How to get rich, this is a question that humanity has been
Here I will explain how to really get rich and why you should never expect it to be easy or an overnight process.
You Need The Building Blocks To Get Rich
This is probably the most important aspect to consider and it’s one that people tend to neglect. The building blocks are your hard work, sweat, dedication, and sacrifice. All of these are what’s going to separate you from the crowd of unsuccessful people, and into the top 1%. Every person who has attained wealth in some way or form has worked hard for it.
Ask any businessman the amount of time and sacrifice it took for them to establish just one business, and they’ll tell you about all of the demanding work they had to put in. Don’t fall into thinking you can become rich by just slouching around and have money come your way. You have to get up and work hard; whether that be to study for school, start your own business, or pursue your greatest passion, working hard is the key to success.
You Need Education
Now, this can get a little complicated depending on your situation. The biggest thing holding people back from going to college in the United States is the cost. Let’s face it, student loan debt is a huge issue and it can’t be ignored. Having $30,000 to pay off after graduating is not something to look forward to.
Yet, college is slowly becoming more important than ever. With over 30% of the workforce now holding college degrees, a degree is becoming a necessity in the job search. Reaching for a higher salary will give you more opportunities and can pave the way for you to become rich. Remember that a doctor has a better chance of getting rich than a waiter does; education is the greatest wealth-building asset you can have.
Check out this graph I made based on the information provided by smartasset.com. The statistics say it all, a typical college graduate has the capability to earn an annual salary of $59,000 a year; not including benefits. What’s even more staggering is the unemployment rate for a college graduate is only 2.8% compared to a high school grad at 5.4%.
The comparison is clear, a high school graduate makes around half the salary of a college graduate and is almost twice as likely to be unemployed. Throw a master’s degree into the equation and it becomes evident that education is a key factor in attaining financial success.
But Not All Education Is Treated Equally
Don’t be ashamed if traditional education is not for you. Whether you don’t like it or simply can’t afford the cost, there are other less conventional ways for you to get an education. There have been many people throughout history who have achieved success without any formal education. Someone like Abraham Lincoln, who is regarded as one of the greatest presidents in history, had never attended college.
He was entirely self-taught, having a love for reading at a young age and a strong passion for learning. That is all that’s required for you to educate yourself, passion is key because it will give you the motivation to learn more.
Passion for learning and a strong work ethic can both go a long way in becoming rich. Just make sure you’re consistent with all of your endeavors. The biggest trap you could fall into is to lose motivation and give up. College is good because it gives you a reason to learn, but without it, you could lose interest.
It’s easy to prioritize your 9-5 job over taking the time to educate yourself. Don’t be
Start Your Own Business (My Favorite Method To Get Rich)
Self-education and starting a business can go hand in hand. Of course, there have been many famous entrepreneurs who have started their own successful businesses without ever finishing college. Some that come to mind are Steve Jobs, Bill Gates, and Mark Zuckerberg. All of them have accomplished far more than anything they could have done with a college degree.
However, these entrepreneurs were confident enough in their skills to make the move out of college. The fact that they are also geniuses didn’t hurt their chances either. There have also been many successful entrepreneurs who have completed college and had either quit their professional jobs or started their own businesses on the side. Using the skills you gained either in college or through your professional career to start your own business isn’t such a bad idea.
With either avenue, you decide to take know that getting rich will never be easy. It takes years of hard work and dedication to reach the level of wealth you desire. Having a good work ethic and a strive for success is great to keep you from quitting and settling for whatever comes your way. Whether you decide to educate yourself and start a business or go the college route and secure a high paying job, you will have the odds in your favor.
Save Your Money
Saving your money can be challenging depending on how good you are at restraining yourself. It can be tempting to buy new things right when you get a
I had referenced the importance of saving money on my previous post, Common Money Mistakes To Avoid. Cutting out unnecessary expenses like overpriced clothing and $5 frappuccinos every day will be nothing but beneficial to your bank account.
For someone who makes a decent income and needs more money to invest in his or her’s future careers, implementing little spending drawbacks will help tremendously. However, for those who’ve already made it big with a successful business or high paying job, saving becomes even more important. Having more money may cause you to spend more on things you don’t need.
Buying an expensive car, for example, is a huge liability. Cars are the worst since their value plummets right when they leave the dealership, and their daily expenses for gas and repairs can add up. Other things like buying an oversized house, taking too many vacations, or dining out at expensive restaurants can hold you back financially. This is one of the reasons why actors and performers file for bankruptcy so often; because they don’t know how to handle their money.
Invest Your Money And Get Rich
Now that you’ve established a successful business or career, it’s time to learn what to do with all the money you’re making. Learning how to invest is critical in achieving wealth. You have established your business or career, you’re making good money, but, it isn’t enough, it’s never enough. You might even have a successful business but competition and expenses might be keeping you from expanding. Even if your business is successful, it’s still smart to invest your own money along with your business.
You may have a good-paying job but high taxes are draining your salary. Whatever the reason, business or career alone will not always make you rich. Investing in stocks is great since they are highly liquid, and you need little money to start. If you have the capital you could invest your money into high paying dividend stocks that could produce an annual yield for you. Your wealth will exponentially increase over time, but, if you have a good eye for stocks, don’t be shy to invest in something new and risky.
Similarly, you could invest your money into some real estate. Real estate might be less liquid than stocks and require more capital, but the rewards can be extremely fulfilling. You could become a landlord and profit off the passive income you get from your rentals. Or you could research the market and learn to flip homes. It’s possible to make a substantial profit from flipping real estate properties if you know how. Whatever you chose to invest in, your education and skills will give you a huge advantage in growing your wealth.
This is just a simple layout of the best path to follow when trying to get rich. I emphasize education so much because without it you’re at a huge disadvantage. Every single great entrepreneur has gone through some level of education or simply had a passion for learning. Their education gave them the skills and knowledge to either get a high paying job or start their own business.
From there taking advantage of investments and keeping a track of your finances will lead you on your way to becoming rich. Focusing your energy on your hard work and determination will get you farther than any lucky lottery ticket. Luck is only a small part of the formula; with hard work, passion, and a little brilliance, you’ll get to where you want to be.