A friend’s philosophy on making money, gleaned from car conversations over 300,000+ miles. Not sure if a financial planner would agree, but works for him.
1.Gotta want it…eat, sleep, breathe, love making money. It has to become your focus. Trick is to balance that so you still have a bit of a life cause it is those you meet in life that provide sources of more money.
2.Carry money in your wallet, not necessarily to spend. Having money draws money.
3.Don’t go into business with anyone you don’t trust with your money. If you trust them with your money then you can trust them with your life.
4.Live within your means.
5.If you can’t pay cash for it, make do until you can.
6.Know what you’re looking for. Wait till you find it. Don’t settle unless it can be turned into a money-maker when the right item comes along.
7.Save a portion of every amount you earn. That way when an opportunity comes along, you are ready. Money is not a means to an end. It is a means to a beginning when opportunity knocks.
8.Credit/debit cards are too easy to abuse. Have ONE that can be used for have-to online orders or when making travel reservations.
9.Don’t carry a balance on that one card.
10.It’s okay to buy 90 days same as cash if you have the cash at moment of purchase. Good way to build credit.
11.Giving someone a good deal helps two make/save money which helps keep it flowing.
12.To protect your identity and privacy, be mindful of paper trails. Limit them as much as possible.
13.Eating meals prepared at home is cheaper than eating fast food all the time.
14.Crockpot meals are healthy and cheap.
15.Don’t get attached to possessions. There is always a market for what you have if you search in the right places.
16.When you have it, don’t flaunt it. What you have is no one’s business.
17.Don’t share all your sources. If you do, there goes your market as well.
18.Don’t keep all your money in the bank. Some deals don’t happen during banking hours.
19.Trade services. That keeps goodwill alive and money in both pockets.
20.Maintaining is cheaper than repairing.
21.New is not always better.
22.Listen and learn when out and about where people are milling and chatting.
23.Be willing to do a few small chores for nothing to be in the running for deals when they arise.
24.Don’t buy on impulse. Study and research prices and workmanship.
25.Providing rental services is a great way to make money.
26.Selling for price you paid beats taking a loss.
27.Don’t be stingy with knowledge. Sharing know-how is a generous gesture.
28.But, that is not the same as telling everything you know. Don’t talk too much.
29.Don’t be afraid to ask questions.
30.Help connect other buyers and sellers. They will both keep you in mind when they see a deal you would like.