The 3 money skills you must master if you want to create wealth. Now there are so many other skills you need to master if you want to make more money and become wealthy, but I believe there are 3 basic money skills everyone should need to know about.
- Making it
- Keeping it
- Multiplying it
No#1: Making It
Well, at first if anyone started any business you might not be so good at making money, one might tried many different business ideas and might be most of them fail. As you usually become better and experience at making more money, and generating more revenue.
If you good at making and generating more revenue is what you are on the very first stage, now many of us who is making enough making is always spending money on thing that are never going to make you money, such as dinner with friends and purchasing brand new cars etc.
Well, many of entrepreneurs or others who are making good money usually think. They will always be generating more money and they won’t have any issue in the future life and they don’t focus to keep the money with them.
There is a problem, when you are good at making money. “Sometimes you’re Overconfident.” And you always think that “I Can Always Make Money.” “I Can Always Have Money Coming In.” It’s easy money coming in. that’s the problem. You see a lot of entrepreneurs who make this mistake. They are for sure very good at making more money and Generating Revenue. They are doing sales and doing marketing. They are pushing their product services up. They are putting their name out there. There only focus is to bring more money but they are Not Very Good At Keeping It.
No#2: Keeping It
You might have seen a lot of entrepreneurs they are best at making more money but they are horrible on Money Management. They don’t even know that they have this business. That’s the problem. How do you keep the Money? How Do You Manage the Money?
Well, I am not talking about saving the money, not holding the money, that’s not what I am talking about. Keeping It So You Can Multiple It. Few of the people who knows how to keep the money and almost no one knows who to multiple the money.
No#3: Multiplying It
Let’s take an example, what will you do as an investor, let’s take a real estate, What areas of real estate you take to invest in. Are you investing for Foreclosures. Are you Wholesales. It means you buy property and flip it to investor. Are you a Fixer-Upper. You buy property and you fix it up and you sell it after for a profit and you are flipping the property. Are you doing Lease Options. Are you investing in Commercial Investing. Are you investing in Retail Investing. Industrial Investing. Apartment Complex Investing. Are you doing a Tax Lean Certificates. Tax Deeds. Are you Buying Notes.
Suggestion: Well, most people study schools for 4 years but they do not spend even 4 hours learning this skill that is why they struggle all their life. No school will teach you these things. If you don’t know them. You don’t master these skills you won’t be financially independent.