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How to Become Rich - Without Robbing the Bank

Updated on April 25, 2012
Sitting on the doorstep...looking at the garden... dreaming...
Sitting on the doorstep...looking at the garden... dreaming... | Source

Ever sit on the back porch in the sun on a warm, balmy day ...

and daydream about winning Lotto?

I have.

I can easily work out what I would do with it, but I haven’t really thought about what I would need most, if I had that much money at my disposal.

Lotto is a one in so many million chance of winning, and why should I leave my dream life to “luck” anyway when I can make my dream come true myself…

Let me elaborate - by looking at how to become rich

- and what is involved in the process.

How to Become Rich - Beginnings

Wealth doesn’t come along by itself and although there are children born into families considered rich by today’s standards, there are still things they need to know in order to maintain their wealth as they become adults.

Man seems to have a love-hate relationship with money, as there are many thoughts around being rich, having lots of money, being considered wealthy etc…

There are many terms for having lots of money such as ‘filthy rich,’ ’stinking rich,’ ’filthy lucre,’ ‘in the money’ to name a few… which all seem to be taken from the viewpoint that having an abundance of money is bad. I would agree with the phrase in the Bible that it’s the LOVE of money that is at the root of all the problems associated with it, and not the having of money that is the issue.

No money on this tree!
No money on this tree! | Source

So, let’s start at the beginning for you – if you are anything like me, you grew up in a family and your family was not rich; perhaps a little poor or always just not quite having enough money; or perhaps just ‘scrapping by.’ Your Mama or Papa would say things like, ‘Money does not grow on trees, you know….’ or ‘What do you think I am, made of money?!’ or maybe something like, ‘Look after the pennies and the dollars will take care of themselves!’

The first step in learning how to become rich is to look at how you view money, and change the way you think from a ‘poverty’ mindset to a ‘rich mindset.’ How do the rich view money? Primarily as a tool, and that there is plenty of it, it can always be got.

The difference here is that a person who has not much money thinks there is not much money available, and a person who has an abundance of money knows there is an abundance of money to be had.

Spending time with grand-child
Spending time with grand-child | Source

How to Become Rich – What Does Being Rich Mean to You

For some people having lots of money is their definition of being rich, but let’s look a little deeper… What does having that much money DO for you? If it means you can buy anything you want when you want, what is that doing for you? What does happiness mean for you?

A sick wealthy man will tell you he would give all his money just to be healthy again, because he knows he can get more money but he may not necessarily be able to get well.

Not many wealthy people will say on their death-bed, ‘I wished I had more money!’ but more likely ‘I wish I had more time with you and my family and friends…’

So, secondly, you need to decide for yourself what being rich looks like for you… It may not mean you have a stash of cash in the bank, but rather, a family life that means the world to you, a career that is satisfying, and opportunities to give into your friends and your community’s life for good.

Wads of Money
Wads of Money

Or, if you do have wads of money, what is it that it gives you?

Is it time to develop other interests, help various organizations, or family members with stuff they want help with?

Is it about traveling and seeing the world we live in?

Is it about inputting into children’s lives, yours, or your grand-children’s or other people’s?

What does having that money mean to you in terms of what it allows you to do, that you would not normally be able to do?

How to Become Rich Resources - Get Educated in the Ways of Wealth

How to Become Rich – Practical Steps

To become rich without starting up a business or coming up with an invention or product that people go mad for, takes time.

Obviously the earlier you start the better, but even later in life, you can still amass significant wealth if you desire it.

The steps to creating your wealth and becoming rich:

1. Find out what being rich means to you and write this down. For example – you may desire to live in a house by the beach and paint.

2. Decide what you need to make this happen. For example – how much money will you need to live on in order to live your dream

3. Set your goal and work out where you are now (A) and where you want to be (B), and work out the steps backwards necessary to get from A to B.

4. Write down your goal and all the steps necessary to achieve your goal, one step at a time. Break it down into smaller steps as many times as you have to in order to make it manageable.

5. Keep your goal and the steps to achieve it in mind for every decision you make. Every day you need to do something to progress yourself toward your goal.

6. Budget your money along these basic lines – save 10%, live on 80% and give away 10%. If you find this difficult to begin with, save 5%, live on 95%, but you want to aim for the above ratio. If you are in debt, get out of debt first, by paying down each bill as much as possible and when one is paid off put that payment onto the next one. Pick the ones with the highest interest rate to pay off first.

7. Live within the amount of 80%-95%, and always give and save the first portion of your income. If possible, do not use a credit card, and pay cash for essential items. Ask yourself when you want to buy something is this necessary, and what will happen if I don’t get it, before you make your decision to purchase.

Never put all your eggs in one basket
Never put all your eggs in one basket

8. As your savings increase, make your money work for you. Invest in managed funds and never put all your eggs in one basket. When you have sufficient for a deposit buy Real Estate as this is also a reliable way to make your money work for you.

9. Learn the meaning of an asset and a liability and when you want to buy something ask yourself if it will make you money or lose you money. You want to make money and keep it to make more, not lose it.

10. Be sure to give yourself small rewards as you achieve the steps and milestones along the way in your journey to your ultimate goal. Keep your long-term goal as your focus.

Remember also to enjoy your life in the meantime – don’t forget to smell the roses and remember why you are doing this. Always make time for your family and friends. Having a good life and no-one to share it with, is arguably not a good life!

Smell the roses along the way...
Smell the roses along the way... | Source

How to Become Rich – Save Today for Your Dream Tomorrow

Very briefly, saving and making your money work for you is the way to slowly but surely accumulate wealth. As you save, choose wisely where you place your money so that it works for you and makes more money.

