Why do the rich people stay rich?

This is a question that a lot of people have wanted an answer to. Even some rich people are looking for more ways to become richer. Everyone wants to be rich. Why? This is because of the so many benefits one stands to gain from it.

WHY THE RICH STAY RICH

(1) THEY INVEST

Investopedia defines the ‘INVESTING’ as the act of allocating funds to an asset or committing capital to an endeavor (a business, project, real estate, etc.), with the expectation of generating an income or profit.

This shows that when the rich have enough money, they do not spend the money on irrelevant things; they invest it instead. Investing your money will help you to generate more money. There are two terms of investment: the long term investment and the short term investment.

The long term investment is always better because it accumulates and it becomes valuable when you need it the most.

Remember that before you invest, don’t buy high and sell low; have a knowledge of what you want to invest your money on and make sure you diversify your portfolio.

(2) THEY HAVE MULTIPLE SOURCES OF INCOME

“Don’t put all of your eggs in one basket,” is a popular saying. Another saying is that nothing lasts forever; nothing is permanent.

Having multiple sources of income is a guarantee that money will keep flowing in. If one source of income is venture is fluctuating, the other will still keep bringing money in. All the sources of t=income cannot flop at the same time if you are smart about it.

Imagine a venture bringing 20,000 naira every month; another brings in 30,000 naira and a third brings in 50,000 naira every month. Imagine the amount you will have at the end of each month. You will always have money to spend.

(3) THEY KEEP LEARNING

The more you keep learning, the more ideas you get. It is a fact that no one can learn about everything on the planet. New things are always being developed which is why it is always great to keep learning.

As you continue to learn, you become more creative and you keep learning how to create new sources of income.

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Source: https://opinionsandstories.com/reasons-why-the-rich-stay-rich/