Do you have a dream to become financially independent? Would you like to be able to enjoy life and buy material things, then read this simple guide on how to get rich.
In this article, we will also address common questions like:
- How do I get rich quick?
- What are the best ways to get rich?
- How can you be a millionaire?
- How can I become rich with little or no money?
These are some of the questions we will explore in this guide.
Being rich means you have more than enough to enjoy financial and material freedom. We all know this. But how can it be done? Getting rich is often sounds so simple, but it actually requires a lot of effort.
The keys are to: look at costs/save, not to borrow, take risks, weigh the costs, be creative, increase earnings, create new incomes and invest.
In the following, we will look at these principles of wealth accumulation.
There are basically two ways to get rich. Either by saving money or by making new money.
#1 Get rich by saving up
There are a lot of ways to save, but one advice I can give is that savings are rarely the sole source of wealth. In the longer term, you become richer by being cost-conscious, but you rarely get rich in the short or medium term by putting money aside from what you earn today. However, there are two important savings principles that help you get rich.
Is it necessary: Look at all your costs today based on a necessity principle. Is my newspaper subscription necessary? Do I ever watch TV – or need to? Do I need to go to a restaurant 3 times a week?
Don’t ever borrow money: Don’t borrow money if it’s not an investment. Don’t borrow for a car, a new TV, a designer furniture or clothes. Drop all the things that make you dependent on repayments. They just help to erode your income. And you will definitely pay more back than if you bought the item in cash.
If you buy something, buy it in cash.
No matter how much you save up, the best thing you can do to get rich is to increase your earnings. You can read more about this in the following.
Get rich through earnings
Take a Risk: The first thing you need to do is to take a chance. You only get rich, or richer, if you step out of your comfort zone and do things that are associated with a risk. You must be 100% clear that you will not be rich if you do not take a risk. It is a law of nature.
Risk = Rich
It will cost you: You also need to know that it will cost both your time and your effort to get rich. You will not get rich by sitting the same amount of time in front of your TV as today, or by spending time with the same people.
You will need to give it your time. Start by looking at all the things in your life (make a list) that take up your time – and note down if they contribute to making you rich. For example: Does TV help make you rich? Probably not.
Then make a plan of how to get rid of those activities.
You might discover things like spending time with family or going for a quick run. Of course, they are part of a healthy life! But maybe, you shouldn’t spend 4 hours at the gym if you have a great business idea you are not getting around to.
You will not be rich in playing games on your phone, watching TV or going to the gym
Be creative: The most important way too raising your earnings is by being creative. Most people try in different ways to increase their earnings. You might count on a slight pay increase next year on your job. But an extra 4% won’t make you rich. You need to move to a new level.
So, in order to increase your earnings, you must think of new ways that can move you to that new level.
Think about new ways to make money. The yearly pay increase won’t make you rich.
Make More Money Doing What You Do Now: It is actually possible to earn significantly more money doing what you are doing now. Maybe you are employed as a computer programmer. Did you know that a freelance computer programmer makes twice as much. Or maybe you are a nurse. Did you know that substitute nurses make 2-3 times as much. It might mean you are taking risks and removing securities. But that is the whole point.
Get rich doing what you do now – but in new ways.
Create a new source of income: You need to think about new ways to make money. When you start exploring new sources of income, the most important thing is that you need to choose something you could see yourself doing. Writing a book is not hard, if you want to write a book. But it is almost impossible if you don’t feel this is your thing. You need to pick a new source of income that suits you.
Work on a new source of income. Make it something you would enjoy doing.
Investing : A typical way and very obvious way to get rich is to invest money in something that increases in value. This can be shares, bonds, assets, high value objects (like watches, or wine). Depending on what you have purchased, it will require your expertise to sell it again at a higher price. You might also end up losing the money you have invested. But that is part of it. You will not be rich without taking a risk.
Invest. Be sharp. Buy cheap, sell for more.
- 4 steps anyone can take (Iwillteachyou)