“Wealth” is something we all desire. We all want to be rich. And no matter how much one possesses it, there never seems to be enough of it, does it?
Fact: only 2,150 billionaires possess wealth 60% greater than the whole world’s population.
However, the basic formula to master money, which every finance advisor will guide you to, is very simple. You just have to “decrease your expenses and increase your income”. Sounds easy, doesn’t it?
But, it’s always “easier said than done”. It’s not so simple to create a “saving-spending balance”. According to The balance, one should save at least 20% of his income monthly.
And the bigger the financial goals, the more you should save. Therefore to increase your savings, one has to decrease your expenditures.
Savings= Income – Expenses
The lesser the expenses, the more you can save.
Nonetheless, if you save money, either for your retirement or for an emergency fund, if you don’t invest it wisely, you can never get rich.
Still, do you too want to get rich and wealthy? And spend your retirement luxuriously and peacefully? Well, then this article is for you! This blog post looks at five tips to help you gain wealth as fast as you can and easily as well.
How to build wealth
1. Believe in yourself
Well, that’s a first. You must be unaware of the power of your subconscious mind if you don’t believe in yourself. What you tell yourself and what you believe has great power in building your future.
Observe the struggles and success of all the billionaires you idolize and ask yourself, “why not me?”. Tell yourself that you deserve to be rich. Create a mindset and plan accordingly.
Steve Seibold writes in his book, ” How rich people think”, that:
The masses think that they aren’t worthy of great wealth. Who am i, they ask themselves, to become a millionaire
Therefore, realize your worth and believe in yourself. Nothing is impossible if you work hard to achieve your goals.
2. Automate your income
Now, what does “automation” mean?
It means to put your finances on autopilot. So that, even if you neglect your business for a while to enjoy the gifts of life, your earning won’t stop. Therefore, find ways of passive income. As Warren Buffet, popularly known as, “the Oracle of Omaha” says, and I quote:
If you can’t make money while you sleep, you’ll work till you die.
Also, you should make a system of connecting your income accounts and saving accounts. So that the money goes directly into your savings, without you even seeing it. This way you won’t be depleting it. After all, you can’t spend what’s not in your pocket.
Did you know: the richest man alive makes 2489$ per second.
3. Invest in multiple streams
The key to expanding wealth is to INVEST.
Capitalize in various sectors to gain more profit. To invest in one thing and to “invest wisely” is another.
Therefore, keep yourself aware of what’s in success these days and:
“make hay while the sun shines”
Thus, invest in dividend funds and stocks and shares. Make a proper financial plan and write your money goals. Writing helps you build your determination. It keeps your “eyes on the prize”.
As Mark Zuckerberg states:
The biggest risk is not taking any risks
4. Stop the small spend
Expending on small spends compiles to large expenditures. The coffee you have every morning for 5$ only makes up to 150$ a week and 1800$ a year. Consider saving this amount rather than spending it. As you can’t eat you came and have it too.
Consoling yourself, “it’s 2$ only” before spending on little things is what stops you from saving. These 2$ are drops that make an ocean.
Hence, you can either “Use it or lose it.” Therefore, next time you open your wallet, think twice, “Do you need this thing?”, and, “Is it really worth it?”
As a result, to achieve your aims, you’ll have to sacrifice sometimes.
5. Follow the examples of high-earning affluents
There are numerous books on success stories of the rich. How they were born poor but lived richly. Read those books to get inspiration and motivation.
Sit in the company of the affluents. As a person is known by the company he keeps. Make contacts with them and learn from them. Cope their ways and lifestyles. You’ll be surprised to find out the habits of the rich and wealthy. Two distinctive habits of the rich are listed below.
Nevertheless, if you ever visit a wealthy man’s mansion, you’ll certainly find a large lavish library with many educating and interesting books and biographies in it. One characteristic of the rich is that they read a lot.
So, start reading 30minutes daily.
- Early risers
As, author Thomas. C. Corelay studied different successful and wealthy people for 5 years. He found that more than 50% of them woke up 3hours before their working day started.
We all know that,
Early bird catches the worm
Besides, waking up early has additional advantages also.
THE ONLY DIFFERENCE BETWEEN A RICH PERSON AND A POOR PERSON
IS HOW THEY USE THEIR TIME.