You can take the first step on your way to prosperity from your place of residence by taking a little sacrifice.
Author Berk Bolat – 4 March 2019
If you want to make more money and prosper faster, we have highly effective advice to help you with this. However, each of these recommendations requires you to make some sacrifices.
With a few small adjustments you can bring to life by making small sacrifices, you can quickly get rich from your seat. Now sit back, relax and start to look at our advice.
1.Pay Yourself First
As David Bach, a financial expert and author who has become a millionaire on his own, you must start paying yourself first. This means that you see your savings as an invoice or debt that has to be paid. Therefore, you have to allocate a certain amount each month for savings.
To pay for yourself, you should consider opening a savings account at a different bank instead of your favorite bank, for example a salary account, and automatically transfer the savings amount you set to this savings account. As Bach says, you can start saving more easily by regularly transferring a certain amount of your salary directly into your savings account.
The way you pay yourself makes it a lot easier to save money.
- Increase Your Private Pension Premiums
Private Pension System (BES) is one of the most advantageous ways of investing with low effort and cost. Thanks to various types of funds, it is possible to invest in PPS according to preferences and expectations from gold to stocks. Moreover, the state contribution paid in addition to the PPS premiums is an important advantage of this system.
If you want to save and invest with low effort and cost, you can create a suitable PPS plan for yourself. Once you’ve paid yourself, you can take things one step further by increasing your PPS premiums every year to further increase the value of your savings and investments.
If you intend to participate in PPS or are already in the system, you should try to increase your premiums by certain rates every year. This will increase your state contribution in addition to your premiums.
You should also make sure that your funds have the right distribution. BES is advantageous, but you must know your rights to make the most of these benefits. For example, the option to change your pension company or your funds three times a year is an example of the rights you need to know if you need to.
- Try Your Favorite Methods to Invest
Great investment opportunities where you can make money with money can come anywhere, at any time, or opportunities may shift to different areas at times. Mutual funds are one of the best ways to utilize these investment opportunities, requiring low cost and effort.
Mutual funds are not only cost-effective, they are also managed by professionals. You just invest and focus on performance. For example, you do not need to buy or sell shares in certain companies or follow them continuously.
There are many mutual funds that you can buy. You can make specific choices from stocks of companies traded on Borsa Istanbul to funds that include company stocks traded on foreign stock exchanges. For example, Apple, Microsoft and Netflix, such as global technology giants, including technology stocks and even invest in funds that you can see the opportunities you see in these companies.
You can also opt for gold funds or principal protected funds if you want to watch cruise in safer ports. Funds are generally suitable for every investor due to their low cost and low effort requirements. However, funds are also one of the best ways to diversify the portfolio.
- Create Passive Income Flow
In Robert Kiyosaki’s best-selling individual finance book Rich Father Poor Father, the logic and importance of generating passive income streams are conceptualized with the words “the rich make money” and “time is more valuable than money”. The author did not better explain the logic and importance of passive income.
Making money from your residence or even while you sleep is the most understandable definition of passive income. If you have passive income, you will still make money while reading these lines. You win when you sleep. Passive income is fully automated, once created, it automatically saves money on a regular basis.
Generating passive income initially requires some effort, but once you do so, the rest is easy. There are many ways you can generate passive income today. For example, businesses that generate passive income from the Internet are very common and each of them can be implemented