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Tony Robbins Ways To Get Rich Faster

Tony Robbins, life coach, bestselling author and multimillionaire, believes that everyone has the ability to achieve their individual financial goals. He also believes that they can do it faster if they are willing to make a few changes to their lifestyles and financial habits. Let’s take a look at Tony’s 5 ways to get rich faster.

1. Save more and invest it.
Although simply saving money doesn’t sound like it could do much toward making you wealthy, it is a very effective way to grow your net worth. By simply finding ways to save more money and invest it for compound growth, you can drastically speed up your financial goals.

Take mortgages for example, if you were to find a way to start making early principle payments on your traditional 30-year fixed-rate mortgage, not only could you pay your home off in almost half the time, but you could save almost 50%.

2. Earn more and invest it.
The obvious way to get more money is to make more money. Perhaps it is time to evaluate your compensation at work. Are you being paid what you are worth? If not, you might consider asking for a pay rise. However, if you are in a position where you are at the top and there is nowhere to go, perhaps there are some other ways that you could bring in extra income. If you decide that you are going to make more money, you can do it.

3. Reduce taxes and fees then invest the difference.
There are seven states in the U.S. that do not have state taxes, they are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. If you move to one of them then you can use the money saved from state taxes to invest in low cost index funds.

Another option is to stop investing in high-cost mutual funds, because they follow the performance of the stock market and can cost you thousands of dollars over the course of ten years. He recommends investing in low-cost index funds.

4. Increase returns.
The first thing to do is to learn the difference between various return percentages. For instance, a 4% return will only double your money every 18 years, whereas a 10% return will double it every 7.2 years. You don’t have to take big risks to get big returns. You need to educate yourself, then learn how to pick investments with asymmetric risk reward, or little downside and big upside potential. For instance, if you were to invest $1 you would get a return of $5.

5. Make lifestyle changes.
There are a lot of ways that you can change your lifestyle to save money to invest, for instance, you could stop eating out twice a week and cook at home instead. Or you might be able to trim your budget in other ways. If you happen to be making payments on two cars at the same time, you might consider downsizing to only one car payment.

Once you are able to trim the budget and find extra money that can be invested smartly, you are one step closer to reaching your financial goals. If you don’t currently have any financial goals, now you know where to start.

In the end, we all have the same 24 hours in a day. How we earn our money may not matter, but what we do with it once it is in our bank account makes a huge difference in our financial future. You can use these techniques to get more money, then you can learn how to make wise investments to reach your financial goals.

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