Henry Ford once said, “If you always do what you’ve always done, you’ll always get what you’ve always got.” If you want to change your life for the better then you have to start now with 2015. How can I become rich is a question everyone asks and there is an answer. But it takes dedication to the following 15 actions. You will have to do some things differently than you have in the previous years. It is important to push through regardless of the outside forces such as the economy that have set you or the world back. Here are 15 ways to answer how can I become rich.
Become your own boss
This doesn’t have to be literal in the sense that you start your own company. Actually it is about being the boss in your life. You cannot fix an issue unless you are completely aware of it. For financial purposes you have to know what money is coming in and where it is all going. As soon as you have an understanding of your situation as it is right now you can fix the leaks often with simple solutions. You are going to care more about your financial situation than any adviser. Also, LiteForex got a solutions for entrepreneurs that have a desire to work on white label basis: https://www.liteforex.com/partners/programs/whitelabel/
The reference is not to what you eat, but to the expenses you have. What is one expense that is not helping you out with your goals of becoming financially solvent? Cut that expense out for 30 days. For example the television. If you stop paying for TV for 30 days chances are you will find that you can survive without it and your finances will thank you for it.
Start being Selfish
Financially speaking you have to take care of yourself first before you take care of others. Often we put other people ahead of what we need, which is not helping ourselves out. If you’ll recall in an airplane you are supposed to put your oxygen on first and then the person next to you if they need help. This is because you cannot help someone else until you help you.
Also Be Selfless
Certainly your time and money is something to be selfish about, but there are also ways you can be selfless. Did you know many of the wealthiest entrepreneurs helped others first with a selfless attitude? They give and give and eventually by helping others it comes back to help them. If you help others you might just find it shows up in return.
Targeting that Credit Score
Your credit score is always going to be a topic of any financial discussion. It is important. You need to help yourself by improving your credit score. This means getting rid of those credit cards that are hindering it more than helping. You do need to start with a free credit report from annualcreditreport.com or one of the other locations. Once you know what’s hurting your credit you can fix it.
What is wealth- in terms of its meaning to you?
If you look up the definition of wealth in the dictionary you will find it means to have a lot of assets like property, possessions and money. Yet if you ask someone what being wealthy means they will provide different answers. Most of the entrepreneurs actually say that freedom, family, purpose, health and experience is what wealth is about not just money.
Automate your Finances
Today there is nothing easier than having your finances fully automated. This is not just about setting up your bills so they are paid on time each month. It is actually more about automating your retirement funds. The only way to make sure you do not spend money as it comes in is to have it removed before you even get it. It is possible to have your retirement investment funds removed prior to your check being cut. You simply automate it to come out, go into the account, and get the leftover amount direct deposited. In this way you can be sure that you are making your retirement funds grow.
The idea in automating your funds is to optimize it so that you do not have to move your money around all the time. It frees up your time and it helps you from wasting money by forgetting to make payments or even to invest in a retirement account.
Generate more Income
It does take time to have an additional revenue stream, but you can definitely become wealthier. When you ask how can I become rich—the answer is in how much you make. To have money sources in addition to your mainstream income is imperative if you want to have a solid financial future.
Passive and Residual Income
Focus on residual and passive income. You have the option of getting money to making money for you without doing too much. When you have more than one income stream this means you have investments that are paying dividends as well as other income coming in. Real estate is an option of passive income. You are doing nothing but letting someone rent a property, and getting paid for it. This is a definite way to increase income without spending a lot of time on it. Also, you can invest in some approved PAMM managers: https://www.liteforex.com/asset-investment/
Libraries are Friends
Wealthy people read. Libraries ensure that you can invest in yourself. You simply need to read a variety of different books, articles and other publications in any form from audio to real books. You don’t have to spend money when you borrow from the library to learn new ways to improve yourself and answer the question “how can I become rich.”
Investing in the Boring
It sound a little strange to say that your income and dividends from investments should be boring. You might be looking at multiple monitors and charts, watching CNBC in hopes of being rich, but honestly you probably are not making money. The only way to make money with investments is to take out the emotions, drop the excitement, and truly see what is happening. If you invest like it is watching grass grow or paint dry then you are doing things right. Excitement is for places like Las Vegas, at least according to Paul Samuelson. By the way, here you can find some conservative managers for boring investment: https://www.liteforex.com/asset-investment/pamm-monitoring/
Keep Track of Progress
Whether you are making a lot of money and becoming richer you still need to keep up with what is happening. It is imperative that you track your progress as you increase your income. Watch your entire picture from taxes to investments because with focus your finances are going to grow.
There are extremely frugal people in the world and even they can find ways to cut an additional 10% from their financial expenses. You too can invest in yourself and save 10%. If you take that 10% for training, paying off debts or putting it towards a business you are going to be better off than letting it waste away as you may be currently doing. See what your expenses are by going through it line by line. See what you can cancel, reduce, or stop doing in terms of spending to find that 10%. Chances are there are hundreds of ways to save—you just haven’t found them yet.
Hang Out with a Wealthier Crowd
You need to remember that your network is actually going to impact your net worth. If you hang out with rich individuals then you have a chance at becoming a part of that group. It tends to have a “domino effect” because you will want to strive to be as hard working as those in your circle. Of course it doesn’t mean they all have to be rich in finances it can also be about health, confidence, and happiness. Just remember your definition of wealthy and you will know the type of person to find when it comes to a great network.
It is true that some individuals have no goals at all. They do not want the disappointment of not seeing their goals pay off. Yet there is also the opposite where someone goes to the extreme to create goals often having too many and not knowing where to start.
It is best to have one challenge at a time. Once that works out then a new goal can be met. Your life has to be about one thing where you have a focus on a single goal. You need to have less stress, fewer goals, and less distractions in order to increase your income and have a better lifestyle.
Now that you have read through the 15 different steps you can take you should be able to answer the question “how can I become rich.” You know what it means to be wealthy both in financial and other areas of your life. Even though the steps seem common sense and fairly small to tackle they are going to make enormous changes to your life. Your new and more well thought out actions are going to lead to better results in the end.
Share it with your friends to take them into your new life!
And, do not forget to let us know about your own ways to become rich in the comments below!
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.