Most of us want to become rich but the big question is how can one become rich? Since were young we dreamed of becoming a successful and wealthy person. We want to become rich because we want to be happy and get what we really want in this life. There are many ways to become rich but it’s usually not easy and involve a lot of risk if you take the quick methods. Since where talking about becoming rich someday, wealthy people have the same secret and want to tell those who isn’t in the path of prosperity. And their secret? They called it INVESTING. Here are some tips of becoming rich someday.
1. Invest in your greatest asset which is your MIND.
The mind is like a garden - as you sow, so shall you reap. When you cultivate it and nurture it, it will blossom beyond your wildest expectation. But if you let the weeds take over, you will never reach your potential. What you put in is what you get out. What we invest in our mind of course we’ll achieve. As Napoleon Hill said, “what your mind conceive, you’ll achieved”. Sow seeds of richness in your mind and in the right time you’ll reap what you’ve sown. Our mind is powerful, it can attract things that we’ve sown in it.
Do well in school and get a better education. Choose a high-paying profession such as doctor, lawyer, economist, banker, etc. This will give you a head-start and a safer economic position. Teachers we’re not mistaken by saying “Education is the key to success”. Education will lead us to success. You have to educate yourself first and then apply what you’ve learned and find the track towards your success.
Learn about basic economics. Economist defines economics as “the study of the production, distribution, and consumption of wealth in human society.” You may think that economics is the study of complicated tables, charts, statistics and numbers, but, more specifically, it is the study of what constitute rational human behavior in the endeavor to fulfill needs and wants. And it's very important to have an understanding of such basics as compound interest and investment strategies.
Self-Development. Develop yourself all your life. Personal development is a lifelong process. It’s a way for people to assess their skills and qualities, consider their aims in life and set goals in order to realize and maximize their potential. Increase your professional skills, leadership skills, financial skills, social skills and general life skills. Making and keeping yourself valuable will increase your chances regardless of your path to riches. Ongoing self-development will enable you to derive more utility from any given amount of riches. Develop yourself and get the life you want.
Develop a vision as to why should you become wealthy. Everything that you desire to happen has a reason behind it. Ask yourself “why should I become wealthy? “ Based on this vision you've selected for yourself, set your goals. You will not rise up unless you are able to build and focus your ambition.
Stay healthy and maintain a healthy weight. Without health you can do nothing. Without health you can succeed neither in studies, nor in character-building, nor in sports and social activities, nor in home-life. Health is a matter of careful living. It is got not only from things you eat and drink, but it is also obtained from your wise and careful avoiding of such things that are not good for your health. There's a saying that "health is wealth". It is very important to stay healthy in your endeavor to become rich. This will enable you to work hard and also increase your life span increasing your earning and pension-drawing period. On the other hand, you will be able to reduce the cost on health care. You will also have more time to enjoy your money including perhaps through philanthropy in retirement. It's a reality that not everyone can afford good medical care as they attempt to save and improve their lot in the world. That said, you can pay attention to absolute foundational requirements for health, such as daily teeth cleaning, avoiding junk food, eating plenty of vegetables and fruits, exercising regularly and practicing mental self-care, such as through meditation, writing out your feelings and dealing with stress constructively.
2. Learn the art of INVESTING.
In all aspects of our life, investing is very important. In fact it is the secret of all billionaires as of today even the rich in the old generation. Physical, Social, Mental, and Financial, investing is vital to achieve success in all aspects of our lives. If we want to become rich someday, suffice to say that anyone should learn the art of investing.
Start investing as early as possible. Though you’re still a student you can start to invest. Lots of banks and cooperatives today offers a savings account that has a ROI (Return of Investment) of 0.25% – 2.5% annually. Learn through your small minimum investments so that you can progress to larger investments. Consider the cost of the funds lost from not working while in college, as well as, tuition and interest. Do not wait until you have "enough" money to invest. You will end up with a larger account in the end if you start investing a small amount early and keep adding more regularly.
Make smart investments. This will come with learning but can also be improved by reading about investment strategies and learning from those who invest wisely, such as Warren Buffett. Borrow books from the library to learn more. Or use the technology today by downloading a PDF and read it through your gadgets. If you don't understand what you are investing in, invest small or not at all. Start with something easy like savings account, bonds or index funds. They have fewer ups and downs than individual stocks, and you will not have all your eggs in one basket. "Put all your eggs in one basket, and watch the basket." Warren Buffett.
Stay as debt free as possible. This is your safety net. A paid-for education and a paid-off house will enable you to invest more money in the stock market or your own business. Only gear up low-risk investments with loans.
Start now. Whatever the amount you can spare, getting started is better than never starting. According to Albert Einstein “one of the greatest invention of the world is the power of compound interest.” The power of compound interest can make anyone wealthy. Example: Investing only $10 every year at 15 % annual profit will give you over $1.3 million after 70 years.
3. Start your own BUSINESS.
You're never too young to begin a business. Lemonade stands, deliveries, babysitting, etc. are great ways to discover how to run a business and what your personal abilities and limitations are. Learn from these experiences and use them to direct your education and eventual larger business choices.
Be the boss. It is always better to be an employer than an employee. The big differences of the being the boss and an ordinary employer is the boss has LEVERAGE. If you are the boss you can leverage your time and money. Unlike an ordinary employee he helps leveraging his boss business. Why not mind your own business? And become the boss. If you are disciplined and able to devote time and money, consider starting your own business and reaping the rewards for your hard work and leadership. Learn all you can about running a business. Take a class. Ask an experienced business owner for advice. Be careful, though. Many businesses fail, especially in their first year. You could end up with considerable debt, no savings, and no benefits. Get help and advice before starting.
Make your own business. You don't need to be the only person in your business to avoid having someone siphon off the profits from the contacts and goodwill you generate. If you can work efficiently with someone with complementary skills who is very honest and reliable, you could start a business as co-owners. Businesses do fail but the reasons behind the failure can often be avoided. For example, do thorough research before starting, to ensure you're not putting more of the same on the market. If you want to do something generic, think hard about what makes your offerings better or different from existing ones. Or, find something unique. Second, hard work is essential, along with dedication. This doesn't mean making work to look busy––it means being focused, connecting with the right people, managing your time properly and being on top of all the business' incomings, outgoings and issues.
Use your own business as a way to become wealthy. Entrepreneurs make up the majority of billionaires and millionaires, it is high risk, but it is also the most likely way to become truly wealthy. If you surf the Forbes website no workers or employees are listed for the top richest person in the world. Entrepreneurs are the only ones who make it to become truly wealthy. Few people amass great wealth through other means. Less than 1 percent become a millionaire through "other" means such as being a rock star, winning the lottery, etc. So unless you inherit wealth your best shot is doing this.
Investing is the secret to prosperity. Investing is key ingredient to become successful in the financial world. But not only in financial aspect, its either spiritual, physical, mental and emotional you have to learn the principles of investing. Invest your time and money wisely, if you want to become successful in business. Invest your energy to achieve the body that you want. Learn the art of investing to live a life that you desire. Happy Investing! :)
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