- Personal Finance
Steps to Become Wealthy
Being wealthy is everyone’s dream. To live a life where you have no wants. To buy whatever you feel like, to travel the world and get up each and every day knowing you have financial security. But unfortunately most of the common Joe does not live that life and most go from paycheck to paycheck. The worst part is if you miss a paycheck you might end up broke, unable to pay your rent or even buy simple necessities such as food. Many of us are living on a thin line between paycheck and poverty, which is a sad way for any human being to go through life. But being wealthy is not for magicians and it certainly is not elusive. If you make up your mind to work at any goal, then chances are eventually you will reach it.
But what does it really take to become wealthy? Does it mean that you get lucky and win the lottery? Or you run off in the sunset with someone who is already wealthy and hence piggy backing off that person financial stability? Or does it mean getting a huge inheritance from a family member? Well, the truth is that many people have accomplished all of what I just wrote. That is called easy wealth and it is a fairy tale for just a minuscule of individuals. But if you don't fall into any of those categories mentioned, you can follow the steps below to become wealthy.
1. Create and Review Goals
If you want to become wealthy, you must have some goals and objectives insight which you are working towards. Whether that goal is to create a new technological device or sell the most brownies for the next 10 years, you have to have your eyes set on some kind of achievement which will give you the drive to make money. I have heard so many people say that they want to make money and become wealthy and when you ask them about their plans and goals they are blank, they have none. Here are some basic steps to create some plan of action for wealth.
- Look into Yourself
- Look at What Consumers Need
What can you do? Are you skilled at anything? Whether it be mechanics, art, cooking etc. What can you do to begin your dream of creating wealth that is within you and not someone else?
What kind of Service or product can you offer that no one else id offering? Or, can you offer the same service much better? Most of the times you don't go reinventing the wheel, just add your own talented flavor. When you have your goals and plan of action documented, then you can get the cogs turning.
2. Take Risk
They say that the bigger the risk, the higher the gains. But what you must always remember is that your risk must make sense and that an actual and sensible can be achieved if that risk works out favorably. You cannot be afraid to step out and try new ideas and creations. This is the core of becoming wealthy. If you make a dollar and take that dollar and hide it under your pillow for one year, two things can happen to that dollar.
1. It stays there and gains no value
2. You lose that dollar (Missing or destroyed)
Now if you had taken that dollar you gained and invested that dollar, chances are that you would have seen smart returns on your money and that dollar would have grown from a baby to a great grand.
3. Have a Dedicated Money Creating Habit
What this means is that you have to make you actions to create wealth a standard habit. It has to become a part of your character. This habit will ensure the continuous growth of whatever venture you have gone into to create wealth. So let us say that you are investing into stocks and bonds as a way to make money. If you want to truly create wealth, following up on stocks and bonds and continuous investing and reinvesting has to become a part of your lifestyle. You cannot just do it one time leave it up to Santa and his elves to continue the work for wealth. Creating and maintaining wealth is a continuous process, you can only stop creating wealth when other people are creating it for you!
4. Don't Place Your Eggs Among Snakes
I have sort of twisted this old saying a bit. Don't put all your eggs in one basket. This is always a bad idea, even if you believe you have a sure shot of getting rich by doing this one thing. Murphy was no fool and his laws are quite effective. This of course doesn't mean you are going to spread thin. Ensure that whatever avenue you choose to create wealth, there is a backup plan in case things go down the drain and you can quickly bounce back from the mistake and put back the cogs to work.
Never let your ideas run with corporate snakes without some kind of legal document giving you full credits for your work. The world of money making can be a fox and rat place and if you don't run among the foxes, then you are a rat. Many ideas and investments have been stolen and continue to be stolen up to this very day.
5. Proper Time Management and Knowing
How many times have you heard money is time? Creating wealth has no time for slackers. Time management is essential in the business world. As a matter of fact, some may say timing is everything. Whether it be catching that deal at the right moment or just ensuring that things flow according to time.
You cannot create wealth if you don't know what is happening in the world friend. And it doesn't matter what avenue you chose to create wealth. Everything we do is intertwined. You have to look at things globally today instead of just eyeing your own tiny area. What you know happening in one country, may just affect how much money you are able to make in yours.
If you really want to make money and become wealthy you have to make up your mind to start now. Pull resources from behind very ear if possible, take calculated risk and monitor your investments with an eagle's eye. Making money and becoming wealthy will not happen overnight, you will have to put in the mind and footwork to realize your dreams and make them become a reality.