16 Money Rules That All Millionaires Stick To (3 of 4)

Invest In Things That You Know

One of the investing habits that has been circulating around is to invest in things that you know.

This normally applies in stock markets for the most part. For example, if you own a smartphone, invest a little bit in the company that designed the phone. If you drink various beers or visit microbreweries, you probably know what would be a good company to invest in.

This also applies to things beyond stock markets. For example, if a friend is offering a network marketing opportunity or a business idea, don’t invest in it if you’re not understanding the idea or can’t see yourself making any return on it.

Don’t Be Afraid To Ask For Money

We know it sounds counterintuitive to the advice we’ve mentioned above about being independent but hear me out. You shouldn’t ask for money if you’re simply asking. However, if you have a business idea or a project you are passionate about and will put in actual effort to make it work, there shouldn’t be shame in asking for help.

In the end, in order for us to be making money legally, we need other people buying into what we’re selling. And a single yes can go a long way, so don’t let the “no”s drag you down.

Don’t Buy A Car – Or Rent One

Any person who has a car knows that cars cost a lot of money. Some have to deal with car loans but if you buy the car outright you’re still left with maintenance, insurance, and depreciation. Depreciation is worse because the value of the car drops down and you lose money overall.

And all of that is just on the money side of things. There are also environmental impacts as well – a growing concern for many people.

So instead of relying on a car, leverage public transportation in your area. You can also consider taking up biking or walking on foot if possible. Your last line of defense for transportation would be ride-sharing services like Uber, Lyft, or a local taxi company.

And if you’re planning on travelling really far, you can always ask a friend or family member to drive you there. Just be sure to cover for gas and food.

Making Saving Money As Fun As Possible

There is some thrill to us spending money as the items that we buy scratch certain itches. This is on top of getting a good boost of dopamine in the process. These sensations should be something you should be striving for in saving as well.

The reason it’s good to work on this is that the word saving can seem dull or boring to people.

They would rather be taking actions (i.e. spending) rather than tucking the money away and not spending it.

In the end, you need to shift your thinking away from “When can I start to enjoy the money I saved?” to the question “When do I start to enjoy the process of saving?”

By doing this, you’ll find that you don’t care about spending money anymore.