by Dan Sullivan
We all have been dreaming of a day where we will be millionaires. Driving that Lamborghini, living in the mansion or traveling to Bali. We just want to get rich and feel among the wealthy elites.
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Today world, we have people desperately looking to quickly get rich. They either hope to get money for free or invest the money gotten. Some lay their hands on the cruel life of entrepreneurship. But every one of them, don't know how to get rich and what it entails. Though, sometimes getting rich and chasing money isn't just it. There are several ways you could get rich. But finding the right way to get rich and what suits you is tough. But we are here to help you achieve that dream.
But before we start discussing ways to getting rich. You need to know a few things. Firstly, there are no shortcuts to getting rich overnight. And yes, we do have proven systems that work to get you to be rich. This article doesn't preach any sort of get rich schemes like MLM and the likes. The article doesn't put the readers in harm's way of being scammed of their hard-earned money. As you read through the article, you will find out that you do not need a quick scheme. One thing is, MLM is not the only known get rich quick scheme that scams people. Another popular one is the Lottery.
The amount of money spent on playing the lottery is crazy high. Your chances of winning are slightly lower than you getting hit by lightning on a sunny day. That's how ridiculously low the chances of getting rich through the lottery is. Another famous and rapidly gaining method people of this generation indulge in. It's the thought of using social media. Yes, you can get famous and rich but it takes time, hard work, perseverance, and luck. Not everyone is destined to make it big on the social media. So you need to find other hustle and stop relying on social media. Unless you already famous and filthy rich from being a social media user.
The next is becoming a professional athlete. This is not even close to being a get rich scheme. It not only takes time, it takes a ridiculous amount of practice and dedication. Trying to pursue the dreams of becoming a professional is one hell of the route. You can't get rich without even having the talent needed at first.
To cut all the stories you have reading short. There are no quick or shortcut ways to get rich. If there were any, everyone will be doing it. But we do have some systematic ways, you can get rich but it's not going to be overnight. So what are the steps you should take and consider when chasing the money?
One secret most sites that don't tell you is Investment. It's very important and crucial you invest. Not only for the present even for the future. The earlier you start investing, the richer you will get in the future. If you think, it's impossible. You can easily draw up the statistics and evidence presented by the stock market.
Well, let's give a logical example of what we mean by investing. Let's say, you are a young adult with an average pay of $2000 per month. If you decide to invest $500/per month in multiple low-cost funds on the stock market. Keep doing that for another 20-30 years. You should have garnered over a million dollars in that period.
Shocking right!!!! You will be a millionaire in 20-30 years after only investing $500/month on stocks. That's roughly $6000/year on investments. Ladies and Gentlemen, I am not preaching some Hollywood themed kind of investment. I am talking about real-life investment. Things you should note when investing in the stock market. You should invest in diverse and low-cost funds over time. These are the smarter investment compared to some hot streak investment. Don't rush after the hot-streak or weird investment which might end in tears later on. Go for low-cost and less risky investment that yields over time.
What are the ways you can invest your money and are very much straightforward to perform. They include
1. 401K method - This method is simple and very easy to do. The company you invest in will pay you for every dollar you invest in them. They will match the pre-tax amount of each investment. This means, there is a high chance all the money you invest will be doubled over time.
2. The Roth IRA method: Similar to 401K, you can max it out as much as you can. Though, there are limits you can invest with time.
Before your dreams of being rich cones to fruition. You need to act and think rich. This doesn't mean you should not spend money on expensive stuff. And it also means that you should spend too much money on kinds of stuff.
What I am trying to say is, you should learn how to spend consciously. Spend with purpose and stop spending on hazardously. Avoid having disorganized finance at the end of the month.
Now the issue is, how do you go about spending with a system. We will discuss this below.
- First, you need to make your finances automated. You need total control on where your money goes and where it comes from. You need to at least flow with the expenses and revenues per month.
- Secondly, when you fully develop the system, you can now adjust it to suit the needs of your income. This system helps to learn how much you spend per month. So you don't get shocked that you spent so much in a month. On payday, when you get your check. You can easily plan on how the money will be spent that month. So you are not caught by unexpected expenses.
You can make plans for the whole month with your system. Some advice on how you can go on about it. This includes
1. You can budget 50%-55% as fixed expenditure for rent, internet, debt, tax, and utilities.
2. 10% for the investments we mentioned in step 1. Using any of the desired method, either 401K or Roth IRA.
3. 5-10% on personal savings for various expenditures. Expenditure like unexpected expenses(illness, repairs, etc), traveling, weddings, etc.
4. 20-30% should be invested in yourself. Sometimes you might want to have a good time. This life is short, all your investment might not get to you in unforeseen circumstances. Enjoy life while you can.
Well, I am talking about looking for treasure hidden somewhere like pirates. This is generating money by cutting down your bills. You can save a lot by cutting down so bills and expenses. You simply reducing the amount that goes towards them monthly.
It is an easy way to earn more money for yourself monthly. Because it increases the income and brings down the expenditure. It's a win-win situation, that you must try out. Also, you can consider diverting the newly generated income into a new business or investment.
And we finally hit the last step to take. Last step involved in your journey to greatness. Always remember, there is always a limit to what you can save on income. But there is no limit on several ways incomes can come in. You can easily have another passive way of getting income into your account.
From various interviews and comments from different people. I have learned that there are several ways to start your business. But we will discuss only two in this article.
Firstly, Whatever skills you have. Turn it into a tree that produces money. Turn it into a passively generating income machine. Make your skill your Side Hustle. With your abundant skills and overwhelming talents, you are surely guaranteed a new source of income. The best thing about this is, you don't even have to quit the job you currently hold.
Secondly, You can try your hands on various Online Business. There are over a million people online that you can interact with and get business done with. Well, we would help you with various models you can try out. These models include;
As you start this online business, you build your relationship with others. You get to meet new individuals. And you might meet someone who may be the one to change your career moving forward.
With the listed ways, you should try out and start your journey to being rich. I hope you enjoyed the article. See you in the future, when you finally become the millionaire of your dreams.
About Dan Sullivan
Dan Sullivan is a renowned professor and esteemed education writer with a passion for inspiring students and transforming the field of education. With a diverse background in academia and practical teaching experience, he has become a leading figure in educational research and pedagogy.
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