Mastering your money can come down to establishing a few smart habits.

After all, "habits are the cause of wealth, poverty, happiness, sadness, stress, good relationships, bad relationships, good health, or bad health," writes Thomas C. Corley in "Change Your Habits, Change Your Life," a culmination of his research on hundreds of self-made millionaires.

Below, are rounded up 11 simple money habits you can adopt today that will help make 2020 a more lucrative year.

1. Automate your finances.


If your financial plan isn't in automation change that immediately, encourages many self made millionaire. Automating your finances — sending your money automatically to investment accounts, savings accounts, and creditors — allows you to build wealth effortlessly.

It's "the one step that virtually guarantees that you won't ever fail financially, you'll never forget a payment again — and you'll never be tempted to skimp on savings because you won't even see the money going directly from your paycheck to your savings accounts."

Simply link your accounts, so that money from your paycheck goes straight to your  savings or from your checking account to your savings account, and set up the exact day you want to make transfers.

In addition to never making a late payment again, automation "frees up valuable time and allows you to focus on the fun parts of life, rather than spend time worrying about whether you paid that bill or if you're going to overdraft again," writes Bach.

2. Invest your 'spare change.'


INVESTMENT is one of the most effective ways to build wealth, and contrary to popular belief, you don't need a lot of money to get started.

In fact, thanks to micro-investing apps , you can start by simply investing your "spare change." The app will round up your purchases to the nearest figure and automatically put any spare change to work.

Other apps also aim to make investing simple and accessible, and automated investing services known as robotic advisors can work for you, no matter how much you have in the bank.

The key takeaway: Start investing sooner rather than later to take full advantage of compound interest. As Bach explains, "the miracle of compounding can transform a relatively small but consistent amount of saving into major wealth."

3. Ditch the small, daily purchases, such as your morning coffee.

Millionaire coined the term "The Latte Factor," the idea behind which is that eliminating around Rs.10 or 100/- daily latte could help you save quite a bit of money over the period of time.

Just as you can put your spare change to work, you can put this money to work. A Rs10 daily coffee amounts to about Rs.70 a week, or Rs.300/- a month. "If you invested Rs.300/- a month and earned 10% annual return, you'd wind up a good lumpsump of amount in 40 years," Millionaire notes.

Start by determining your "latte factor," cut back on that expense, and direct the money towards an investment account, the financial advisor suggests: "We all throw away too much of our hard-earned money on unnecessary 'little' expenditures without realizing how much they can add up to."

4. Come up with specific money goals.

"The number one reason most people don't get what they want is that they don't know what they want," self-made millionaire T. Harv Eker writes in his book "Secrets of the Millionaire Mind." "Rich people are totally clear that they want wealth."

To reach that level of clarity, he suggests writing down goals for your annual income and net worth. Like all goal-setting, be realistic, but don't be afraid to challenge yourself. After all, the wealthiest people aren't afraid to think big and we too.

5. Save, don't spend, unexpected cash.

Pretend that extra money, such as a bonus, birthday check or any windfall, doesn't exist.

Get in the habit of putting any surprise cash, even if it's just that ₹20 bill you found in your coat pocket, to work. Apply it to student loans, debt, your emergency fund, or an investment account. It'll add up. Subsequently, establishing this habit early will help you avoid lifestyle inflation when you get more surprise cash in the form of a raise.

6. Tell yourself you deserve to be rich.

The wealthiest individuals believe that "success, fulfillment and happiness are the natural order of existence," self-made millionaire Steve Siebold writes in his book "How Rich People Think." "This single belief drives the great ones to behave in ways that virtually guarantee their success."

On the other side, the average earner remains average because they expect too, the self-made millionaire explains: "The masses think they aren't worthy of great wealth. Who am I, they ask themselves, to become a millionaire?"

Try asking yourself, "Why not me?" After all, that is what the millionaires and billionaires do.

Spend 30 minutes a day reading.

Rich people tend to read regularly. They continue to teach and invest in themselves long after formal education is over. "Walk into a wealthy person's home and one of the first things you'll see is an extensive library of books they've used to educate themselves on how to become more successful.

If it works for the millionaires and billionaires ,it could work for us too.


8. Set the alarm clock earlier.

In addition to reading, wealthy people tend to wake up early in the morning. Self-made billionaires Richard Branson and Jack Dorsey start their days at 5:00 a.m., and they're far from the only successful people to get up before the sun.

In a five-year study of hundreds of self-made millionaires, author Thomas C. Corley found that nearly 50 percent of them woke up at least three hours before their work day actually began.

We can't guarantee that joining the early bird club will make you rich, but it can't hurt, and it will almost certainly make you more productive.

9. Surround yourself with successful, high-earner people.

Who you hang out with matters more than you may think. In fact, your net worth tends to mirror that of your closest friends, Siebold points out.

"Successful people generally agree that consciousness is contagious, and that exposure to people who are more successful has the potential to expand your thinking and catapult your income," the self-made millionaire writes. "We become like the people we associate with, and that's why winners are attracted to winners."

Looking for a new crew to roll with? Consider joining a high-end tennis, golf, health, or business club, Eker suggests in "Secrets of the Millionaire Mind." "If there's no way you can afford to join a high-end club, have coffee or tea in the classiest hotel in the city," he writes. "Get comfortable in this atmosphere and watch the patrons, noticing they're no different from you."

10. Track your spending and expenses.

You can't build wealth if more money is leaving your wallet than coming in. To ensure you're earning more than you're spending, track your daily expenses.

There are a handful of apps that will do this for you, such as Mint,Personal Capital,Khatabook, and Level Money. You can also use a spreadsheet on your computer or simply record your everyday purchases in a notebook or on your phone.

Perhaps you'll find another "latte factor" that you may hold it back.

11. Prioritize high-interest debt.

It's important to understand that all debt is not created equal. An effective strategy is to rank all of your debt in order of interest rate, from highest to lowest. Then, prioritize the debt with the highest interest rate, while still paying the minimum on all of your debts, in order to pay less over the lifespan of your loans.

There is an alternate option, too: Rank your debt in order of size and start with the smallest. It's a strategy that personal finance expert Dave Ramsey calls the "snowball method." The idea is that each time you pay off one form of debt, you build momentum, which helps you tackle the next biggest, and so on.

The important thing is that you get rid of ASAP. After all, it's hard to start building wealth if you're not a debt free.

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