- Interest income
- Business income
- Dividend income
To be a millionaire, think like a millionaire.
3. BUILDING YOUR CREDIT
Your payment history accounts for 35% of your score.
Good credit has several benefits:
- Lower interest rates
- Lower car insurance rates
- Increased negotiating power
- Easier to qualify for better credit
Start building your credit today.
4. READING MORE
85% of self-made millionaires read 2 to 3 books a month.
Why reading is good for you:
- Learn from the greatest
- Learn from successes
- Learn from mistakes
- Think like the best
If you want to succeed, you need to read
5. SAVING FOR A RAINY DAY
89% of Kenyans have little or no savings
An emergency fund can help you:
- Reduce stress
- Protect your wealth
- Avoid getting into debt
Save 3 to 6 months' worth of living expenses for rainy days.
6. STARTING A SIDE HUSTLE
You can earn money with anything:
- Flipping
- Blogging
- Freelancing
- Dog walking
- Ghostwriting
- Affiliate marketing
-Photography
Live a life without limits.
If you want it, you can do it.
7. VALUING YOUR NETWORK
Why your network is so important:
- Support
- Guidance
- More opportunity
- Lasting relationships
- Improved social intellect
- Increased self-confidence
Your network is your net worth.
8. CONTROLLING YOUR EMOTIONS
Neuroscience confirms we buy on emotion.
Emotions cause you to:
- Forget your budget
- Spend more money
- Sell at stock market lows
- Buy at stock market highs
Control your emotions before they control your finances.
9. WORKING SMARTER AND HARDER
Hard work is the great equalizer.
It takes:
- Early mornings
- Consistency
- Long days
- Efficiency
- Discipline
If you want to be above average, you'll have to do what the average person won't.
10. NOT BUYING DEPRECIATING ASSETS:
Most new cars lose up to 60% of their value 5 years after you first purchase them
Millionaires buy used cars because:
- They are cheaper
- They've already depreciated
- Potentially lower insurance premiums
Don't invest in negative returns.
1. COMPOUNDING INTEREST:
Albert Einstein once said:
"Compound interest is the 8th wonder of the world."
It works best when you:
- Invest consistently
- Invest as much as possible
- Maintain a long term mindset
Don't work for your money.
Let your money work for you.
2. CREATING MULTIPLE INCOME STREAMS
On average, millionaires have up to 7 income streams.
Income stream examples:
- Rental income
- Earned income
- Interest income
- Business income
- Dividend income
To be a millionaire, think like a millionaire.
3. BUILDING YOUR CREDIT
Your payment history accounts for 35% of your score.
Good credit has several benefits:
- Lower interest rates
- Lower car insurance rates
- Increased negotiating power
- Easier to qualify for better credit
Start building your credit today.
4. READING MORE
85% of self-made millionaires read 2 to 3 books a month.
Why reading is good for you:
- Learn from the greatest
- Learn from successes
- Learn from mistakes
- Think like the best
If you want to succeed, you need to read
5. SAVING FOR A RAINY DAY
89% of Kenyans have little or no savings
An emergency fund can help you:
- Reduce stress
- Protect your wealth
- Avoid getting into debt
Save 3 to 6 months' worth of living expenses for rainy days.
6. STARTING A SIDE HUSTLE
You can earn money with anything:
- Flipping
- Blogging
- Freelancing
- Dog walking
- Ghostwriting
- Affiliate marketing
-Photography
Live a life without limits.
If you want it, you can do it.
7. VALUING YOUR NETWORK
Why your network is so important:
- Support
- Guidance
- More opportunity
- Lasting relationships
- Improved social intellect
- Increased self-confidence
Your network is your net worth.
8. CONTROLLING YOUR EMOTIONS
Neuroscience confirms we buy on emotion.
Emotions cause you to:
- Forget your budget
- Spend more money
- Sell at stock market lows
- Buy at stock market highs
Control your emotions before they control your finances.
9. WORKING SMARTER AND HARDER
Hard work is the great equalizer.
It takes:
- Early mornings
- Consistency
- Long days
- Efficiency
- Discipline
If you want to be above average, you'll have to do what the average person won't.
10. NOT BUYING DEPRECIATING ASSETS:
Most new cars lose up to 60% of their value 5 years after you first purchase them
Millionaires buy used cars because:
- They are cheaper
- They've already depreciated
- Potentially lower insurance premiums
Don't invest in negative returns.