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How to Get Rich: 11 Bold Moves That Guarantee Wealth

How to Get Rich: 11 Bold Moves That Guarantee Wealth

Everyone has dreams about winning the lottery and getting crazy rich overnight. People want to get rich. Just do a search on Google Books and you can see that it’s been a rising trend since the 90s.

    Many people are looking for ways to get their first 100K, or ways to invest for a better retirement. Some are trying to succeed as entrepreneurs. People want to have enough money to buy beautiful homes, powerful cars, and great vacations. But not many know what getting rich really means and what it takes.

    Being rich is more than about the dollar amount.

    Being rich is a state of mind. In a sense, you could be rich but still poor, and vice versa.

    You can define “rich” in different ways. There are a lot of people who simply consider it as having a lot of money. For them, rich is equivalent to a being a millionaire.

    But rich can also be psychological richness. It is an achievement of being able to live without the worry of money. You don’t necessarily need to own a castle to be considered rich. Everyone can be rich as long as we are able to do what we desire freely and to have the fulfilment in life. The key of it is to live with or even less than what you have. To be “normal” even when you are financially capable to do a lot more.

    You might have your own preference on which definition suits you better, but here are some ways on how to get rich. It may help you achieve either (or both) of them.

    If you want to become really really rich, make bold moves.

    It’s an ambitious goal to become a very rich person, and if you’re aiming for that, do something big, and make some great changes in life.

    1. Exploit your skill as a self-employed expert and invest in it.

    Make it your goal to do one thing better than anyone: Work on it, train it, learn it, practice, evaluate and refine it. You may find most sports-players or entertainers are millionaires, and that is because they are utilizing their skills fully. If there’s something you’re good at, it is likely you can reap considerable rewards out of it.

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    It is the same concept of being the top of a particular field. When you are the best at something, you find that opportunities come to you. To become an expert of something, it is crucial to never stop improving. Successful people invest time, energy, and money in improving themselves, and it might just be the most rewarding investment you can ever make.

    To get started, figure out what skill you want to cultivate. Make a list of the world’s ten best people at that one thing, and use this list to define criteria and track your own progress toward becoming the best.

    If you’re a writer, for example, you might consult the New York Times Bestseller list, and identify the ten successful authors that you admire the most. Learn more about these writers, what they did to be successful, and read some of their work. Invest the time and energy in improving your own craft, by looking at successful past models.

    2. Hit $100K, then invest the rest.

    Everyone wants to be a millionaire. But a goal like this isn’t something you can easily achieve in a short period of time. Aim at saving $100K first.

    The small amounts you save daily is powerful. You might only be able to put away $5 or $10 at a time, but each of these investments are your financial foundation.

    3. Be an inventor and consider it as an opportunity to serve.

    Stop thinking about making a lot of money and start thinking about serving a lot of people. If you think about what people need, or things that could improve society, your insights will have more impact. Not only that, you could be the first to produce a trending product in the future.

    When you start to serve a lot of people, the effect of word of mouth is magnified – not to mention, you’ll have much more helpful feedback to improve what you do.

    Having the patent of a popular invention could be the fast-lane ticket to prosper. Just look at Snapchat.

    It would definitely be challenging, but consider it to be a way of serving, to benefit those who actually need your invention. No business is successful without the support of the public. Rather than squeezing every single dollar out of your customers, show them you are actually working to make them better.

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    4. Join a start-up and get stock.

    Using the same potential consideration of start-up in the above points, owning stocks of one or more start-up companies could be a valuable investment if the company thrives and either floats or is sold to a larger enterprise.

    Only a small minority of start-ups succeed in realizing large capital gains, so the odds are not good. However, you can use your judgement to see which business idea and which management team are likely to succeed. Early employees in Apple, Google and Microsoft became millionaires on this basis.

    5. Develop property.

    Buying, developing and selling property has always been a major way for people to accumulate capital.

    Borrowing could be a key element in this method. Say you borrow $200,000 and put in $50,000 of your own to buy a property for $250,000. Then you develop the property and sell it for $400,000. The property has increased in value by 60% but your $50,000 has now grown fourfold to $200,000. You have to select the right properties in the right areas and develop them wisely.

    You are at risk from booms and busts in the property market. However, in the long term this remains a proven way to accumulate wealth.

    6. Build a portfolio of stocks and shares.

    If you can make steady investments in stocks over a long period, choose wisely and reinvest the dividends then you can build a large store of wealth. Of course stocks can go either way and many small investors lose heart when their portfolio plunges.

    But over the long-term, equities are as good an investment as property and much more liquid. Stock market crashes represent great buying opportunities for those with cash and strong nerves.

