Money tips: Best 5 money saving tips by Tony Robbins
Money money money. Money tips are so much important in life for better financial freedom. So there comes a need of having some money saving tips or money tips. So i decided to share with you a Tony Robbin’s own personal money tips for you.
Money is a paper which found no dustbin. Exactly true. So, we all know how much money means in this world. Here we are:
5 Best Money Tips by Tony Robbins
1. Don’t Lose Money
So many persons in this world are thinking of ‘making money’. But a wise man will always think of not ‘losing it’. It is more important to not lose what you have instead of gaining what you don’t have.
Even the warren buffet Rules no.1 include ‘Never lose money’. So it sounds pretty useful.
2. Take Small Risks For Big Rewards
Every person in this world knows that ‘without risk there is no profit’. If you don’t know the risk, Don’t invest no matter how big the reward will be. Analyze risk and invest in ratio 3:1 (reward : risk) minimum criteria. Preferred criteria 5:1.
In language of Tony Robbins “For every dollar you risk. You’ve the potential to make five” and “If you are wrong four times, So the fifth time you’re right. It will be break even.”
3. Focus On What You Keep Not On What You Earn
Many people focuses on returns but in reality it Doesn’t matter. “It’s not what you earn that matters, It’s what you keep.”
Let’s take an example of a job. There are a fixed income to be given but what you get is less what you’ve been told. Because of tax-deductions and other related deductions. You don’t get to utilize every thing. So, if you’re not able to keep enough, Then it’s not a good deal.
4. Diversify to reduce risk and maximize profits
“A millionaire has an average of 7 diversified ways of earning returns.” Diversifying investments dramatically reduces risk and hence maximize profits. But this doesn’t mean investing in a random selection of bonds and stocks.
It is preferred to have a long exposure investments which includes investments with fixed returns and minimum risks at the same time. A safe investment which is diversified. Just think, How much beneficial it would be.
5. Stop wasteful spending
Spending is where most people go wrong. Spending should be done that it improves our quality of life and add somethings to our exposure of life. Not on wasteful activities.
Let’s say you are going for a movie every week, And you spend about 50$ on movie tickets, popcorn and cold-drinks, Transport and your time. Means 2400$ a year. If you invested that 1 year saving only from movies and get an interest of 8% on this. Then after 40 years you will have about a half-million dollars. Sounds good to me.
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