Money Magnet – 5 Ways To Reverse Your “Bad Luck” With Money

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Money Magnet – 5 Ways To Reverse Your “Bad Luck” With Money

Bad luck with money plagues the vast majority of the population. The good news? You can turn that around at any time. Wealthy people follow a specific set of steps to help them grow their financial success. The popular saying “you need money to make money” holds some truth, but there’s nothing like a few wise moves to turn dust in your pocket into profit. Here are five ways to reverse your “bad luck” with money. Money magnet-5 ways to reverse your “bad luck” with money.

1. Get Practical

Payday comes and goes, and then it feels like years before the next payday is due to arrive. As tempting as it may be, there are a number of alternatives to payday loans. For one, turn to your hobbies and do a little research into monetizing them. For example, if you’re a keen fisherman, you may find a few internet searches related to monetizing a fishing hobby. This will mean you won’t have to take a second job, but rather, get paid to do the activities that currently give you a break from that demanding 9-5 job. 

2. Change your Mindset

Money Magnet - 5 Ways To Reverse Your "Bad Luck" With Money

Tenor

There’s interesting research around the psychology of poverty. For one, statistics suggest that paying by card will make you willing to spend up to 83% more money than you would if you were paying cash. Tip for the wise? Ditch the card! Consumer psychology also reveals that people with less money are more likely to spend it. Those with more money are compelled to hold onto their cash for longer. That’s an interesting impulse tendency all people have – which may help to explain irresponsible spending. You can curb it by becoming aware of it. 

3. Upskill Yourself

Money Magnet - 5 Ways To Reverse Your "Bad Luck" With Money

Enrol in an online money management course and familiarize yourself with companies that offer assistance. Look for one that’s designed for the individual wanting to grow wealth. Educating yourself will serve the dual purpose of giving you the necessary information to make wise decisions, but it will also help you to become aware of the way in which you interact with your money. You may become aware of unnecessary spending you hadn’t noticed previously, or gain an understanding that helps you in a practical way. 

4. Easy Investments

There are a number of ways ordinary people with little financial security are able to grow their wealth. Instead of simply setting money aside as a “savings,” find a platform that can offer you investment opportunities. The arrival of technology and applications gives you the power to buy shares in a company of your choice, while you monitor the trends – all from your cellphone! You don’t need any knowledge – most of these platforms provide everything you need to get started. 

5. Set Goals

You may not have the power to set goals for your income – you can’t for sure say that you are able to earn a certain amount within a certain time period. Instead, set goals around the steps you can control. Make your goals actionable tasks – like avoiding debt, setting up a hobby that will earn you an income, or upskilling yourself and covering a certain number of chapters within a certain time frame. Your goals need to have a timeline and aim towards realistic outcomes. 

Your Power, Your Wealth

Your wealth is in your hands. Once you adopt a mindset for abundance and set out goals for yourself, luck will follow. As they say, the harder you work, the luckier you get. If you have experienced bad luck with money in the past, the power lies with you to turn your trajectory around with a positive mindset and actionable steps. 

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