How do I become rich? Seriously.

Posted by Fitz Villafuerte under Personal Finance on December 12, 2018

How do you become rich? Is there a general strategy that you can do to become rich?

Answer:

Money is a game to be played. There are a few rules that the rich operate with that the poor simply do not. It does not take too long to become rich if you operate with the right rules and understand the actual fundamentals to becoming wealthy.

If you don’t understand the fundamentals of wealth, then you will only be able to achieve a fortune under very specific and unrealistic circumstances (winning the lottery, becoming a celebrity, etc.). However, wealth can be achieved with a few key practices that, over time, will yield success. Here’s some of my key tips:

1. Never operate at a loss.

The most simple step toward building wealth that people struggle with is spending less than they make. It might seem ridiculous, but it’s the truth — many people spend more than they make and float the difference on credit cards.

They assume they will make more in the future and that it will all “even itself out,” when in reality, the moment they start making more money, the more they spend.

2. Build a side hustle.

Even the world’s most successful entrepreneurs have side hustles. According to Warren Buffet, the average millionaire has seven sources of income. Having multiple income streams is just part of the process.

The best thing you can do is figure out what you can provide or offer people that delivers true value. A perfect example is internet famous entrepreneur Sam Ovens, who has made millions selling online courses and consulting business owners.

There’s an amazing program that I highly endorse that can get you started on your road to riches TODAY! Get the guide to starting your online business side hustle here now!

3. Open an auto investment account.

One of the best things a young person can do is open an auto investment account, which can double as either a primary or secondary savings account. The intention here, however, is that money is not touched until much later in life.

If you withdraw from it before the age of 65 you are penalized. The bonus, though, is that your money in an investment account can grow through cost averagin, which compounded over three or four decades ends up being a lot of money.

4. Set financial goals at the start of each quarter and year.

When you have a goal, you tend to be more responsible with your money. It’s when you don’t have a goal that it’s much easier to rationalize spontaneous purchases.

At the start of each year, set a big goal for yourself and then break that goal down into three-month increments (quarters) so that you can check on your progress as you go along. These smaller goals are what help the larger one seem more attainable, and will give you a sense as to whether you’re on the right track along the way.

5. Surround yourself with financially responsible people.

Nothing breeds financial success like hanging out with people who have already attained it. This means finding people older than you that you can learn from and also making sure that your group of friends is comprised of people who share similar financial goals. It can be difficult to adhere to financial disciplines when you’re spending time with spontaneous spenders.

A great way to learn about the art of finances is to find a family friend who can mentor you throughout the process — someone who has achieved their own financial success. If you show an earnest interest in learning how to build the same for yourself, chances are someone will be happy to help. A willingness to learn goes a long way.

With the proper fundamentals of wealth building and personal financial planning down, then you’ll be able to establish yourself a financial firewall that will help you achieve many things in life. To get started building your financial income with a side business that can turn full-time very quickly, then check out this in-depth guide now.

Answer from Liam Flynn




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