The first step in getting rich is to put your mindset on the right path. Think like millonaires and billonaires. How does one get that mindset? Well, it’s fairly easy but it takes time. The process is to spend more time on positive things and on stuff that brings value.
There are two simple ways that will help you get the right mindset. Follow positive, millionaire mindset accounts on Instagram and Twitter. It would be better if you could create a new account on Twitter and Instagram. Follow 50 to 100 accounts and spend 30 mins to one hour on your timeline. The more time you spend the more value it brings.
The biggest advantage of spending time on these accounts is, you will start treating your failures and just setbacks and not failures. You will realize failure is a part of the journey and will develop the courage to face it.
Another way is to watch videos of entrepreneurs and CEO’s on youtube. It is something similar to reading a biography. The more watch and follow a CEO, you will learn how they would react in a certain situation. As the saying goes life is not what happens to you, life is how you react to it.
2.Use your Skill as Self Employed Expert
If you have good experience in your current job, try starting your own company or self employ, especially if it doesn’t require more investment. There are various professions like blogging, content writing, SEO’s, software development, etc which require less investment. And when you have good experience and if you think you can get clients using it, start your own business.
Not all people who have quit their job have become millionaires, but when you quit the job, train your self and if you become an expert at something, there is more chance of you becoming a millionaire.
3.Become an Inventor
This is just an extended version of getting self-employed. If you are working in an industry for five years, you should be knowing the problems the industry faces. This might be big or small. List out the problems, also list out solutions which will make the work easier or save time. Spend time on the list and think about the problems to which you can provide a solution.
Come up with a solution and create your own startup. Think of yourself as a problem solver. People who have achieved overnight success are mostly inventors ad problem solvers. Holding a patent for a big problem will make you a millionaire quickly and easily.
You don’t need to sweat, think about pay bills, how to earn money quickly, side income, etc. All you need to do is to find a problem in your industry and provide a solution.
4.Become a Co-Founder and Get Stocks
Your use expertise to become a co-founder and get stocks. Sometimes you don’t even have to become a co-founder, become an early employee in a start-up and allot some time and show you expertise and when the company grows your stock value will grow.
Not all startups win big, but in big companies like Apple, Microsoft, the early employees have become millionaires and rich.
The best way to do this is to list out things, where you can provide value and look for a startup that is looking for those skills and approach them. You can check r/cofounder on Reddit. This is a community where people post their requirements for co-founders and early employees.
5.Focus on your Expenses
One of the biggest problems in some people’s life is, they spend more than what they earn. So in order to get rich, you need to focus on your budget and control your expenses.
One of the best and easiest way to do is to either enter your expenses in an excel sheet or in a budgeting app. Try to enter every dollar to spend for seven days and have a look at your expenses. You will have an idea of where you are overspending.
The other ways are to look at your subscriptions right from mobile plan to Netflix, go through all your subscriptions, and compare your usage with the plan. If you can move to a different plan and save money do it. And if you are not using a product regularly you can cancel your subscription to save some money. Also, claim your incentives and cash backs from your usage, there are lots of free money which you can claim when you do a purchase or sign up for a service.
After saving enough money, use the rest to invest. This may differ from person to person, some may feel 50k is a good amount to keep in savings, and some feel 20k or 100k.
Keep the money which is you think is safe in savings and invest the rest.
The best way to start investing is to start small. You don’t have to invest 1000’s dollars at the beginning, you can start small with few hundred dollars, learn the environment and then start to invest more.
Some investment types include stocks, bonds, business, real estate, investment funds, and Bank Products.
7.Develop a Property
Developing a property is one of the easiest ways to get rich quickly. The scenario goes like this, get a loan to buy a property worth $250,000 and invest $50,000 of your own amount and remodel it.
Once completed you can sell it for $400,000. That is $150,000 profit in 6 months to one year. Also, there are risks to market changes and other things. When you are doing this for the first time, learn the basics of real estate and consult with the right people before starting.
You could also start small and gradually increase your investment. By picking the right properties and real estate you could get big money in a short time. Although there are some risks involved, in long run this has always proved to be one the best ideas to create wealth. Also comparatively the risk factor is less in developing real estate than other businesses.
8.Reinvest in Stocks a build a Great Portfolio
Often small investors tend to get upset when they face a bad day. When you trying to invest, make sure you set up a business plan and play for the long term. When you get profits, reinvest the money in stocks and shares and build a great portfolio.
Warren Buffet, one of the top five richest men in America has accumulated all his wealth in stocks and investing. When you plan to invest prepare your mind to remain calm in both bad and good situations. This will help to focus, think better, and make wise decisions.
Flipping is the process of buying a revenue-generating asset to work on it and resell for profits. One of the best and trending flipping method is to buy a website or blog which is already generating good revenue, work on it and then resell it for a higher price. You can also buy restaurants and other businesses and resell them for profits.
People also buy products on websites and stores which has offers and then resell them on eBay and craigslist for profits.
The biggest advantage with flipping is, you can start with less than $100. Look out for products that have offers, coupon codes, and promo codes, buy them, and resell them on sites like eBay.
10.Build Better Habits
Focusing on building better habits slowly and steadily has always given great results. Reading a book is a good habit. When you biographies you will learn how great people solved problems and overcame obstacles.
When you start you don’t need to read for hours. Fix a time and make sure you read at least 3 pages. Start small and do this regularly. In a year you could learn 5 to 10 books. As get the momentum to increase the timing and start reading more. Like a reading habit, focus on things that will make you better, start small and build it into a habit.
11.Create Multiple Sources of Income
Creating multiple streams of income will give you a good mindset. When you put all your money in one business and if you face a setback, you are in trouble. When you have multiple sources of income and one of your businesses do well you can always take the money and cross fund the business that needs it.
According to a survey, an average millionaire has seven streams of income. An author who studied rich wrote a book on how successful and rich people diversified their portfolio and ran multiple streams of income.
Running multiple streams also means, if you are not comfortable running the business or if you find it difficult you can sell it and invest your time in a business that gives you a good return on investment.
According to a rich habits study, three-stream of income seems to have worked out for lots of self-made millionaires.
12.Boost your Current Income
Find ways to boost your current income. If you are working in a company for a long time you could request a pay hike. Also, think about switching companies periodically if you think this might bring value to your career and income.
Also, use the opportunities from your job to earn more. Few companies provide incentives and attractive packages for people creating more sales and bringing value. Use these opportunities
13. Create a Financial Plan
Creating a financial plan will help you in many ways. It helps you to keep track of your expenses also helps you to check your current status on financial goals.
It is advisable to create both short-term and long-term goals in your financial plan.
First set your long-term goal and then break it down into smaller goals. It gives you great momentum when you keep achieving your short terms goals. Also, writing and spending time on your goals helps you to think more about them and achieve them.