Here are 13 tips on how to become rich fast through wealth accumulation like crazy.
How to become rich fast can be explained in two sentences:
- Your expenditure must be less than your income
- Invest the balance wisely and you become rich sooner
The three golden rules of becoming rich the hard but proven way:
- Spend less
- Earn more
- Invest wisely
Follow these simple rules until you become rich and ultimately wealthy like Mr. Buffet or Bill Gates. If these two richest people could do it you too can. That’s what essential wisdom dictates. It’s true, it’s real and it’s doable by truly yours – you.
What to do with the money once you have it in plenty? The three most satisfying uses of money are:
- Investing it – to make more money
- Giving and sharing it – with family, the needy and charitable organizations
- Fun – to enjoy life to the fullest
This way you will experience good health both mentally and spiritually. It’s the right way to spend your money and more shall come your way. Here are 13 tips on how to become rich fast through wealth accumulation like crazy:
1. Develop Daily Wealth Accumulation Habits
Success is born out of good and productive habits. Positive habits bleed success like nothing else on this planet. Thomas C. Corley, a writer cum researcher, said; “Change your habits – change your life.”
Bad personal habits cause; poverty, sadness, stress, bad health, bad relationships and poor life.
Good habits bring; wealthy, happiness, good health, love, productive relationships, good life and a feel-good factor.
What to do to develop good – rich habits:
a) Self-improvement – change and you will change your life
b) Mentality – Believe you are already rich before you make it
c) Think positively about money and life
d) Exercise to stay fit and healthy
e) Be a friend to successful people
f) Write and pursue your goals with passion
g) Wake up before 5 a.m. every day to read, exercise, meditate, shower and eat a protein-rich breakfast
h) Create multiple sources of income to guarantee financial stability
i) Get yourself a wealth creation mentor to guide you
j) Become a mentor yourself to help others
2. You need a wealth plan as taught by Franklin Benjamin centuries ago
What should be in your wealth creation plan? The following need be in the plan:
- Realistic expectations
- Controllable outcomes
- No worry – never worry again about anything
- Spend on essentials only – cut spending on non-essentials
- Save till you feel the pain – save like crazy
- Invest savings smartly
3. Save 50% or More of Monthly Income
Save as much as you can possibly afford to. The best is saving 50% of your income to build wealth quickly. This is possible if you are young and yet to marry. There are people who saved 70% of their monthly earnings and after wisely investing 10 year accumulated savings got hugely rich within 20 years.
4. Invest Shopping Change – Loose Change
The insignificant amounts from your shopping can accumulate to large amounts in the long run. Have respect for coins and small denomination notes. These can add up if regularly saved and invested in an interest-earning account.
5. Know What You Want Out of Life – Write Goals Down
To truly know what you want out of life, sit and develop goals. Write your goals and develop a plan how you will achieve them. It’s only after you have set a target you can have something to aim or shoot at.
6. Always Negotiate to Pay Less
Negotiating is good and its fun. Try to cut a deal that favors you. When a chance to pay less comes up, please take it. Thus, learning to negotiate can save you a lot in the long run. (Use AOA’s low-cost screening service and save money with AOA’s Group Insurance Plan!)
7. Strive to Earn More than You Did Last Year
To become rich you need to improve your earning capabilities continuously. Your income shouldn’t stagnate, it should grow every year.
8. Invest in Continuous Education to Better Yourself
To change your habits from bad to rich, you need to change. Change can be brought about by continuous education. Thus, it’s a good idea to continuously pursue education. That’s what self-improvement is all about. (Attend AOA’s FREE landlord seminars!)
9. Start a Business
After saving money for a few years, you need to invest some of it in a small business. Small businesses usually become big with time if managed properly. A business will eventually accelerate your wealth creation efforts.
10. Stop Working for Other People – Work for Yourself
Once your business is self-supporting, you need to stop working for other people. Stop being a slave. Become self-employed because it’s the right thing to do.
11. Stop Buying Things You Don’t Need
If you can do without it don’t buy it. What is the need to buy 100 inch TV screen when a 40-inch one will serve you well?
12. Find and Solve a Problem
The best and fastest way to become rich fast is to find a people problem and come up with a lasting solution. Bill Gates found a problem and CREATED Windows to solve the problem
13. Money is a Tool – Let It Work for You
To become rich fast you need to make money work for. Money makes work easy. Money can by experts. It can take you to place you have never been before if you let it. Thus, learn how to make money work for you to make more of it.
Go simple with your investment strategy: When your investments amount to less than 10 million don’t go for complicated investments. Simple is the name of the game. Go for clear, easy-to- understand and implement investment models
Two of the easiest investments vehicles are:
- Real estate
- Mutual funds
After your investments go over 10 million you may reconsider your idea to remain a simple investor.
How to become rich 13 tips are meant to inspire you to take action. You were born to succeed and you can succeed if you believe you can do it. Good luck with your efforts to become and stay rich.
Steve Wanjie is an Expert Article Writer; a leading Nairobi based Kenyan Blogger, Blogging Consultant, Businessman and a retired school teacher. He is the founder of WINCEP, (Wisdom Nest Community Education Programme), based in Soweto slums, Kayole, Nairobi Kenya.
Article Source: http://EzineArticles.com/expert/Steve_Wanjie/403612