Articles tagged with: become rich

How to get rich Part II

20 February 2008 Sören Zschoche 5 Comments Getting rich

So what the man did was the following, he knew that he didn´t earn as much money as others did but he also knew that others spent more money. Others work hard to earn more money just that they can spend more, but he wanted to work hard to save more money. He said that there is nothing more important as saving your money because if you don´t do that you will always work for the money but if you do it your money your money will work for you one day.

But saving money isn´t as easy as it seams, it really takes a long time and requires very much self discipline till you are the perfect depositor. The most important thing is that you really want to become rich but here are some other tricks to save money the man told me.

  • 1. Never leave the house with money you don´t essentially need.
  • 2. Break your EC and Credit Card(s) in two pieces you don´t need them anymore.
  • 3. When you have to buy something always look for the cheapest.
  • 4. Always remember one saved dollar is one earned dollar.

OK when you hear that it really sounds like the man had a very boring life, but he said that after a while you don´t even want to spend your money and get addicted to it somehow. Also you start to disdain the people who trow their money out of the window in the hope that the society respects you. You have to realise that money isn´t a toy you could rescue a child from the hunger death just for one dollar.

Saving money is the most effective and safest way of getting rich which is often very underrated by the people. Also the time value of money plays a very big role, like this short calculation shows.

For example if you start to save your money with the Age of 25 and you get 10 % interest rate till the age of 65 you got 4,868,518.11 USD. Otherwise if you start to save your money with the age of 55 you will just receive 175,311.67 USD.supertoll.PNG

Next time I will show you in which ways your money can work for you and where you get 10% interest rate.

How to get rich – Part I

7 February 2008 Sören Zschoche 1 Comment Getting rich

Most people believe that earning more money is the most important thing in order to get rich, but that’s not true. In this post I´ll show you that everybody can be rich no matter where he´s from or what job he does. But first I want to tell you a story from one of my friends Steve.

Steve works as an financial adviser for more than 2 years now, last week I met him in a bar and we talked about many different things. Finally he talked about his job and told me that last week a man came to him who needed help with his tax return.

The man drove an old car and didn´t really look like having money but he was extremely rich and had several million euros on his bank account. So my friend got inquisitive and asked him what he works as. The man smiled and replied that he worked as a construction worker for a long time, but now he unfortunately has no time for that job anymore. My friend thought he was joking and so he asked him if he inherited it or if he had won the lottery, but the man denied.

Then the man explained my friend that you don´t need a good school education for getting rich its helpful but not necessary. Much more important is your character and discipline. Getting rich is very easy, but you have to do it. My friend said to me that at this point he was pretty sure that the man was joking on him. But the man went on and told my friend that the only thing you have to do is to save your money and find ways to let your money work for you and one day the money will earn more for you as you do and then you are rich.

Next time I will tell you what exactly the man did, you will be impressed how easy it is. You just have to do it …