MONEY HABITS THAT WILL MAKE YOU RICH

Smart people finish rich, they say. That pot of gold at the end of the rainbow can be yours but you'll need to make the right moves to get there

- SYLVIA WALKER

Many of us aren't taught the secrets of how to make money, so we muddle through and learn along the way. But there are many wealthy people who seem to get it right all the time. Money makes money and they know how to do it.

So what can we learn from them?

Spend less than you earn If you don't watch your spending you could always be broke, no matter how much you earn. You could also end up in debt - a real wealth killer. Doing a budget gives you an idea of where your cash is flowing and whether you need to do some restructuring. Learning not to spend more than you earn is an important habit to develop.

Set goals

Set clear goals for yourself - both short-term and long-term - and then create a plan to get there. Understand why you want to achieve these goals-money decisions are driven by emotions and if you understand your why, you'll stay motivated as it'll feel good doing the right thing.

Make your money work

If you get your money to work for you, every rand you invest today can be worth four or five rand in future. 'Rich people know that money gives them choices and can buy them time and freedom', says Gugu Sidaki, Director at Wealth Creed. However, it's easy to fall into the trap of living for today. 'Using your money as a tool to create more money is a powerful habit to cultivate,' she says.

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