4 Money Habits That Will Help You Build Your Wealth

When it comes to making money and becoming rich most people assume that having a good pay check is all you need. After all, being rich involves driving nice cars, living in big houses and travelling the world right?

Wrong. Being rich doesn’t necessarily translate to your lifestyle there are people living lavish lifestyles they cannot afford, that doesn’t make them rich it makes them foolish.

Anyway, when it comes to being wealthy there is no shortcut and you must be willing to work towards it and make sacrifices.

Having a well paying job is good and all but you have to remember that that can change at any time. You need to have habits that ensure you live a comfortable life even when you stop working.

Here are some of the habits you need to cultivate

1. Create multiple streams of income

This cannot be emphasized enough. In the current economy, one needs a lot of money just to survive and buy basic things. This means, you need to have several sources of income that will help with the burden.

You do not even have to be employed to get a side hustle even as a business owner or someone who dose manual labor.

RELATED ARTICLE >>> 6 Ways To Make Money Even If You Are Unemployed

Take for example, if someone washes clothes for a living, they can do it in the morning then go and sell food in the afternoon. There are so many opportunities out there it is up to you to decide which on eis for you.

Not only that if you have the money you can buy rental property and start earning passive income from that.

It is even better when your side hustle is something you love doing because you will be more likely to succeed at it. For example, baking, writing etc.

2. Learn to live on less than you make.

Having extra sources of income is great but you also need to ensure you spend your money wisely. Take for example, the very rich people who don’t go around flashing their wealth with fancy cars, clothes and ‘bling’.

This goes to show that you do not need to show people that you are rich but instead work to build your wealth and let it speak for you.

This means that even if you can afford to pay rent of 100K you don’t have to because there are cheaper alternatives. Financial management is a good way to ensure you don’t squander your hard earned money.

Remember, “Poor people spend their money and save what’s left. Rich people save their money and spend what’s left.”

READ ALSO >>> How Much of Your Salary Should You Save Every Month?

3. Make your money work for you.

This is where investments come in. Just don’t save your money and keep it in the bank. Try and invest some of it so that it can grow. This will ensure that your wealth grows without you necessarily having to do anything at all.

However, saving is also important it is important to have savings for emergencies that you do not use to invest.

4. Give back.

This doesn’t only mean money. You can volunteer and give your time to people who need it. This will make you happier which will then positively affect your success.

CHECK OUT >>> 7 Things You Should Do In Your 20s To Be Rich In Your 30s

Good money habits will improve your financial situation in the long run. It is therefore important that you start taking some of them up and work towards financial freedom.

Do you have any tips to add? Leave them in the comment section below. 

The writer is a Communication Officer/Digital Marketer at Career Point Kenya. Email: michelle@www.careerpointkenya.co.ke