How to become rich: find the simple answer
If you are dreaming of becoming rich, you have come to the right place. Here are some surefire ways to become rich. There are 2,750 billionaires in the world. 19% of them are in hedge funds and banking, 9% in real estate and 9% in technology. Are you in one of these fields? No worries if you are not. Practically, there are many ways to make money. The important point is that you should find out the path that will be the most suitable for you. Then, you should follow that path and never give up.
Being rich is a state of mind
You are already rich. If you are reading this article, you are blessed with eyesight and the luxury of using an electronic device. This itself puts you ahead of billions of people in the world, who are handicapped or too poor to afford things like computers and internet access. Being rich is a state of mind, above anything else. In some cases, a person can have nothing in the bank but still feel rich because he is healthy and surrounded by loving friends and family. In other cases, a person can have a million dollars in the bank, and he still feels poor because his neighbor has a billion dollars.
At the end of the day, physical things and what you possess have little to do with how you feel. If you want to be rich, the first thing is for you to decide that you are already rich. This will turn you into a wealth magnet drawing abundance into your life. The international best seller, The Secret talks in detail about the law of attraction and how you can use it to attract anything you want, into your life. Do give it a read. It may just change your life.
Finding out something unique that you have to give the world is the first step to become rich
Your life is not an accident. You have a purpose. And you have a mission. There is a need out there in the world, that only you can satisfy, with your uniqueness. You may say, “I am just an ordinary person, with no significant talent”. Well, think again. Look deeper. What is that you really love to do? What are your strengths? Find that happy intersection between the things that you really enjoy doing and that you are really good at and also adds value to the world.
There are a number of tools out there, that can help you to understand your strengths better. My favorite is the Strengths Finder. Using the access code from this book, you can take an online test which will tell you your top 5 strengths. Armed with this knowledge, you can explore how you can add value to the world. Once you have found that happy intersection, it is a matter of simple perseverance. Keep developing your strength every single day to add value to the world. Since this is something that you also enjoy doing, you will not feel that this is “work”. It will become a labor of love and when you labor with love, wealth will start pouring into your life in abundance.
Choosing your partner wisely is vital to become rich
Behind every successful person, there is his/her partner. Who you choose to live your life with, will have an outsized impact on the abundance that you attract into your life. When you are laboring with love, you need a partner who understands your uniqueness and the value that you are bringing into the world. You would reciprocate by helping your partner add value to the world with his/her uniqueness. Together, you have the potential to truly make the world a much better place. On the other hand, if you and your partner were attracted to each other by superficial things and do not have the connection and appreciation for each other’s uniqueness, then it is going to be much more difficult to accomplish your life’s dreams. So, choose wisely and live happily.
Be smart about your finances is so important to become rich
I am not your financial advisor , so I would recommend that you consult your personal financial advisor before you make any financial decisions. Having said that, there are some simple things that have worked for me that I am happy to share with you.
Live within your means
The legendary shark tank investor Kevin O Leary in an interview said that he found it ridiculous that people would spend up to $25 on lunch. One of the richest persons on the planet, Bill Gates, drives a used car. On the other hand, there are stories of lottery winners who become broke because of their unnecessary extravagant expenditures.
There is no need to buy things just to impress other people. Many of the richest people in the world, lead humble, and simple lives, and you can too. Know how much money you make every month and take care to spend less than that. You should not ever carry debt on a high interest credit card. You should use a credit card as a mean to build your credit and get shopping discounts. For instance, you can have 2% cash back when you use Bank of America credit cards on purchasing groceries and gas. You should consider to have credit cards which help you to save money on expenses. In addition, you should consider to shop for what you need, but should not shop for what you want. If you do have credit card debt, you should make it a priority to pay it off asap.
Build a good credit
Having a good credit history is a great way to save a lot of money. Lenders will give you the best possible rate when you are shopping for a mortgage, an auto loan and so on. You will shop for a good discount when you have a good credit. As of the result, you save a lot of money. So, how can you build a good credit? You can build your credit by applying for a credit card, but do remember to pay off the balance in full at the end of every month. Make sure that you pay all of your bills on time every month. These days, you can easily setup automatic bill payments with your bank or with the service provider.
Invest in the stock market
If you had invested $1000 in Amazon just 10 years ago you would have $18,000 today. Investing in the stock market can be a very rewarding experience. Studies have shown that the top 10% of the wealthiest Americans invest in the stock market. You will have a huge opportunity of taking return on stock investments in this decade. The decade of eruptive technology of 5G, artificial intelligence, self driving cars, genetic engineering, e-commerce, and 3-D printing, robotics and so on.
On a daily, weekly or monthly basis you will see that the stock market keeps going up and down. Let that not scare you. Over the last 100 years, the stock market has always recovered every time it dropped. And It has rewarded patient investors with abundant wealth. If you do not know which stocks to buy, you can always invest in index funds such as the S&P 500. S&P 500 has yielded over 7% year over year consistently over several decades. If you want to invest in individual stocks, you should subscribe to a reputable stock investment services such as Motley Fool which can suggest good stocks to help you build long term wealth.
Invest in real estate
Over 90% of the properties in the United States are owned by individual investors. The data shows that over the last 10 years real estate properties have appreciated by over 40% across the United States.
Real estate investments are more stable than stocks. Real estate investments also produce more steady cash flow. When you buy a property and rent it out, your tenants help you pay the mortgage. As a rental property owner, you take the double benefits of rental income as well as property appreciation. Note that rental investments are not for everyone. Hence, you need to do your research before buying property. You also should be prepared to do some work to find renters and home maintenance. Save money by living within your mean. Build a good credit by paying off your credit cards. Then, when you are ready, you should get into real estates.
That’s it folks. At the end of the day, being rich or being happy is a decision that you make. Remember that always. Take care and wishing you the greatest abundance in your life!
