Oh the desire to get Rich…the lifestyle we all dream about.
While your quest to get rich is a lofty goal, it can be achieved. Many people have achieved it, but each person’s definition of what constitutes being rich is different. However, the reality is that most people will not become rich. It’s not because of a lack of desire, but a lack of financial education and the need to never give up while realizing it takes focused, consistent dedication, sacrifice, and planning. You must have a plan in place to achieve your financial goals.
To be clear, getting rich quick simply does not work. You have to put forth the effort to succeed financially.
So How do I get Rich?
First of all, in order to succeed financially, you must change your perceptions and habits about money. I had to change my perceptions and habits about money and it has greatly benefited my financial life. Now, while I do not personally consider myself rich, I do have sufficient for my needs and I’m working consistently towards achieving my long term financial goals.
To start, you should ask yourself about what your motivations are for getting rich.
Why do you want to get rich?
What constitutes being rich for you?
What would you do with your riches if you had them?
These are questions that you need to address so that you can identify your motivation for wanting to get rich.
I will share with you some financial insights to help you increase your financial literacy, but only you can walk the path to financial success. To become financially literate, you must learn how to get yourself out of debt, save money, and invest your money.
Please keep the following ideas in mind when it comes to managing your money:
Financial Insight #1
The rich do not work for money, they make money work for them by investing their money
Financial Insight #2
It’s not about how much money you make, it’s about how much money you save and invest. Are you always living paycheck to paycheck?
Financial Insight #3
You should start acquiring assets (things that generate income) and eliminate liabilities (bills and debt). Assets give you income whether or not you are working. Examples of assets are stocks, bonds, real estate, and business income. You want to have high income from your assets and low expenses from your liabilities. Be diligent in building up a solid base of assets. Once you put money into an asset, do not withdraw that money, let it build.
Financial Insight #4
Your Net Worth = Your Assets minus Your Liabilities
Financial Insight #5
If you find yourself working for your money, your employer has the power, you do not. If you have sufficient income each month from your assets, you keep the power for yourself.
Financial Insight #6
Investing is the process that allows your money to make more money
Financial Insight #7
Always pay yourself first each check before paying your bills. Put money aside directly into savings. Budget to pay yourself.
The preceding list of financial strategies are some good ways for you to start building a strong financial foundation that will enable you to put your plan in action to achieve your financial goals.
In addition, let me ask you some financial questions:
Are you currently budgeting your income and expenses? If you need to learn how to start budgeting, please use my free Excel Monthly Budget Template to start your own budget.
Do you have a plan to eliminate your debt?
Are you consistently saving money each month?
Are you regularly contributing to investments to help grow your money?
Have you started a business to help generate more income?
If not, then you need to begin at the bottom and work your way up.
Take Action Now!