In last month’s issue, we talked about Assets and Liabilities. This month, we will be looking at Rich Money Habit #3: The Rich have Money work hard for them, the Poor work hard for Money.
The Rich always spend less than they earn and they save the rest of their earnings. With the Money that they saved, they would invest it in different investment instruments. Their investments would then give them returns and help them make even more Money. In other words, the Rich put their Money to work for them.
The Poor on the other hand, normally spend all the Money they make (some even spend more than they make - causing them to be in debt). And because they spend all the Money they make, they have nothing left to invest. All their Money is spent buying liabilities that would not help them earn more money. That is why, the poor ALWAYS work hard for Money and they often wonder where all their money disappeared to and why they remain poor!
In summary, the Rich have Money work hard for them while the Poor always work hard for Money. So kids, if you want to be Rich, put your Money to work for you!
In next month’s issue, Rich Money Habit #4: The Rich choose their friends wisely.
Other Related Articles:
- Getting Your Kids Started On Money Management - By MoneySense
- Rich Money Habits - #4
- Rich Money Habit #10: Your Belief Systems Will Determine Whether You Become Rich, or Remain Poor
- What Not to Do When Planning Your Retirement
- Rich Money Habit #9: If You Want Different Results, You Would Have To Do Things Differently
Other Updates in Library
- Rich Money Habit #12: Orrie the Ostrich
- Rich Money Habit #11: Philly the Peacock
- Rich Money Habit #10: Your Belief Systems Will Determine Whether You Become Rich, or Remain Poor
- Rich Money Habit #9: If You Want Different Results, You Would Have To Do Things Differently
- Rich Money Habit #8: The Rich work at building Wealth, the Poor merely try to survive
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