    7. Start your own business and eventually sell it

    More and more startup have seen success with great return in recent years. If you can find a new approach towards a specific corner of the market and build a business that addresses that need, then you have a potential of success in it.

    It literally can be anything: a cleaning business, a food delivery service, or a blog. It will probably take years of very hard work to build up the enterprise. All entrepreneurs will have to endure great risk and stress. But if you can pull it off, the potential rewards are huge. This is how many of the seriously wealthy people did it.

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    If you want to become wealthier and live a better life, build simple habits.

    If you’re aiming for a stable life with enough money to support a living, start with the everyday things you can do.

    8. Find a job in the right vehicle.

    Choose a job of your interest – do what you love and love what you do. No one succeeds in doing what they hate.

    You might have to start at the bottom and work your way up. But chances are, if you love what you do, it’s easier to make that happen. You’ll actually enjoy the process of getting to the top.

    Earn the experience through different levels of work and when you feel like you have gained all that you can from it, consider moving on in other companies would widen your horizon on different business cultures. Putting more experiences in various positions would make you a more valuable asset for companies and making you a better option for higher rank duties.

    Consider how the rich are able to get in with the right companies, where there are plenty of opportunities for growth. Seek places where you can grow your skill and and are able to multiply your monthly income many times over

    9. Cut your expenses.

    The biggest problem in some people’s path of getting rich is that they always spend more than what they earn. Living below your means will be the easiest to get rich.

    Consistently track your progress on how much you’re spending. Use an app or simply an Excel spreadsheet to make sure you always know how much money you have what where it’s going. This gives you a proper place to review and refine what does and doesn’t make sense in terms of your spending.

    Start cutting the unnecessary spendings in your life. Do what you can to reduce your bills: make sure you turn off the lights, plan meals to save at the grocery store, and be disciplined about eating in. Focus your life with only the necessities and in no time you will be saving a lot more than what you previously did.

    10. Save it in your bank.

    Set savings goals and routines to support those goals. Figure out ways that work for you in saving money, and refine what doesn’t.

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    Many banks have the option of creating separate savings accounts, as well as automatic withdrawals. By setting up these automatic transfers, you save passively and have to make an effort not to save.

    Another thing you can try is to increase the amount of savings by 1% in every interval you wish. At first, it will be an insignificant change, but as time passes, you will notice a big difference.

    Give yourself a reason and motivation to save as well. It is always important to plan for the future and saving for retirement could be a great point to persuade yourself to stay away from excessive spending.

    11. Make investments wisely

    Investment is much more than pure luck. One investment mistake could tear away a large chunk of your assets. So make sure whenever you are making decisions on investments, whether on properties or stock, think twice. It will be better for you to consider opinions from professionals and experts.

    To give you some ideas, legendary investor Warren Buffett suggested to put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund, so that if the market crash, you will still be fine by cashing the 10% rather than selling the stock with a bad price.

    Getting Rich the Wise Way

    There are a lot more important things in life than accumulating wealth. Who wants to end up rich, unloved, lonely and in poor health? However, if you can enjoy a balanced life and at the same time become rich, why not do so?

    Taking combinations from the above suggestions may not guarantee you a prosperous future, but it will surely eliminate a lot of financial troubles in your life. With one step at a time, maybe you will also become the one you dreamed of.

    Featured photo credit: Flaticon via flaticon.com

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    Paul Sloane

    Professional Keynote Speaker, Author, Innovation Expert

    How to Get Rich: 11 Bold Moves That Guarantee Wealth How to win Arguments – Dos, Don’ts and Sneaky Tactics How to be a Brilliant Conversationalist Think Laterally Write A Killer Resume In Seven Easy Steps

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    Last Updated on January 2, 2019

    How Personal Finance Software Helps You Get More Out of Your Money

    How Personal Finance Software Helps You Get More Out of Your Money

    Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

    Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

    Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

    This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

    Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

    What Exactly is Personal Finance Software?

    Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

    When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

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    How It Leads to Financial Improvement

    It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

    Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

    Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

    It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

    Types of Personal Finance Software

    When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

    Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

    For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

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    Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

    When to Use Personal Finance Software

    So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

    Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

    1. You Have Multiple Accounts

    There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

    If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

    Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

    2. You Want to Automate Some or All of Your Payments

    Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

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    There’s no need to log into every account you have and type in your routing number either.

    With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

    3. You Need to Streamline Your Budget

    Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

    Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

    Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

    4. You Have Specific Goals to Meet

    Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

    You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

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    How to Get Started

    From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

    Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

    It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

    When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

    Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

    Final Thoughts

    Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

    In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

    Featured photo credit: rawpixel via unsplash.com

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