Unfortunately, not all of us are born rich. However, that doesn’t mean you can’t become rich yourself. I don’t care who you are. So many people think this way, but if you change your mindset, a lot of great things can happen, I promise you that.
In today’s post, I wanted to talk about some simple strategies you can implement to become rich from absolutely nothing. Of course, it will take some work on your end, as no money comes easy, but implementing the right strategies can at least put you on the right path.
If you’re serious about building your net worth, then this is the guide for you. In reading it, I can only hope it can drive you to see a lot of success in the future.
How to Become Rich From Nothing
Focus On Your Mindset
I’m a firm believer that what you think is what you can become. If you think you will never get rich, then, what do you think is going to happen? You won’t get rich. Instead, you will blame all of your misfortunes on the world and not take a close look at yourself. I was a believer like this once, but I got fed up with this mindset since I knew no one cared about me and how I grew my finances. I saw other people getting rich, so I thought, why can’t I? I have the same brain and the same willpower, so I will figure out what it will take to get rich, even though I didn’t have much and didn’t come from a rich family.
The point here is that you can change your poor mindset into a rich mindset, it’s just going to take some time. What I recommend is that you create a vision board of sorts, where you will list all of the things you want, from tangible goods, such as a car or vacation home, for example, to a money milestone. Do you want one million dollars by 45 years old? I don’t have the answer for this, only you do, but creating this vision can create a plan, which brings me to my next point.
What’s Your Plan?
When you create that vision board, it’s great to dream, but how are you going to get to that goal.
Let’s use that one million by 45 years old. If you’re 25 and only have $5,000 in the bank, is it feasible to do what you’re doing now? Probably not if you’re making $54,000 a year; however, it’s doable if you’re making six figures.
The best step to get rich is simply by creating a financial plan. You have to break down your goals, both short and long-term, and figure out how you’re going to reach these goals. Calculate the numbers and see if they make sense.
Again, if you’re making, let’s say $6,000 a month after tax, then you may be able to save $2,000 a month comfortably, which means you could save $25,000 a year, not including interest gained in investments. So, if your short-term goal is to save $25,000 in a year, then it’s doable in this situation.
Every situation is different, and calculations are usually very easy to figure out. Knowing what you want and what you have right now can determine how you can reach those goals.
Budget and Start Saving ASAP
You can’t get rich if you don’t track your money. If you have a budget and you have some money left over, then great, it’s time to amp it up and start saving aggressively to meet whatever visions you may have.
If you’re short on cash at the end of the month, what can you change?
Can you get rid of some streaming services? Cut down on your cell phone bill?
You only have the answer, but I promise that you can cut your budget by at least 10 to 20% by cutting some expenses. For example, just cutting out a few restaurant trips throughout the month can easily save you $100+.
As long as you know sacrifices have to be made, your path to being rich can become a success. Just bear in mind that you have to live below your means to see success. Living below your means is the only way to see a surplus at the end of the month that you can invest.
Create More Income Streams
Even if you’re living comfortably and paying the bills, there’s always room for more income.
Looking back at your financial plan, can you reach your goals with the income you’re making now? Chances are no, but if you’re shaking your head yes, then that’s great. You may not need to find more income streams, even though it doesn’t hurt.
Diversifying your income and bringing in multiple streams can help you achieve your financial success. And, the great thing about today’s technological era, it’s easier than ever to make money from home or even on the side.
I won’t get into the many ways to create additional income streams as there are so many, but I will point you to a few guides I have written in the past such as 37+ side hustle apps and how to make $300 fast.
This is just a drop in the bucket, though. Think outside of side hustles, too. This can include dividends from investments, rental properties, etc. There are a lot of ways to make money out there. You just need the energy to put the effort in and earn cash to succeed.
Re-Think Your Job?
I don’t know your circumstances, but your full/part-time job may not be cutting it. If you’re writing down your goals and your full-time income doesn’t come close to what you need to reach them, then it may be time to re-think your career choice. This is another area where you need to have a positive mindset as there are a ton of jobs that can pay a comfortable salary and doesn’t require a six-year degree.
High-paying trades, such as an HVAC tech or electrician, for example, can pay a comfortable salary. The same can be said about starting your own business, whatever that may be.
I don’t know what you like to do, but there are plenty of career aptitude tests online that can help point you in a direction to a job that you not only love but pays more than the bills as well.
Look at those future financial goals and ask yourself if your current job can help meet them. If so, you may be good, as long as you love your job. If not, you may want to re-think this.
Don’t Forget to Invest
The rich don’t get rich by making $30+ per hour and buying everything they can get their hands on. It’s far from it.
The rich get richer by investing.
I mentioned, but it’s so important that this is high on your list as this is what’s going to help your net income growth. From investing in real estate to collect rent checks to investing in dividend checks. You want to create multiple streams of income that earn you a lot of cash while you’re sleeping.
The sooner you start investing, even if it’s $20 per week, all adds up 30, 40 or 50+ years from now.
Find a Mentor and Learn From Them
Find someone who’s doing great, whether it’s someone you know in real life or even on YouTube. Even if you don’t know the person, you will be surprised as to how much information YouTubers share in terms of managing money and how much they make. And, no, you can find someone who won’t charge you $299 for the information.
Learn from these people to see if you can gain some skills to further your financial situation. If you know someone in person, figure out how you can work with them.
Networking is key.
Stay the Course
Lastly, stay the course.
And, what I mean from this is that you won’t see success overnight. Rather, it could take years before you start to see the fruits of your labor.
As long as your plan makes sense on paper, it should work. It just takes time!
It can be challenging to save thousands a month, only to see a few hundred dollars in investment growth. This is completely normal as long as you’re investing in legitimate investments. Don’t expect to get rich overnight or find the next cryptocurrency that will make you a millionaire by next Friday.
If it were that easy, wouldn’t everyone jump on board?
With a little work and planning, getting rich can be done. You just need the money to do so, of course. And, even when you earn that cash, you need to invest it wisely.
This was meant to be a simple guide to show you the possibilities, but I want you to have a positive mindset as this is everything in becoming financially free. If you think negatively, what do you think is going to happen? Don’t blame your poor choices on the world. Rather, look at what you can improve. If someone else is doing it, why can’t you?
For now, I highly recommend you read the book, The Millionaire Next Door. It’s one of the best books I have read in the financial realm and really opens your eyes as to how the “rich” live. What I wrote is only the tip of the iceberg. Educate yourself as much as possible to see success for years to come.
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