ధనవంతులవ్వాలంటే ఈ ఒక్కటీ చేయకండి ...| Don't Do This To Get Rich...| DR. WARLU

Watch►ధనవంతులవ్వాలంటే ఈ ఒక్కటీ చేయకండి ...| Don't Do This To Get Rich...| DR. WARLU
You can WATCH more of Dr. Warlu's videos on MONEY, WEATTH and becoming RICH here:
   • Money,Wealth and Financial Success  

How to BECOME RICH and WEALTHY

Anyone that wants to become rich and create wealth, they need to have healthy spending habits. They should buy things which can be considered as assets and not as debts. Delayed gratification is one of the best things to save money and become rich. Spending may give you a brief high, so you might overspend to feel better. You might spend to make yourself feel better. Some people describe this as feeling like a temporary high. Find ways to delay purchasing. You could tell yourself that youwill buy this tomorrow if you still feel like it then". The majority of us SIXTYFOUR percent regret our spending on short-term pleasures, including food, clothing, new cars, tech gadgets and vacations. Specifically, we wish we’d managed our spending better so that we could have put more money away for saving and wealth creation. In fact, not having enough money for wealth creation is the top source of money stress.

A tight budget seems to bring about more impulse spending. It comes down to a failure to delay gratification and an inclination towards impulsivity, which occurs in all humans — but particularly and ironically among those whose budgets are already stretched thin. People who live on tight budgets are going to grasp at any pleasure they can find, in the hope of securing something for themselves in an unkind world and compensate their deprived pleasures.

We’re all after that dopamine rush that comes from taking risks and spending money. Even if you lose, you have all that excitement building up to the moment you win. Social media has also lured many of us down the path of spending money, enticing us to spend for the quick thrill of a “like” that comes when we post vacation pictures or snaps of our latest fashion acquisition. From a psychological standpoint, social media has re-trained our brains to be less inclined to seek long-term accomplishments as pleasure. We’ve grown so accustomed to the quick highs of positive online interactions that the satisfied feeling we get when we save money may be less in comparison.

Time is your most valuable asset. Putting even small amounts of money away over time can really add up, and the earlier you do it, the more you’ll benefit from compound interest.

First, turn off your social media if that’s what gets you to spend impulsively. Or make a deal with yourself that there will be no more online shopping. And if you do get to the point of purchase, enforce a pause while you ask yourself these questions, “ Is what I buy an asset or debt? Will it contribute to my long term happiness or will it steal it? Am I on track with my savings goals or will this expenditure derail my plans? Do I really need, and more importantly can I easily afford, this purchase? Am I feeling impulsive? Have I really thought this through?”
Then turn your focus to automating savings and savings accounts for other goals — as a way to make an end-run around our impulses. If you save first, you can spend knowing you’re already accomplishing your goals as long as that spending doesn’t drag you into debt.
Finally, we should ecognize that the sort of stuff we buy on impulse isn’t the only way to use money to bring us joy. Watching our bank account or retirement savings grow can be a gratifying.

You can WATCH more of Dr. Warlu's videos on MONEY, WEATTH and becoming RICH here:
   • Money,Wealth and Financial Success