“Wealth is largely the result of habit.” – John Jacob Astor
Becoming rich doesn’t usually happen overnight. When it does it usually doesn’t last very long. The main reason this is true is because in order to become rich and have wealth that lasts, you have to have a certain amount of financial discipline over a long period of time.
We all want to experience wealth in our lives. That’s why you’ve most likely come across a number of articles, blog posts, and books that detail how you can achieve wealth at an early age. The thing is, there’s a lot of truth to those words of wisdom.
For those of you without great wealth-building models, here’s how to make these money making ideas work for you. Although the internet is filled with get rich quick queries, luck is the prime driver of “getting rich quickly“. This article is going to tell you ways to get rich that are actionable and lead to making money over time. Getting rich quickly is similar to losing 50 pounds in a month or two and keeping it off. Getting rich quickly doesn’t work and neither does extreme dieting!
Which is why I’ve put together these five tips on how the young people can achieve wealth.
1. There Is No Rocket Science For Getting Rich
Before I cut loose with the list of financial tips that the title promises, I thought it would be a good idea to let you know that there really aren’t any deep dark secrets for getting rich.
For the most part, earning wealth is about using common sense as a daily habit over many years. This allows you to build wealth and get rich one day at a time, month after month, year after year.
Building wealth is not a sprint, it’s a marathon, and when you practice the financial discipline tips you find below over a loooong period of time, you will win with money, period!
2. Invest Your Money at a Young Age
Developing financial discipline at a young age is key. One of the best ways to exercise that discipline at a young age is to start investing your money as early as possible.
The most powerful thing you can do financially is to let the power of compound interest work for you over a long period of time. Every year you wait to invest costs you potentially hundreds of thousands of dollars at retirement. But don’t let that be an excuse if you’re getting a late start with investing. Investing right now is always better than starting tomorrow.
3. Start a Daily Practice
What do you do first thing in the mornings? Do you have a routine that you do at any particular time of the day? Cultivate a daily practice that is the same every day. Write down three things you want to create and a gratitude list.
This is a good, simple start. Do it every day until you are comfortable enough to add something else. You’ll soon start to see money creep up in small chunks, like change on the ground or unexpected checks. Eventually, as you build momentum, money and ideas will seem to be all around you.
You can make yourself rich internally. As your brain catches up with the feelings, opportunities will abound. When they come up, you have to take some sort of external action to realize your potential and vision. If you’re not rich yet, but are still breathing, you still have a chance to change your life.
4. Put it in writing
The difference between having an idea and putting it on paper is often what separates the uber-successful from average folks. And if you equate success with wealth, it might be time to start writing down your goals, both large and small, in order to become rich.
Thomas Corley, author of "Rich Habits: The Daily Success Habits Of Wealthy Individuals," noted that 67 percent of the wealthy people he surveyed wrote down their goals, while 81 percent kept a to-do list. If your goal is to become a multimillionaire, write it down along with an action plan for making it happen.
5. Avoid Debt Like the Plague
Living without debt definitely takes financial discipline, but I can tell you from experience that it’s one of the best things you can ever do financially.
Debt sucks you dry financially, costing you thousands every year in interest and fees that could be going into investments.
Don’t let your money go down the drain every year. Stay away from all consumer debt like credit cards, car payments, and other consumer loans.
There are many definitions of what it means to be rich.
Being rich is more of a state of mind than a dollar amount. Truthfully, the rich can be poor and the poor can be rich. For example, being rich could be a family of five who lovingly share their small piece of bread in a third-world country. Conversely, another family of five may live in a 12-bedroom home and still have strife over an unlimited first-class feast!
Before you can handle great wealth, you must make room for it. This is the old, "if you build it, they will come" model. Trying to squeeze success, wealth, fame or fortune into a small life won't work. Create a life first; the lifestyle of your dreams will follow.
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