A lot of people believe that insurance is an investment. It is not. Switch to a term insurance instead then you can use the difference of the cost to settle some of your debts or start your savings. Whole and universal policies are significantly more expensive. You are definitely better off getting yourself out of debt instead of spending extra on sub-‐par investments.
60 When buying a car, go for fuel efficiency and reliability.
Instead of going for what’s popular or flashier, choosing a more fuel efficient and reliable car wil save you thousands of dollars in the long run. For example, when driving a vehicle for 80, 000 miles, choosing a 25-‐mile per gal on car over a 15-‐mile per gal on wil translate to 2, 133 gal ons of gas. So if a gal on costs $3, that’s an astonishing $ 6, 400 savings right there. In addition, reliability can also pay great dividends, so do your research. Your efforts wil pay off for you, big time.
61 Avoid going to shopping centers and stores just for entertainment.
Indulging to the need to window shop wil only encourage you to spend more money on stuff that you don’t real y need. Instead, seek other places to
entertain you, such as the museum, the park or a friend’s house. Don’t substitute shopping as a form of entertainment and you wil be better off.
62 Plan to invest on a small business and use business model that has a lot of potential of making you rich.
If you have not figured it out, entrepreneurs go into business since they have long realized working on a 9 to 5 job will not make them rich. However, going into business requires careful planning so make sure to cover all the bases.
Start with a solid business model. If you can’t see yourself raking in thousands or mil ions of dollars with your business idea, you may want to explore more possibilities.
63 Carefully identify and isolate your core strengths then decide to build on them.
Find something you truly enjoy, this is a strength that you can potential y build and invest on. If you go into a business, it is best to venture into something that wil al ow you to express your strengths then you can develop it more through repetition. A lot of people have successful y reaped great financial rewards following this route. Check out if you can cash in on yours.
64 Choose to operate in an industry with high demand and significant profit margin.
You make profit based on the difference on how much sales you make and the amount of money you keep from every sale after deducting the cost of delivering the goods or service. If you enjoy greater margin, then you wil need
a fewer amount of sales to earn a mil ion. Before getting into any business, calculate first the possible margin of the products or service you choose to sel .