Books have been written on this subject, how to become wealthy. I am going to give you the highlights in the next few paragraphs.
There are obviously many ways how to become rich. Many are from doing things the majority of us will never be able to do.
For example, Mark Zuckerberg is the 6th richest person in the world with a real-time net worth of $51.1 Billion according to Forbes.
He founded Facebook. We will never do that.
So what can we do?
I love how this guy thinks.
Forbes has him as the 3rd wealthiest person in the world at $67.5 Billion.
He made his money investing so it makes sense he would offer advice on how to become wealthy doing that. One of his tips is fearful when others are greedy and to be greedy when others are fearful
Here is another one. “The difference between successful people and successful people is that successful people say no to almost everything.”
If you look at really wealthy people, you are going to find they had laser-type focus. The average person will never become rich unless they focus on one way to get there.
Here is some more from Buffet. “What an investor needs is, the ability to correctly evaluate selected businesses. Note that word ‘selected’: You don’t have to be an expert on every company or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.”
You can pick up his biography here.
Start Saving Early
The average median income in the U.S. is $51,939.
What is yours?
If you were to invest 10% and earn 6.86%, which is the annualized return from the stock market since 1871, you would have $745,000 when you turn 65.
This is possible for anyone serious about becoming wealthy.
I think we can agree that having $745,000 is going to make you wealthy compared to the average person in America who retires with nothing more than social security to live on.
Set up an automatic way to save and have 10% held out of your check every month. Forget about it and do not touch it!
Cut Monthly Expenses
One common problem many people have that will prevent them from becoming wealthy is they live life like there is no tomorrow.
Not only do they not have a plan financially, but they spend all of their money as fast as they are earning it.
We have addressed savings.
Now we need to talk about cutting your monthly expenses.
This is where you’re going to address whether you want to become wealthy in the future or not.
I’m not talking about cutting your basic commodity items such as rent, food, and so on. What I am talking about is finding ways that you can reduce your expenses, so you are achieving at least 10% savings every month.
I read other articles where the writer talks about cutting out your cup of Starbucks every morning and that can save you $5 which is $150 a month. I don’t know if it’s feasible for you or not, but what I do know is it helps get you in the frame of mind to find expenses you could cut to assist you towards your goal of becoming wealthy.
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Of course, another thing you can do beyond saving 10% and cutting expenses, is to make more money every month.
If you find that you’re just barely getting by, and cannot make adjustments regarding cutting costs, so you have that extra money to save, then look at how you could earn more.
This is where starting an online Internet business can come into play. It’s possible to make money on the Internet from the comfort of your home and spend very little money every month to do it.
For example, you can start an affiliate marketing business and only have two expenses. Buy a domain name which yearly cost around $15, and set up a website hosting for a blog which will run you under $10 a month.
I would also suggest that if you investigate and like this business model, you get a premium membership with Wealthy Affiliate, which runs you $47 a month. This is not money that is going to come out of your paycheck from your other job but should be a business expense that your online business covers.
The great thing about affiliate marketing is you can scale it to as large of an online business as you want once you get your success system in place. This is not hype, but actually, a real way that you can earn more every month to improve your lifestyle and help you become wealthier quicker.
I’ve given you some basic ideas on how to become wealthy. None of this is pie-in-the-sky!
You can, and should control your monthly expenses in a reasonable manner. You should save the least 10% every month and put it away where you are not touching it.
If you are doing these things now and find you have more “month at the end of the money”, then look at various ways to earn more every month. In my viewpoint take a close look at Wealthy Affiliate and how you can make money doing affiliate marketing online!
In case you want to read an excellent book on the subject of how to become wealthy check out “How Rich People Think” by Steve Siebold.
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