Updated: Jun 5
There are no get-rich-quick schemes, but there are 4 strategies to save money for reinvestment and growth.
Wouldn’t it be nice to get rich quickly?
We think so, too. Unfortunately, however, that’s a myth and an unattainable expectation. There’s no magic bullet to wealth. To achieve true richness, you must remain healthy, keep a positive attitude, and show a commitment to the constant improvement of your strategy. That takes hard work, focus, and, above all, motivation to stay the course.
But some things are happening in the culture that prevents us from truly reaching our financial potential. After frequent economic downturns, political uncertainty, cultural unrest, and a host of other stresses weighing down our modern communities, the middle class was repeatedly forced to make poor long-term spending decisions, which politicians and shady marketers have exploited.
Lower prices don’t mean better products or good deals, especially when it comes to your everyday retail shopping!. They mean lower quality and poor service that end up costing you more in the long run.
However, while getting rich quickly may not be in the deck of cards for humanity, there are ways to save money and control your debt. There are better ways to generate higher profits and find new opportunities to invest in your business for even greater returns.
Get Rich the Same Way the Richest Got Rich
If you look closely at all the richest and largest companies globally, you will notice one thing they all have in common. It’s the same across all industries and affects every population, big and small. The thing they all did was HELP PEOPLE.
The only natural way to earn significant profits is to help people solve their biggest problems and overcome their most challenging obstacles. You help people by making their lives easier and more satisfying.
Think about it like this: why do any of us ever hand over our hard-earned money? It’s because whatever we’re buying is going to help us in some way.
Consider the big companies like Amazon and Microsoft. These are multi-billion-dollar companies that started in a garage or basement. It took years for those empires to grow. It all happened because the entrepreneurs tapped into the need for consumer-centric solutions. They created products and services that helped us consume, grow, communicate, and live a higher quality of life.
Always be on the lookout for new ways of helping people tackle their problems, worries, and obstacles. The 4 Proven Strategies to Save Money
Many people haven’t been taught healthy budgeting and financial skills to save even with tight funds. We have a terrible cycle of poverty that needs to be broken, and we can start by making more intelligent decisions about debt.
The best way to control your debt is never to take on any debt you can’t immediately afford. Or don’t take it unless you know, without a doubt, you can profit from it.
Taking on low-returning or non-returning asset debt can put you in severe financial trouble and bring you huge losses month over month. At least half your income needs to be used to make more money or improve your self-worth and career.
Use debt to your advantage. Get multiple credit cards and pay them on time every month. Never charge more than what you could pay for with cash. Make sure your cards have direct cashback rewards, as opposed to misleading points systems. Do what you can to avoid any annual fees, which is usually just spending a certain amount of money each month.
Never max out your credit cards, and never let your balance go over half the limit from month to month. Spend everything you can pay off each month using credit cards because it will maximize your savings with the cashback rewards.
Coupon and Discount Strategy
A coupon or discount strategy is vital to your success as a startup, small, or medium-sized business. Go looking for BOGO (buy one, get one) offers. There is a vast supply of products and services in just about every industry, so you have plenty of choices. Look for free trials for software applications that will help, and be sure to ask vendors for their best price.
Often, the most beneficial applications come free from credit card companies, but make sure there’s no hidden annual fee for it.
It’s inadvisable to work with companies or vendors that don’t offer discounts or custom quotes for new and loyal customers. There is time and energy that go into researching those services and products, and that should be considered when trying to gain your business.
The U.A.E. has three tremendous cost-saving tactics with electric vehicles. There are zero charging fees until 2022, zero RTA parking fees, and a free Salik tag. Further, the cost of repair and maintenance of an electric vehicle is far lower than a gasoline car. The resale value of these vehicles is extremely high, too, so they are worth the investment.
Traffic fines are a common occurrence. We’ve all had them. However, by avoiding these fines or waiting to pay them until they are discounted, you could save yourself some hard-earned money.
Avoid FINES by not speeding. It’s that simple. Use Waze or another app that will alert you if you’re speeding. The tiny bit of time you save by going faster isn’t worth the money you’ll have to spend paying and dealing with the fine. Here are a few other tips:
⦁ Use Google Maps or Waze to help you shorten your drive time.
⦁ Dress lightly in the car
⦁ Set AC to no less than 24 degrees Celsius
Consider the Total Cost of Ownership
How many times have you found yourself frustrated by the low quality of some products and services you’ve received in the last few (or several) years? It feels like things are deteriorating, too, with customer service and technical support also taking a turn for the worse. If you’re like most people, you’re spending hours and money troubleshooting problems or addressing defective products that could’ve been avoided with a higher-quality solution.
When chasing the lowest price, consider this: the cost is being pushed down lower on the supply chain.
No company worth their salt is going to cut into their margins or sacrifice their profit.
They’re going to charge their margins and pass the cost down until you end up with a lower-quality product or service.
With poor-quality products and services, you end up spending more time and money on repairing or dealing with the issues that come with it. When you consider the Total Cost of Ownership as the purchase price plus all the expenses it’ll require over its lifetime and the benefits or revenue it will generate, you’ll have a complete understanding of the total cost of ownership.
For instance, the purchase price of the iPhone 12 is high, over AED 4,000. But consider how long you’re going to use the device and whether or not you’ll get any money back or a suitable replacement at the end of its lifecycle. How much will it need to be repaired, and how easy will it be to replace it if there’s a problem?
Apple and their retailers are usually on their game with all these things, which significantly improves your total cost of ownership. You will not have to worry about driving long distances to get it serviced or “repaired” for only a few weeks at a time. The iPhone 12 is a superior product to cheaper phones and will last longer, making it worth the investment.
The TCO is a great way to evaluate big purchases to determine if they will be worth the investment. If you’re only looking for the cheapest price, you’re going to get what you pay for and likely regret it down the road.