{"id":17378,"date":"2023-07-24T14:00:44","date_gmt":"2023-07-24T12:00:44","guid":{"rendered":"https:\/\/getitmagazine.co.za\/joburg-west\/?p=17378"},"modified":"2023-07-24T09:30:56","modified_gmt":"2023-07-24T07:30:56","slug":"10-tips-to-save-like-a-billionaire","status":"publish","type":"post","link":"https:\/\/getitmagazine.co.za\/joburg-west\/blog\/2023\/07\/24\/10-tips-to-save-like-a-billionaire\/","title":{"rendered":"10 tips to save like a billionaire"},"content":{"rendered":"

Getting rich quick\u2026sounds wonderful, doesn\u2019t it? Beyond purchasing the odd lotto ticket or being somewhat tempted by that investment \u2018opportunity\u2019 that spells Pyramid scheme, there\u2019s not all that much you can do (at least, not legally) that\u2019ll get you rich quick, right?<\/strong><\/h4>\n

We can\u2019t help you get rich quick, but we can share some insider information to show you how to invest your money like a billionaire. Sure, it\u2019s not going to make you wealthy overnight, but it certainly will put you on the right path to improving your financial health\u2026and be flush in the long run.\u00a0 Let\u2019s go:\u00a0<\/span><\/p>\n

    \n
  1. It\u2019s not about making it rain, it\u2019s about being ready for a rainy day. <\/b>Might sound boring, but the wealthy believe in budgeting, diligently keeping track of their income and expenses to ensure that they are living within their means. They also have a \u201crainy day\u201d fund, so they are covered in the case of emergencies.<\/span><\/li>\n
  2. Pay yourself first. <\/b>This practice is often called reverse budgeting and sees the individual create a budget that is led by their savings goals rather than their expenses.\u00a0 The wealthy will typically set up automated transfers to savings accounts, investment portfolios, and retirement funds, ensuring that they save consistently and automatically while benefitting from compound interest power \u2013 not willpower.<\/span><\/li>\n
  3. Stay away from \u2018bad debt\u2019.<\/b> You can keep your credit cards: The rich are not interested in high-interest loans, as they understand the negative impact debt can have on their overall financial well-being. However, by that same token, they see the value of \u2018good debt\u2019, especially if an investment has the potential to grow their business, further their career or earn them money over time.<\/span><\/li>\n
  4. Think frugal, not flush.<\/b> Ever noticed how the truly rich are actually rather frugal, and seldom dripping in designer labels from head to toe? The secret to their wealth is living below their means; they save more than they earn and do not spend excessively on unnecessary luxury items. Why? They prioritise financial security over conspicuous consumption.<\/span><\/li>\n
  5. In it for the long haul. <\/b>Well-off individuals seek out profitable investment opportunities that will grow their wealth over time. They believe in portfolio diversification and they\u2019re seldom unnerved by market shocks or volatility, as they understand the value of a long-term investment strategy.\u00a0<\/span><\/li>\n
  6. Optimise tax. <\/b>The rich understand how to leverage various strategies to (legally) minimise the amount of tax they pay. They\u2019re well-versed in tax-efficient accounts and investments, incentives, rebates and deductions, and they make these work for them.<\/span><\/li>\n
  7. Prioritise quality over quantity. <\/b>Understanding the value of investing in high-quality products and services that may be more expensive initially, but tend to last longer and thus actually cost them less long-term is key.\u00a0<\/span><\/li>\n
  8. Make rewards work for you.<\/b> The rich maximise benefits from credit card rewards, frequent flyer programmes, and loyalty memberships to save money on travel, shopping, and other expenses. Even renowned billionaire Warren Buffet is not above using discount coupons!<\/span><\/li>\n
  9. Own your finances. <\/b>Wealthy individuals strive to stay on top of their finances; they pay attention and don\u2019t simply outsource their money management to others without asking questions. They take a keen interest in their finances, educate themselves on investment strategies and economic trends, and believe in continuous learning.<\/span><\/li>\n
  10. Get a professional involved.<\/b> Most wealthy individuals don\u2019t try and do it all on their own; they understand the value of working with \u2013 and being guided by \u2013 a skilled and experienced professional, who they trust to help them make informed decisions when it comes to their investments.<\/span><\/li>\n<\/ol>\n

    Get more insider information on saving like a billionaire from Warren Wilkinson, Franchise Principal and Certified Financial Planner at <\/span>Consult <\/span><\/a>by Momentum.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    Getting rich quick\u2026sounds wonderful, doesn\u2019t it? Beyond purchasing the odd lotto ticket or being somewhat tempted by that investment \u2018opportunity\u2019 that spells Pyramid scheme, there\u2019s not all that much you can do (at least, not legally) that\u2019ll get you rich quick, right? We can\u2019t help you get rich quick, but we can share some insider […]<\/p>\n","protected":false},"author":113,"featured_media":17379,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[6338,1242,1245,5863,637],"class_list":{"0":"post-17378","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-lifestyle","8":"tag-billionaire","9":"tag-finances","10":"tag-money","11":"tag-saving","12":"tag-tips"},"yoast_head":"\n10 tips to save like a billionaire - Get it Joburg West<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/getitmagazine.co.za\/joburg-west\/blog\/2023\/07\/24\/10-tips-to-save-like-a-billionaire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 tips to save like a billionaire - Get it Joburg West\" \/>\n<meta property=\"og:description\" content=\"Getting rich quick\u2026sounds wonderful, doesn\u2019t it? Beyond purchasing the odd lotto ticket or being somewhat tempted by that investment \u2018opportunity\u2019 that spells Pyramid scheme, there\u2019s not all that much you can do (at least, not legally) that\u2019ll get you rich quick, right? 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