Well each and everyone of us wants to get rich but most of us thinks and believe that getting rich only happen with some people. If I tell you guys about myself then I was also one of them because I also thought that for years. The reality is that getting rich is not out of reach of every normal person as “ The Millionaire Next Door” said that almost 80% of millionaires are first – generation.
You can also learn how to get rich and increase your chances of getting rich legitimately just simply stick to us and we will show you some tips & tricks to become rich quickly and genuinely.
So let’s get started!
- Deal With Your Money Situations
I am assuming that you don’t have that much money which you want to have if you are reading a post about how to get rich quickly and for real. There is a possibility that your money situations are extremely serious or you are struggling day and night to pay for your bills and expenses, or maybe you are just living a normal life but the thing is that you want to get rich quickly. No matter what is your situation but dealing with your money situations can really help you to get rich faster. Conceding that your current money situation is not what it could be can be tough.
It’s okay to concede those regrets and move forward and spend some moments being frustrated with yourself or your situation. Acknowledge your dissatisfaction that things are not at the place where you want them to be. Then get back to work and make a list of all of your debts. I advise you to start making list from small things to largest and including the debtor’s name, interest rate, monthly payment and total payment.
Now at this when you have finished making your list, now get another piece of paper and write down all of your assets. Also note down where are your all of the savings and other accounts located and what is your current balance of those accounts. The advantage of these two lists are that it will help you to know your actual net worth.
Now the next move you have to make is to make another list of all of your expenses, including your debts of every month to get the better estimate of your monthly expenditures. Now note down your current take-home pay and minus your monthly expenses from it. This step will help you to figure out that what amount you have left behind at the end of the month.
- Learn About Money
This is the second step on the way of getting rich. One way to learn about money is to read finance blog posts and second is to start reading the books about money. “You Can Retire Early” is one of the great books written by Deacon Hayes the founder of the well kept wallet. You can get this book by ordering it online on Amazon and it will help you in several ways.
Another option is to read books about investing, budgeting and different money aspects. Start reading different types of investment and find out which one is the best option for you.
If you learn about money then it will help you to find out different ways to improve your right ways of finances. Then you can build up more by using the next steps.
- Initiate Investing Instantly.
At this moment after following the first two steps now you have already learnt a bit about how to invest money. An essential part of getting rich is to invest money. When invested in a right way it can grow much faster than you could ever imagine. Give me a couple of minutes and I will explain you with an example what I meant.
Let’s suppose that you have found a way to earn or save extra $1500 per month and if you invest that money at the interest rate of 10% for next 20 years then in result you will have $1,087,480. If you invest $2000 per month at the same interest rate then in next 17 years you will reach a millionaire status and If you invest $3000 per month at the same interest rate then in next 14 years you will be a MILLIONAIRE.
I know that 14, 17 and 20 years might seems a pretty much long duration but as we all know that time flies so you can invest your that time period on your way of getting rich.
- Real Estate
Investing in real estate is another best option for you and if you are willing to do this then invest in crownfunded real estate. Investing in crownfunded real estate companies is an one way to invest money in real estate instead of spending hundred of dollars on a property.
If you are willing to start investing in real estate with low minimums, then the best option for you is to invest through Fundrise. The reason behind that is Fundrise is a well-known and a reputated firm that allows you to start investing in real estate with low minimums.
- Change Your Money Managing Plans
In this step we will teach you 3 most powerful tips to manage your money in a way that promotes wealth and we will also provide you the tools which you will need to change your money managing plans.
- The Zero Sum Budget
The purpose of your zero sum budget is to help you to ensure that your every dollar of your income has a job. It means that amount of your income which you waste on unnecessary items and unnecessary expenses every month is kept to a minimum. A zero sum budget is pretty much helpful especially when you are managing unstable expenses.
I agree that the management of fixed vs inconstant expenses can be quite challenging because in fixed expenses you have to pay a specific amount of expenses from your income every month which is a bit easier to manage whereas in inconstant expenses, groceries bills can be a bit much challenging but if you are managing your money by using a zero sum budget then this way you will be able to even manage your variable expenses in a better way, and also using it will help you to prepare yourself for the next step in changing your money managing plans.
