How to manage finances in order to create wealth

The world as we know it has changed due to the economic volatility caused by COVID-19, however that doesn't mean you can't make money or find ways to invest your money to create a level of financial freedom and passive income. As an entrepreneur I get asked a lot of the time to either invest in other companies or how I 'make my money work for me' so I created this article to give some top tips on how to create more wealth.

1. Invest in the stock market - This is by far the easiest way to increase wealth and make money work for you! I wouldn't "put all my eggs in one basket" as it is more risky and you are dependent on one company or stock to inflate. I have my money in my portfolio spread across a multitude of different platforms allowing me to increase my wealth and reduce the risk! Now, I'm not saying I am the best investor ever but a 40% return on the money that I have invested is far better than it sitting in a bank account with 1% interest rate.
2. Frugality - Ever heard of the saying "save your money for a rainy day"well its true, and for some of us that rainy day was a 4 month lock down! I do treat myself don't get me wrong, however I need to justify any purchase with a good cashflow and hard work. I have a close eye on my finances at all times and live under my means all the time in order to save as much money as possible. Another dollar saved is another dollar earned
3. Afford it twice - My personal rule is if I cannot buy it twice I won't buy it. This is purely for risk analysis only, for example if I buy an expensive car that is $100,000 and something doesn't wrong with it which I cannot afford I leave myself in a bad spot.
4. The jar system - The jar system is a great way to budget accordingly and be great with money. I had an admin work with me back in England who was 25,000 in debt and paid off every penny with this system that I taught her (well, I stole it at a seminar in London but then taught it back). I divide my earnings into different 'jar' and the jars are thus; Necessities (55%) / Long term savings to spend (10%) / Play (15%) / Education (10%) / Financial Freedom (10%). You can either open up different account or simply take it out in cash and divide it into different envelopes, its your choice!
5. Hard work - With so much 'fluff' on social media in our days people think they can create an only fans page and become wealthy through doing nothing all day. THAT IS NOT THE CASE! Any form of success has to be created through doing the right thing and a lot of the time the right this is the hardest path, think of anyone that is actually wealthy; Jeff Bezos, Elon Musk, Oprah Winfrey, JK Rowling, all of these people have a huge thing in common THEY WORKED HARD!
6. Habits - Im an avid believer that you live and die by the habits you create. Just simple ones like exercising and getting up on time are good ones to start with, to create wealth you have to study the habits of the wealthy and what they do.