Monday, January 18, 2021

7 Golden Rules To Become Rich.

November 26, 2020 by  
Filed under Business, Money, Opinion, Weekly Columns

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( When you finally become rich, you will realize that getting rich was not what you were seeking. But before you get there, here we present 7 golden rules that riches follow. This is the ultimate guide on how to become rich without being lucky. So incorporate these rules in your life and grow wealthy.

Overcome Unnecessary Consumerism

Warren Buffett, one of the most successful investors once said “if you buy things you do not need, soon you will have to sell things you need.” Many successful people live by this rule and you should also make sure that you don’t overspend because, if you do, it would just lead you to be broke. Realize that the Diderot Effect is real. We all can think back to times when we accumulated things we later regretted.

In today’s consumer-driven culture, possession of certain things is considered an achievement. The Diderot Effect states that consumption of things leads to further consumption. It’s like a spiral that leads you to buy more things. As a result, people end up buying more things often creates a spiral of consumption which leads you to acquire more new things. As a result, we end up buying things that we never needed to feel fulfilled.

Marry Someone Mindful with Money

You do not need to marry someone for money or to keep the money as the base of your relationship, but you should marry someone who understands the value of money. Marry someone who is actively interested in savings just like you do. It is much easier to grow wealth as a couple, but even if one of you two doesn’t earn, it’s incredibly easy to become rich when they value your earnings and spend it wisely.

If you’re already married, remember that it’s incredibly hard to grow wealth if the person keeps digging holes in your wealth bucket. It’s important to have the drive to pursue success. Marry someone who values the idea of creating wealth first and then enjoying it, but also avoid putting unrealistic restrictions. If you find the need for another income stream and creating one is easier, just do it.

Young African American couple discusses finances

Save and Invest

You do not get rich by earning a lot. You get rich when you save your money. What you earn can go away quickly, but savings stay and help you when your earnings stop or get affected. More people want to spend money on something than they want it in their bank account. Being paid well certainly helps, but you can’t get rich by not spending money.

The interest rate on savings is at an all-time low which is why saving alone doesn’t make anyone rich unless there are multiple income streams and most of the earnings from such sources remain unused. So, in order to become rich, successful people stick to the golden rule of saving and investing. The investment brings higher returns and if you can diversify your portfolio, do it whenever you see an opportunity.

Start a Business

You cannot get rich if you work for someone else. You can accumulate wealth, but in order to become rich, start a business, and do everything you can to grow it. You don’t need to search a lot, pretty much everyone rich is either a business owner or has some solid savings. If starting a business isn’t your type of thing, you can invest in companies that are doing well and are poised to grow.

This certainly needs a lot of research and background information, but it pays off. There are people who have a good job but they also work hard to grow wealth as an entrepreneur by starting something. A side hustle can make you rich if it can be maintained without hurting profits.

Learn How to Receive

When someone offers to help you, accept it. If you find it hard, learn how to accept help. Successful people who are also rich often get help from others or they were subsidized at some point. Many people want to do everything on their own. They decline help even when it is genuinely offered to them. Accepting help is not a sign of weakness and it is not morally wrong to get someone’s help to get there. If saying ‘yes’ to an offer for help is too much for you, think about how you can give back when you’re in the position to return the favor.

Whether it is the government aid or the help is coming from someone you know, accepting will make things better for you. Remember that life is not fair and your plan of doing everything is still a plan. So when there’s a ladder to help you climb, there’s no point in wasting time on building a staircase.

Have a Good Attitude

Have a good attitude if you want to do something or do not do it at all. You get noticed all the time and your work gets noticed all the time. If you are in a job, show up on time and do your best. Even if it’s not your dream job, remember that your work gets noticed and if you do well, that’s when new opportunities start knocking on the door. Always be polite and nice to people and network like crazy. Many successful people who are rich today are good at building connections and finding the right environment to grow.

Working for long hours and living a miserable life can help you overcome a financial crisis or accumulate wealth, but to get rich and stay rich, having a good attitude is very important.

Grow your Skill Tree Wisely

Taking the jack of all trades route isn’t always the best, especially when your breadth of knowledge and skills are not useful to people or lack depth. Rich people live by a simple rule that is getting better at things they are already good at. It’s best to improve specialized skills that are marketable and can significantly improve your income rather than being just above average at many things.

If you are young, start saving for retirement. Do not let poverty or low income stop you from saving money for retirement. It’s actually easier to create new income streams, earn more, find good jobs, and start a business now than in your 60s or 70s.

Staff Writer; Vince Vernon

Tech guru at heart… Still touches base on Money, Technology, Business, Health, Finance, and the list goes on…

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