Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,152,553 members, 7,816,340 topics. Date: Friday, 03 May 2024 at 09:49 AM

21 Habits That Will Make You Rich Before Age 35 ( No. 5. Ditch Fake Friends.) - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / 21 Habits That Will Make You Rich Before Age 35 ( No. 5. Ditch Fake Friends.) (583 Views)

5 Habits That Will Keep YOU BROKE! / Lagos Cab Drivers Set To Ditch Uber, Bolt For Indigenous App Companies / 10 Businesses That Can Make You Rich In Nigeria (2) (3) (4)

(1) (Reply) (Go Down)

21 Habits That Will Make You Rich Before Age 35 ( No. 5. Ditch Fake Friends.) by Johnmax95(m): 9:03am On May 26, 2020
Before reading this article. I will like to invite you for this masterclass.

Join the free business concepts masterclass to learn how to generate business ideas and make better business decisions.Participants will get free web design services for any project they intend to undetake.
Click on the link to join
[url]Http:///2zrVXIz[/url]

Now the article in full.
. First: drastically reduce your expenses

1.Sell all the stuff you do not need (TV, Xbox, PlayStation, etc.).

2.Quit shopping for the sake of shopping.
Do not smoke, drink alcohol, do drugs, etc.
3.Remove the Facebook, Instagram, Twitter, Pinterest apps from your iPhone so that you can only access them via your desktop computer (you will automatically reduce your wasted time by at least 90%).

4.Sleep 8 hours a day, consistently.
Meticulously decide whether you really need new stuff to buy.

5.Ditch fake friends, high maintenance girlfriends/boyfriends, and all other people that actively undermine your efforts. A positive, resilient & optimistic attitude from the people you surround yourself with is essential.

6.Never shop for food when hungry. Buy in bulk. Learn how to cook your own meals (do not eat out often).
7.Do not buy bottled water, limit sugary drinks and other sugar-based stuff that only makes you fat. Limit red meat if possible, and prefer beans and vegetables instead.

8.If you can, use the public transport or a bike. Accordingly, consider ditching your car. In the rare cases you will need / want to do a road trip, you can easily rent a car for a very reasonable sum without all the hassle deriving from car ownership.
9.Do not upgrade your smartphone every year.

10.Always pay your credit card in full at end of every month. Avoid loans and credit (i.e. paying interest to fuel expenses) like the plague. If something is out of the budget, you must come to terms with the fact that you cannot afford it: move on. We do not need 90% of the things for sale out there, anyway.
11.Get a good health insurance with above-average coverage. Having a good health insurance will shield you (and your bank account) and allow you to avoid going bankrupt in case of medical emergencies (which occur very easily, even at younger age).

12.Exercise (weight-lifting or anything else at least moderately stressful for your body) regularly: at least twice a week.

13.Be curious about the world out there. Try to read many books (mostly non-fiction), especially in sectors out of your normal studies. Innovation comes from the ability to correlate information between different realms of knowledge.

B. Second: drastically increase your income
14. Study Game Theory before looking for a job. After the Wikipedia page on Game Theory, I recommend you to start from The Joy of Game Theory .you will understand how in a market of naturally conflicting interests, game theory and strategic moves will allow you to think rationally and achieve oftentimes optimal results with much reduced effort. This will be a critical advantage for you down the road.

15.Study and understand the business niches where -- based on your skills -- you can get a better paying job that does not send you to mental hospital. Acquire new, useful skills (you do not need a degree for many highly important and well paid skills relevant in today's job market). Relocate abroad if necessary or if your country prevents competition or innovation. Do not be scared.
16.Be available to do risky jobs that your peers are not willing to do.Learn how to solve problems at work. While everybody at work just does barely "enough" (and limit themselves to complain when things don't work), you will quickly become essential as one of the very few who solves problems. This works even if you are fat, ugly, inexperienced, old, young, whatever. Problem-solvers are golden nuggets in any business environment and rewarded accordingly.

16.Once you become one of the few "essential" employees, you will employ Game Theory to force your employer to give you a better salary, better bonus, better exposure with clients, etc. Do it nicely but effectively. With a smile, you will be able to submit your employer into a so called "dominated game" where the only possible outcome is for you to get a better salary, etc. If you are an effective problem solver and still do not climb the ladder, it means that the opportunities at your current workplace are hopelessly limited. This can happen: do not lose motivation or settle like most people around you will do, just find a better job.

17.Once your salary starts flowing in, immediately set up an emergency fund in cash of approximately 6 months of salary (3-months if you are particularly good at avoiding emergencies). This is cash that must be readily available for emergencies: not to buy you a BMW. Do not stupidly inflate your lifestyle and continue to be cautious with the way you manage and spend your money. Never touch this funds for at least the next decade. Save mercilessly and invest every month "no matter what". Google: "dollar cost average" + "compound interest" in order to understand the benefits of this double-pronged strategy (in short: you will beat 90% of all the professional Fund Managers out there). Set up (both mentally and practically) a bare minimum that you must invest every month and deposit it into your investment account at the beginning of each month so you will not be able to spend it to buy useless stuff. This will do marvel to your sleep and to your income as long as you will be consistent, patient and NOT touch your investments for a decade or so. As soon as your career will progress and you will earn more, this strategy will also prevent you to fall into the "increased lifestyle" trap (where you spend more money on useless items just to show your status to your peers or because you become lazy).

18.Work at night, on weekends and holiday to kickstart your side business.
Focus on getting the first 3 customers for your new side business (friends and family do not count).
19.Once you make 3 customers (amazing achievement!), focus on how to make 30. If in 3 months you are not able to reach the 1.000 USD / month threshold, you must focus on finding better cash-flow generating business ideas: don't fight on price, the margin is essential.

20.Learn from your mistakes (you will do many). Take low hanging opportunities that others don't see. Study quirky, even awkward & neglected market niches, that oftentimes are a goldmine for those able to satisfy them.
21.Once your side business starts making 10k USD / month you can start evaluating if your current salaried job is worth the effort / time / hassle. If not, make the jump to the self-employed world and focus on increasing the income from your side business to 30k USD / month.

Sooner rather than later you will be a millionaire. The first million is by far the absolute hardest.
Thanks for reading this far. Let me know in the comments if you need any clarification. Good luck.

2 Likes 1 Share

Re: 21 Habits That Will Make You Rich Before Age 35 ( No. 5. Ditch Fake Friends.) by SamuelLoch: 9:19am On May 26, 2020
This is nice.
Good research, well-written & full of facts.
Funnily enough, somebody once told me about The Game Theory, somehow I forgot totally. It just struck me hard now.

2 Likes

Re: 21 Habits That Will Make You Rich Before Age 35 ( No. 5. Ditch Fake Friends.) by ChewingStick(m): 10:36am On May 26, 2020
Sleep for a whole 8 fat hours? Plx plx plx. When will we "live the dream"?
.
Like for Bala, Share for Kelechi grin
Re: 21 Habits That Will Make You Rich Before Age 35 ( No. 5. Ditch Fake Friends.) by rottable(m): 10:41am On May 26, 2020
God bless you Sir, I have learnt about the game theory and I am working on perfecting it

1 Like

(1) (Reply)

Make Legitimate Money Online Without Investment / I Have US$500 For Investment / Forex trading

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 27
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.