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Getting rich or becoming wealthy have become the goal of every individual on this planet earth trying to make a living. With an unstable economy and a lot of global chaos one most wonder if it is possible to become wealthy at times like this. Even with the global ups and downs and the different economic crises in different regions of the world. A lot seems to be making it and there is a fair share of those who think it is impossible. This could attribute to a lot of factors which will be discussed another day.
Experts over the years have shared truthful ideas on the road map to success and there is a current trend of what to do that could make one rich. Nothing is wrong with all those tips, but they are not working for you for so many reasons. See this content as a verification of what could really make you rich and what will just help you live below your means. Why? Because financial stability is a different ball game compared to getting rich. So, let us dive into the truths and lies about getting rich and you can figure out for yourself what you need to do to get wealthy
Lies about getting rich
1. Frugal Lifestyle: Adopting a frugal lifestyle cannot get you rich. Trying to live a cheap life of cutting down all expenditures and spending less money on things like groceries will not make you rich. Frugal living seems to be the trend now and if you happen to be in places like Pinterest it is a hot topic when it comes to personal finance. But I hate to break it to you, being frugal will not get you rich.
2. Saving Money: When it comes to personal finance, saving is my favorite topic and I have written a lot about it. However, it cannot make you wealthy. I see a lot of content with headlines like “how to save and become rich” and I say to myself “what a lie”. If saving could make people rich, I will be stinking rich by now. I am sure you too would.
3. Managing your Finances: A proper handling of your income which includes planning, budgeting, discipline, prioritizing, and saving will not make you rich. These are all good spending habits that you need to start practicing.
4. Settling your debts or making sure your credit card is up to date will not make you wealthy.
Here is what the above can do for you
Living a frugal life is something anyone struggling with their finances should consider as a lifestyle. Being frugal can help you cut down some expenses which in return can help you save. That is just about it when it comes to adopting a frugal lifestyle.
Nobody ever regrets saving money read how it saved me and if you are not keeping something from your income for future use you should start. However, it will not make you rich. Saving does a lot of things, like making you financially secure and giving you a nice vacation. But the best part of it for me is it allows you to invest or start a business. Only if you make the best use of it then your savings will work for you. Hence, learn how to save your income.
As I clearly stated above managing your finances is just a principle for you to adopt and it stops there. It is not wealth creation therefore it will not make you money.
Is it not obvious that settling your debts cannot make you rich? I mean when you see a post telling you paying off debts can do you anything other than making you debt-free. Please avoid it. I have settled all my debts and I am still a broke girl trying to fix my finances. Moving on…
Truth about getting rich
1. Starting a business: Starting a business comes with a lot of benefits one which is financial freedom. Hence, yes, it will make you rich. Though starting a business comes with a lot of ups and downs it can still make you lots of money and eventually make you rich. Maybe you should read how to grow your small business if you already have one. If you are still doubting read reasons that will convince you to start one.
Maybe I cannot convince you enough that starting a business can make you rich then do your research. Just Google the rich people in the world or even your country and see what they do. I have gone too far even around you the people who are doing well financially have one business or investments here and there.
Starting a business in this millennium is easy. There are some you could start with zero capital and some with as low as $100. Not only is it easy but business can be online or offline, and we have online entrepreneurs making millions.
2. Making Investments: Just like having a business gives you profit so does making investments. Making investments comes in so many forms. Though it comes with high risk, I mean so is life. But when you invest in the right things getting rich becomes easy. I know a lot of people who got very rich from investments and if you need an example check out Warren Buffet.
Because I am not an expert in making investments, read and learn from the best in case you plan on considering it. So, you can know when to invest and how to invest and even the best stock to invest in.
3. Solve a problem or Invent something new: Do not think too far, I am not meaning the Albert Einstein kind of invention. Let me give you examples of what I mean by solving a problem or inventing something new.
If you are a developer or programmer, how about creating a new tool or app that could solve a problem. I mean Facebook is already taken and Mark is already a billionaire. However, there are so many untapped ideas out there. New problems keep arising and someone needs to solve them. The online world of business keeps expanding. Your tool might be the one solution thousands of business owners need.
How about starting a service business that provides solutions to the problems people need help with every day? I have a friend who started an errand business. The structure of the business, for now, might not be strong. With the high rate of busy mums and dads, I have no doubt this business will do good very soon. If you think hard you might discover something new.
Getting rich or becoming wealthy is all about channeling your idea and income the right way. Making wise investment decisions and starting a profitable business. Be it online or offline the opportunities are limitless.
Think of a product to reinvent, it must not be new but there can be a new twist to it. This can apply to services too. There is nothing that is not out there yet. However, your perspective and idea are not out there and that is what the world needs.
Procrastination is dangerous, no matter how unique your idea is someone has the same on their minds. Hence, do not hesitate to start now if you really want to be financially stable and in the nearest future be rich.
If I haven’t mentioned any real way of getting rich drop a comment and if you have a different opinion about something I mentioned? I will like to hear it.