You also will want to look at the options available to protect your investment and cover the risk factor.

This means insuring your time and money is protected with adequate insurance cover and that you have the correct products for your lifestyle and goals.

When saving your money, you will also want to explore the options of superannuation schemes and the benefits of each one. The company you work for may have a scheme that they also contribute to, the government also may contribute to certain schemes, and then there are different tax scenarios to consider.

Do some research, but at the end of the day, you may engage the services of financial planner to short-cut the process; and this can be considered money well invested. Getting good advice to begin with, can save you a lot of time and trial and error – thereby saving you money and getting your plan on track sooner.

In short - have a goal, write it down, work out the steps needed to implement your plan and then put it into action. There are tips and tricks to making it easier and getting good information and advice will speed things up for you. There are many resources available that you can easily access that will help you with this.

Keep your plan in focus and don’t lose sight of your goal.

You will achieve your desire as you consistently stick with your steps and make steady progress.

Does Money Worry You? Want to Talk About It?

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    • Johanna Baker profile imageAUTHOR

      Johanna Mary Elisabeth Baker 

      5 years ago from Christchurch, New Zealand

      Thanks for your comment on my hub, SonQuioey10 . Glad you enjoyed it, Jo

    • Johanna Baker profile imageAUTHOR

      Johanna Mary Elisabeth Baker 

      5 years ago from Christchurch, New Zealand

      Thanks Benjamin for your comments - it is always gratifying when sharing information benefits another person, thanks again. :-)

    • profile image

      Benjamin Chege 

      5 years ago

      Awesome Johanna Baker. This hub made me change my view on creating wealth. I will surely apply those practical steps and realize my dream of making money work for me.

    • profile image


      5 years ago

      Nice hub. Great advice for the soul looking to be rich. There are definitely some decisions to be made concerning ones own happiness.

    • Johanna Baker profile imageAUTHOR

      Johanna Mary Elisabeth Baker 

      5 years ago from Christchurch, New Zealand

      Thanks bac2basics for your insightful comment. More is not necessarily better anymore, is it?

      It is a pity that today people are driven by instant gratification, which only seems to produce greater unhappiness and discontentment...

    • bac2basics profile image


      5 years ago from Spain

      Hi Johanna. Great advice in so many ways. Savings no matter how small the amount you put into them on a weekly basis are the way to go, and for those who think it cannot be done ask yourself this when you go shopping " do I really need this or do I just want it" ? Thanks for the follow ,I am about to do the same for you :)

    • Johanna Baker profile imageAUTHOR

      Johanna Mary Elisabeth Baker 

      6 years ago from Christchurch, New Zealand

      Thanks Suziecat7 for your comment.

    • suziecat7 profile image


      6 years ago from Asheville, NC

      Lots of great advice in this Hub. I am rich in so many ways despite the fact that I'm basically money poor. Interesting read and I'm a fan.

    • Johanna Baker profile imageAUTHOR

      Johanna Mary Elisabeth Baker 

      6 years ago from Christchurch, New Zealand

      Thanks Lyn for your insightful comments. It is true that not having to worry about where the next meal comes from and getting our needs met certainly makes a difference to how we feel in ourselves.

    • Lyn.Stewart profile image


      6 years ago from Auckland, New Zealand

      I agree that living life makes you the richest person in the world.

      I also believe having money mean we don't have as many worries what we can afford to eat or what bills we can affort to pay each week.

      rated up and useful. Thanks for sharing and I hope this insires people to follow their dreams and make them achievable.

    • Johanna Baker profile imageAUTHOR

      Johanna Mary Elisabeth Baker 

      6 years ago from Christchurch, New Zealand

      Certainly have made them and definitely eaten them... thanks for your comments hawaiianodysseus

    • hawaiianodysseus profile image

      Hawaiian Odysseus 

      6 years ago from Southeast Washington state

      Well-organized, efficient, and pleasantly delivered! I love your style and your topics, Johanna!

      Recently wrote about an ANZAC tin my wife found in a thrift store in Oregon. Have you ever baked those wonderful cookies? Just curious...

      Thanks for the follow, and I'm reciprocating as fast as I can move my cursor up this page! Aloha!

    • daisyjae profile image


      6 years ago from Canada

      Definitely writing down your goals can help you achieve them, no matter what they are. You need a clear plan for sure.

      Rated UP & useful!

    • Tricia Ward profile image

      Tricia Ward 

      6 years ago from Scotland

      Great hub , really well structured. Thanks.

    • Millionaire Tips profile image

      Shasta Matova 

      6 years ago from USA

      A lot of people do seem to forget that money isn't everything - sure we can aim at having more of it, and your tips are great for that, but we do need to focus on the relationships and joy of life. You have provided a great reminder. Voted up!

    • Esrom Art profile image

      Esrom Aritonang 

      6 years ago from Indonesia

      I like how you write about rich in deepest meaning, when I read it I know it means love and gratitude about our life. Thanks.

    • Crystal Tatum profile image

      Crystal Tatum 

      6 years ago from Georgia

      I love how you turned the title of this hub on its head a bit and focused on the truth that money isn't everything. Still, as they say, money can't buy happiness, but it can buy you a yacht so you can sail right up to it! Good hub.

    • profile image


      6 years ago

      This is a good look into many very practical ways to enable a financially-secure future. Thanks for the tips!

    • joanveronica profile image

      Joan Veronica Robertson 

      6 years ago from Concepcion, Chile

      What a well put tohether Hub, this was a good read. Not for me, I'm too old do indulge in long time planning, but I gues I have already adapted to something similar, but more short term. I hope it gets read by a wide audience! Be happy!


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