7 ways to Multiply Your Chances of Success

in #mspsteem6 years ago

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It is better to fail in originality than to succeed in imitation.The road to success and the road to failure are almost exactly the same,Success usually comes to those who are too busy to be looking for it....There are two types of people who will tell you that you cannot make a difference in this world: those who are afraid to try and those who are afraid you will succeed

Would you like me to give you a formula for success? It's quite simple, really: Double your rate of failure. You are thinking of failure as the enemy of success. But it isn't at all. You can be discouraged by failure or you can learn from it, so go ahead and make mistakes. Make all you can. Because remember that's where you will find success....People who succeed have momentum. The more they succeed, the more they want to succeed, and the more they find a way to succeed. Similarly, when someone is failing, the tendency is to get on a downward spiral that can even become a self-fulfilling prophecy

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The real test is not whether you avoid this failure, because you won't. It's whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere

Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don't quit....There are no secrets to success. It is the result of preparation, hard work, and learning from failure

Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.Success isn't just about what you accomplish in your life; it's about what you inspire others to do.Fall seven times and stand up eight Some people dream of success while others wake up and work.If you can dream it, you can do it.The difference between who you are and who you want to be is what you do.A successful man is one who can lay a firm foundation with the bricks that other throw at him In order to succeed, your desire for success should be greater than your fear of failure.In order to succeed, we must first believe that we can.Many of life's failures are people who did not realize how close they were to success when they gave up.Don't be distracted by criticism. Remember--the only taste of success some people get is to take a bite out of you.The secret of success is to do the common thing uncommonly well.You know you are on the road to success if you would do your job, and not be paid for it.There is a powerful driving force inside every human being that, once unleashed, can make any vision, dream, or desire a reality.The secret to success is to know something nobody else knowsI failed my way to success..

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I never dreamed about success, I worked for it.I never did anything worth doing by accident, nor did any of my inventions come indirectly through accident, except the phonograph. No, when I have fully decided that a result is worth getting, I go about it, and make trial after trial, until it comes.

How you can save more money and increase your chances of success in 7 easy ways.

1•Save and earn more

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Yes! Contrary to popular belief, if you use your credit card right, you can earn a lot of freebies. You can opt for cashback credit cards and earn cash rewards, use your signup bonus, get free hotel stays and complimentary flight tickets, and a host of other freebies. In fact, many credit cards have tie ups with supermarket chains and you can actually get a discount on groceries. All this will help you save money in the long run.

2•Get health insurance and life insurance

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Having an insurance policy will go a long way in protecting you against risk. Not just this! Having a good health insurance policy will help you save money on hefty medical bills and take care of all your medical treatment costs. A life insurance policy is also a good buy and will help you save tax.

3•Invest in an appreciating asset

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Instead of investing in a depreciating asset, try to make investments in appreciating assets. For example, apply for a home loan if you have enough money saved for a down payment. Investing in a home will help you create an appreciating asset and also help you get tax benefits.

4•Keep a watch on your spending.

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Save more than you spend: It is always wise to know exactly where your money is going. Make an effort to read your bank statements and your credit card bill statements to see where you have been overspending. See how you can avoid irresponsible spending and save more money. The trick to build wealth is to cut spending and save at least 10% more than you spend. For example, if you spend $10,000 a month, you should ideally save $11,000. This way, you can balance out your spending and saving.

5•Review all your investments

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Before the end of the year, make sure you take a look at all the investments that you have made and see how they are performing. If some of your investments are not doing well due to market fluctuations, pull them out and reinvest in better performing holdings. The trick is to have a balance between high-risk investments and safe investments.

6•Don't let your money sleep in your savings account

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Last but not the least, make sure that you are not keeping a major portion of your money in a savings account. This is because the rate of interest on savings accounts is very less and inflation will only eat into your savings, reducing your purchasing power in the long run. The best way to beat inflation is to invest in a range of high-earning investments such as mutual funds, stocks, etc and also in safe investments such as fixed deposits and recurring deposits.

7•Reinvest interest, go for compound interest

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Compound interest is your best friend. You can grow your money by simply reinvesting the interest and dividends you earn. This means that the longer you invest, the more compound interest you will earn, and the more your money will multiply. For example, if you invest $50 at an interest rate of 10%, you will earn an interest of $5. So the total value of your investment will be $55 at the end of 1 year. In the second year, you will earn interest on $55, which will be $5.50, adding up to $60.50.

Managing your money is the key to becoming successful financially. How much you earn does not matter as much as how much you spend. Living paycheck to paycheck is a big no and it will only lead to financial stress. So be smart, stick to your budget, make meaningful investments and pay off debt.

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