- Handle Your Saving Like A Bill
As you are willing to get rich quickly then you start handling your savings and investing expenses like a bill.
If you find that you have a money remaining behind at the end of the month then the easiest thing you can do is to get into the habit of investing money but only if you find that you have some money left behind at the end of the month. The one and only problem in this strategy is that usually we don’t have any money remaining behind by the end of the month.
It is in the nature of the human beings to spend money about which you don’t even have a plan for. Your money will goes in couple of minutes if you see something which you need to buy or if you have the opportunity to do some fun.
Start planning your savings and investing plans as you plan your bills. If you feel the need to set it up on autopay then just do it. If you think that it will be a bit complicated then just budget it so this way you will have a set payment which will be going into your savings accounts every month you will receive your income. That way you will be saving a lot of money from your monthly income and also you can also ensure that your savings won’t take a back burner to daily expenses.
- Save All Of Sudden Money
Saving all of the sudden money is another best way of getting rich quickly. We all know that it’s quite easy to spend sudden money like bonuses, tax returns and the money you receive as a gift.
Instead of spending all of that sudden cash decide today that all of your sudden money will go into savings and building wealth. This can be an extra boost to your money saving program and it will also add up faster than you would think.
- Start Growing Your Income
This is the fifth and the last step of getting reach quickly and genuinely. The summary of this step is that the more money you have, the more money you can save and invest.
Other way round when you invest money and the interest you are earning is for yourself. So the important thing is that you need to increase your income so you can pay off all of your debts and you have more money to invest too!
For example, let’s suppose you were able to increase your income by $1000 per month. If you have invested that $1000 per month for the next 20 years at the interest of 10% then at the end of those 20 years the amount you would have earned would be $700,000.
Now that’s what we call the power of increasing your income. Now most of you guys must be thinking that how you should increase your income.
The first option for you to increase your income is to work on one of the several ways you can make money from home.
Some of the other ways I have mentioned below to increase your income.
- Different Ways To Increase Your Income
There are chances that you will be able to use at least one of these options to bring some extra cash into your home. Simply stick to us and take a look on these several ideas to figure out which one is more suitable for you.
Seek For Overtime Work Hours
If you get paid hourly then this option is for you, ask your boss straightway that if there is any sort of overtime work available. Keep yourself ready to step outside of the box and perform some extra job duties out of normal job duties indeed.
Look Out For A Second Job
Performing a second job is another way to bring some extra cash into your home. I have mentioned some ideas below which you might think about while making a decision about second job.
- Look out for a cashier job or a store person at a retail store
- Work as a host or as a server at a restaurant
- Look out for a job at a service type business such as in office cleaning or shipping.
- Start a second job in your carrier field
Second job options are copious the only thing you need to do is to know where to look. You can actually find a second job, whether if you find it in your current field or if you find it in a different field, the things is that you will find it for sure.
Sell That Unnecessary Stuff
You can also increase your income by selling the things that you don’t need anymore. There are many sites such as Craiglist which you can use to sell your those items and can earn some extra cash.
There are many other sites too which you can use to sell your stuff even in your local area. So by this way you can cash in your those items which you don’t need anymore.
Start A Small Business
Starting your own small business is another popular way to increase your income. There are few business who calls it a side hustle business. I am a freelance writer since 2013 and that is my side hustle business and it have helped me a lot in increasing my income.
By being an owner of a small business I have actually earned a lot than I would be working for someone else is a retail or similar business. Have you ever thought about a side hustle business or do you have any interest in it? If yes then great that is a good option actually toc increase your income.
So guys these were 5 different tips and trick which you guys can take advantage of to become rich quickly and genuinely. Also we would love to hear from you guys so drop a comment below and let us know that have you tried any of the above mentioned steps and if yes then how did it helped you out.
Good luck and have a nice day!