Do you want to learn how to get rich? Do you want to be wealthy enough so that you can finally buy your freedom?
Anyone can learn how to get rich, but to act on what you’ve learned is the key to acquiring wealth. And I’m not talking about unrealistic ways of getting rich.
There is no magic formula that’s going to make you a millionaire overnight.
However, what I am talking about is getting rich through talent, hard work, and ambition.
You don’t have to be a cheater to make it in this world. Many self-made people have earned their money ethically through hard work.
It also doesn’t matter how old you are. Entrepreneurs can be in their 20s, 30s, and even 60s, it doesn’t matter.
Colonel Sanders founded KFC when he was 62 years old! Sometimes success is achieved later on in life.
Start chasing your dreams now, and have a plan while you do it!
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You Need The Building Blocks To Get Rich
The building blocks are probably the most crucial aspect to consider since it’s something that people tend to neglect. The building blocks are your hard work, sweat, dedication, and sacrifice.
That’s 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.
They’ll let you know how difficult it was.
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.
There are just too many misconceptions about the rich.
The popular opinion today is that most rich people don’t work hard. It’s believed that they inherit their money without having to work a day in their lives.
That is just false. On the other hand, some rich people have indeed inherited their wealth, but most of them earned it.
However, I’m not just talking about billionaires like Elon Musk or Jeff Bezos. The majority of wealthy people in America are millionaires that don’t show off their money.
These are people who started small businesses or climbed their way up the corporate ladder. It’s hard to spot them since they’re not on the news every day.
They don’t buy a ton of fancy things either.
That’s how they blend in with everyone else.
If you don’t believe me, go read The Millionaire Next Door and you’ll know what I’m talking about.
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 that we can’t ignore. Having $30,000 to pay off after graduating is not something to look forward to.
College, however, 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 can earn an annual salary of $59,000 a year, not including benefits.
But, what’s even crazier is the unemployment rate for a college graduate is only 2.8%. Compared to a high school grad at 5.4%.
The comparison makes it clear; a high school graduate earns around half the salary of a college graduate and is almost twice as likely to be unemployed. Throw in a master’s degree, and it becomes clear that education is the key to financial success.
But Not All Education Is Treated Equally
Nonetheless, don’t be ashamed if traditional education is not for you. Whether you don’t like it or can’t afford the cost, there are other ways for you to get educated.
There have been many people throughout history who’ve have achieved success without any formal education. For example, look at Abraham Lincoln, who is one of the greatest presidents in American history.
He never went to college.
He was entirely self-taught, having a love for reading at a young age and a strong passion for learning. You must passionate since it will give you the motivation to learn more. A passion for education and a strong work ethic can both go a long way in becoming rich.
However, just make sure you are consistent with it.
The worst 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’ve never finished 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 not rely on college. The fact that they are geniuses didn’t hurt their chances either.
Likewise, many successful entrepreneurs have completed college and had either quit their jobs or started a business on the side. Using the skills you gained either in college or through your professional career to start a business isn’t such a bad idea.
Whatever way you chose to pursue, understand that getting rich won’t be a walk in the park. 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, the odds are 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’m not saying that you have to live below your means, but you need to have self-control.
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, spending less will help a lot.
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 a 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.
It’s 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 that money. Learning how to invest is critical in achieving wealth.
Having a successful business or a good job is great, but you’ll need more than that to get rich. Let’s say, for example, you start a successful small business.
Expanding that business will be difficult since it requires more work from you. But, by investing the profits from the first business, you can reap some great passive income.
Likewise, you may even have a good-paying job but high taxes are draining your salary.
Whatever the reason, starting a business or pursuing a career alone is not always going to 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 increase over time, but if you have a good eye for stocks, don’t be shy to invest in something new and risky. Furthermore, you could also 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 is possible to make a substantial profit from flipping real estate if you know what you’re doing. 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.
To sum up, 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.
Do you agree with my ideas on how to get rich? What are some of your strategies to get wealthy?