I know what you’re here for. You are on the hunt for a get-rich-quick scheme that you can put into action as soon as possible. 2020 is the year that you’re going to start making bank, isn’t that right?
Why else would you have clicked on an article that’s got the words ‘Get Rich’ in the title? Well you’ve come to the right place. The answer that you need is right here. And that answer is that get-rich-quick schemes aren’t a real thing.
The only way really to get rich quick is to win the lottery, or land yourself a book deal or a part in a Michael Bay film. Or have an old, wealthy relative die and inexplicably leave his copious stacks of cash to you of all people.
So, unfortunately I can’t help you with that mansion you were hoping to own by Christmas. But just because you can’t get rich quickly doesn’t mean that you can’t get rich at all. Wealth isn’t necessarily unobtainable.
It just takes time, planning and a little bit of strategy. Right now, you probably aren’t living your life in such a way that encourages more earnings than the average person is bringing in. And I say that because that’s the case for most of us.
But with a few lifestyle changes, you can put yourself on the right path towards generating significantly more money. So, shall we have a look at some of these helpful lifestyle changes? Here’s a few to try out:
1. Expand Your Skill Set
To be successful in any industry, you need to have bankable skills. Money won’t just appear out of nowhere when you work hard, it will come from other people. It will come from businesses and corporations.
People need to know who you are. You need to be someone who others want to work with and can rely on to aid in the advancement and growth of their business and of their earnings too. You need to be noteworthy.
And for that to happen, you have to constantly be working on self-improvement. You need to have bankable skills, things that people will recognize as assets when considering who they want to work with.
It’s all well and good to be excellent at one thing, and you probably should have something that’s your speciality, but in addition to that, you should have a number of side skills that will make you useful in many different ways.
So you should constantly be learning. If you want to get rich, don’t waste your spare time on frivolous activities and procrastination, learn things. Develop a new skill and once you’ve mastered it, pick another one.
And I’m not talking about learning to play an instrument or perfect your golf swing. I mean you can do that stuff too if it interests you, but work on business friendly skills like marketing, customer relations and leadership.
Things like self-control and efficiency are also skills that you can grow if you work hard on yourself. These abilities will not only make you a desirable business partner, but also aid you in the focus and dedication that you need as you work on your wealth expansion.
2. Have More Than One Income
The place that you eventually want to get to is one where you have basically built yourself an empire. Where your wealth is being generated by things that you’ve already put in motion and you don’t actually have to do a whole lot anymore.
But you won’t get there straight away. To make money, you need money. You need to have a sort of a base that you’ve generated over time that you can then invest into something that is much greater.
So when you are starting out and you are putting your plan in motion, you should have as many sources of income as it’s possible for you to have. And for a lot of people, that’s actually just going to be two.
But that’s okay because extra income is extra income. The term ‘side-hustle’ doesn’t exactly have a positive connotation, but it’s an essential for big earners. And it doesn’t have to be something you enjoy or that you’re passionate about.
Sacrifice some of your passion for the time being. The goal right now is to earn. This is where you can put those extra skills you’re developing to good use. Think outside the box here, but also, be legal.
Don’t start breaking the law because that will probably just come back to bite you in the ass when you’re a success.
This lines up with what we’ve just discussed. Investing is a great way to develop an extra source of income for yourself, and it’s one that doesn’t require you to be constantly spending time working on it.
Now I’m not saying that investing is easy so to speak, but once you get the hang of it and you’ve put some money into it, you can start to see the returns just grow without you having to change a whole lot.
Investing is kind of an art, and the key to being a successful investor is to research it heavily. Familiarize yourself with trends and with the methods of those who are making money as investors already.
Know who to invest in, when to invest in them and also have an understanding of the industries that you’re investing in. If you understand how the business works, you can predict the trajectory of the stocks.
Don’t try and do this without research or without help because you will end up investing in the wrong stocks and ultimately losing money. It would definitely be worth it to hire an investment advisor at the beginning.
And it’s also essential to be patient. Like everything we’ve already discussed, this is not a quick process. You will be giving away your money and then waiting for the returns, but they will come as long as you keep waiting.
Don’t make the mistake of pulling out of a reliable investment because you’re tired of waiting or because you are growing anxious it won’t work. Statistics and trends don’t lie. If you are smart with your initial investment you will see returns, even if it takes time.
4. Cut Excess Spending
The short version of this one is that if you are irresponsible with your money then you won’t have it for very long. And if you develop a reputation as someone who has bad credit or isn’t careful with their spending, no one will want to work with you.
The problem that a lot of people face is that when they have extra money they have a natural compulsion to spend it and so when the amount of extra money they have builds up, the things that they spend it on get progressively more expensive.
But what you need to do is alter your perception of this ‘extra money’, because that’s not actually what it is. After you’ve paid your bills, and your mortgage and your other expenses, the money you have left is for investing or for growing your business or financial ventures.
When you’re trying to get rich, there is no such thing as extra money. Well maybe a little, you should set aside some money every month for luxury, and you can increase that a bit with the more you earn, but it still should be a small percentage of your overall income.
Make a budget for yourself, factor in expenses and bills first and then most of what’s left should be put towards your investments and whatever your personal avenues towards financial growth are.
If this means cutting down on eating out, going on vacation, buying expensive material possessions or gifts then so be it. There will be time for that when you’re rich anyway.
5. Automatic Transfers
To truly commit to growing your wealth, automating your finances is the way to go. What this means is that you will be setting up direct debits and standing orders so that your money goes where you want it to go.
So for example, if you want 5% of your total monthly income to go to your investments, then you can set that up an automatic transfer with your bank and whatever shares you are buying. Then it will just happen every month without you having to do anything.
If you do this, the money won’t be available for you to spend frivolously, and so there will be no temptation to do it. Do this for every avenue that you’re sending your money down and it will limit the need for effort when it comes to cutting down on excess spending.
Basically all that will be in your bank account at the end of the month is that little bit of money you’ve said aside to go for drinks with your friends or that you’re letting build up for a weekend getaway down the line.
If you’re not organized then you can let your potential for wealth slip through your fingers and that’s why automatic transfers will help you out in a big way.
So let me reiterate this: Getting rich is not an overnight thing, it’s an altered lifestyle. You have to put in the necessary effort to change the way that you’re spending. It’s not about passion, it’s about expansion.
Passion can come later, and passion should come later, otherwise this is all going to feel like it was for nothing, but for now, make money your objective and wealth can be on the horizon.