How to get rich is one of the most popular searches on the net. If you put it in Google, like I did, you get more than 186,000,000 search results.
It clearly is something that people want to know about, and you are likely no different.
Before I give you some random thoughts on how to get rich, it is important to have your own understanding of what being rich means to you. It is different for everybody…
For some it means having fists full of cash, or being able to buy whatever you want whenever you want. For others it means doing what you love, or being able to retire from paid employment before the designated retirement age.
Knowing why you want to get rich is an important first step in the process.
Once you understand your why, the process of how to get rich becomes a whole lot easier, and fun too.
Like anything in life that is worth having, the process to get rich won’t be easy. It requires good habits, working hard and even stepping outside your comfort zone at times.
So here are some random thoughts that I have compiled on ways you can get rich, or at least start the journey.
7 Thoughts on How to Get Rich
Don’t wait until tomorrow to learn
Thinking that you have all the time in the world to improve your finances is a trap. The best advice I ever received was to stop procrastinating and learn how to build your wealth right now.
If you are the type of person that puts things off to later or you spend your money carelessly because you think you can start tomorrow, then this advice is for you.
Everyday that you put off improving your finances, the further away and harder you’ll have to work to achieve your goal.
Stop wasting time and take control of your financial situation now.
Learn everything you can about money, investing and growing your wealth. The more knowledge you have the more power you have, over your money and over your situation.
Be better than average if you want to learn how to get rich
If you want to build your wealth, then you are going to have to go outside the norm. Be better than the average, and do new things. Sometimes that means going outside your comfort zone.
Being better than average reminds me of two statistics… and as you know, I am a numbers guy.
The first is that you are the average of the five people you spend the most time with.
If these people are not good with money, then chances are you won’t be either. That’s harsh, but the numbers don’t lie.
The second is the fact that only 4% of the population reach age 65 with enough money to be financially free.
Both of these statistics suggest that if you want to get rich, you need to be better than average.
Now that doesn’t mean you have to be some elite money manager or guru investor. To me what this means, is that you just have to do more than the average person does.
Think about that for a minute…
Set yourself great goals
Those who set goals are much more likely to be successful than those who do not. Due to that, if you want to be rich, you’ll want to start setting goals for yourself.
Setting goals is important because without a goal, how do you know where you are heading? Goals can keep you motivated and striving for your best.
By aligning these goals with your why, that you identified at the beginning, you establish a feedback loop for yourself that motivates the action to progress.
You can learn how to write great goals here.
Take control of your money
By now, you know this is my mantra. Take control of your money…
In addition, you know that I don’t believe in budgets as a way to assist controlling your money.
To take control of your money you need to track where your money goes. Then use a system to automate the transfers of your money to put it where it needs to go. This will take money stress out of your life.
Control comes from having a system, that is automated, that takes care of your money and your expenses. You can get my 5 Step system here that shows you how to do this, quickly and effectively.
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Realise that a good life can be affordable
Taking control of your money doesn’t mean you have to give up living and enjoying yourself. The key is to ensure that you include these costs in your plan.
I believe that you can balance living a good life along with investing a comfortable amount of money.
There are plenty of ways to live an awesome life while providing for your future self.
You can still see your friends, have fun with your loved ones, go on vacations, and more, all while maintaining control of your money.
Pay off your consumer debt
If you want to get rich, then you’ll most likely want to figure out how to eliminate any consumer debt that is preventing you from reaching your financial goals.
This is likely to include things like credit cards, store cards, motor vehicle loans and any other form of debt that is reducing your capacity to build for your financial future.
Paying off your debt will lessen your stress levels and enable you to have more money to put towards your investing goals.
The first step to eliminating debt is to realise why you have debt in the first place. The most common reason is that you have been living beyond your means…
This simply means you are spending more than you earn.
Changing this habit could well be the single most important wealth step you take. It is the one thing that all the wealthiest people in the world do better than everyone else.
My preferred debt reduction method is to start with the smallest debts first and work your way up to the largest. This builds momentum and provides you positive reinforcement that you are making progress.
A fast start tip is to cut up the credit cards and replace them with debit cards. This is the quickest way to avoid creating more debt.
One of the best ways to get rich is to start investing. After all, we can’t all be famous or elite athletes, right?
Investing will get your money working for you, which is the proven way to wealth.
The sooner you start investing, the more it becomes a habit and the easier it becomes.
By investing money now, you will learn good investing habits that will help you well into the future. And you can start with as little as $20 per week.
In coming weeks, I am going to launch a new course that shows you how to get started in investing. Stay tuned for notice, it is going to be a great resource for those that are scared by the thought of how to invest.
Do you want to learn how to get rich? What does “rich” mean to you?