How To Become Rich Fast
I’ve read a lot of books on how to become rich and the principals really do work. In today’s blog, I want to share some of the most powerful secrets on how to become rich fast. If you’re really trying to get rich, I want you to read this blog slow and at least 3x. It’s easy to read right over something really important without realizing how much impact it can have on your financial situation.
Secrets to Becoming Rich
- Be a good recipient of money. If you’re constantly turning away money or saying no to money, you’re telling others that you don’t want it when in reality you really do. If someone offers to pay you for your services, don’t reject it in some misguided attempt to be polite.
- Don’t close your mind to money making opportunities. I was guilty of this for a long time. Just because I didn’t fully understand what was there or how to do it or I wasn’t particularly interested in it, I would ignore the opportunity. This was a huge mistake and cost me a lot of money. I wish I had been more open to trying new ventures.
- Save at least 10% of your income. How can you ever become a millionaire if you never have any money saved up? If you force yourself to cut out 10% of your income and put it in an investing or savings account, you’d be surprised how much money you are really capable of making.
- Work smarter not harder. Rich people would never spend 40 hours a week for a finite amount of money. For example, let’s say $10 an hour. It’s OK to work this type of job! In fact, I applaud you for having a solid job in a bad economy if you’re working these hours. But, but you should change your mindset to start adding in passive income streams and replace your current income if you want to become rich.
- Eliminate liabilities. Liabilities are those things that cost you money. The term liability sounds formal and high scale but liabilities can be anything. Subscriptions and and other reoccurring charges are what you need to be looking at. Slash the costs. You might not be able to eliminate some liabilities but you can probably at least reduce their cost.
Examples of Liabilities:
Gym Membership $25/month
5 Expensive Brand Name Can of Beans $6/month
Cell Phone Bill with Data Plan $85/month
Cable with Premium Channels $50/month
Tanning Salon Membership $19/month
Netflix Membership $18/month
Magazine Subscription $3/month
None of these liabilities are inherently bad things but you need to cut out the fat because you don’t need everything. Reoccurring costs make other people rich and take your money away. So how can you lower your costs? Watch.
Work out at home (air squats, pushups, sit-ups, running outside) FREE (+$25/month)
Generic Brand of Beans $4/month (+$2/month)
Cell Phone W/O Data plan $50 (+35/month)
No Cable (+$50/month)
Tan in your backyard (+$19/month)
Cancel Netflix, Get 4 Redbox DVDs/month (+$14/month)
No Magazine Subscription (+$3/month)
I just cut $138/month out of your budget. That’s $1,656 a year. Imagine investing that money is something that makes you more money and watching it grow.
When people look for secrets to getting rich, I think they’re looking for some magical idea. Most of the time riches aren’t made with some magical idea.
Math makes people rich. That’s the formula. Retain more of your money and invest it in things you think will make money on your money.
What’s more, much of the material things like the above don’t even really make you happy. You think they do, but they’re pacifiers. The material things are purchased to appease you but often times you don’t really need them or even want them that bad.
If something really does give you immense satisfaction, then by all means keep it! If you sending unlimited text messages is essential to your business, by all means don’t cut the $15/month charge.
If you truly love your monthly massage and it helps you focus and clear your mind to do bigger and better things, then massage away. Maybe you should get a massage weekly!
What I want you to see is that you should only pay for the things that give you the most utility. Eliminate those which don’t justify their costs – even if they’re a great deal.
How much is a gym membership that you purchased on a great special for $15/month worth to you if you never go?
Start playing with the math and you’re going to be shocked on what you can save and keep. Keep your money! It’s yours and you shouldn’t just give it away for any deal that comes along – only those you really want.
The faster you implement the cost cutting measures in your life and the smarter investments you make with the money you save, the faster you will become rich. I bet you could easily have a few thousand dollars in your bank account by the end of the year. Easily!
It all starts somewhere, whether it’s getting rich or getting in shape.
I Want Money on How To Become Rich Fast