You won't get rich playing it safe
Here are 11 bold moves you can make today to become wealthy
// THREAD
Here are 11 bold moves you can make today to become wealthy
// THREAD
Everyone wants to know how to become rich
You might be trying to get your first $100K, or save for a better retirement
The bottom line: people want nice homes, fast cars and sunny vacations
But most of them have no idea how to get there
So here are 11 proven options for you
You might be trying to get your first $100K, or save for a better retirement
The bottom line: people want nice homes, fast cars and sunny vacations
But most of them have no idea how to get there
So here are 11 proven options for you
But first
You need to understand that getting rich is not about the dollar amount
Getting rich is a state of mind and depends on your definition of 'being rich'
Whether it's having a defined amount of cash, being able to live without money worries
The key...
You need to understand that getting rich is not about the dollar amount
Getting rich is a state of mind and depends on your definition of 'being rich'
Whether it's having a defined amount of cash, being able to live without money worries
The key...
Is to learn to live with less than you have
Because, if you make $250K in a year, but your lavish lifestyle expenses are $250K
Then sorry, but you're more broke than the person who makes $100K but only spends $50K
Because they have cash flow to secure assets & build wealth...
Because, if you make $250K in a year, but your lavish lifestyle expenses are $250K
Then sorry, but you're more broke than the person who makes $100K but only spends $50K
Because they have cash flow to secure assets & build wealth...
Regardless of your definition of 'rich'
Here are 11 bold moves you can make today to get rich...
Here are 11 bold moves you can make today to get rich...
1. Exploit your own skills & go self-employed
Do just one thing better than anyone else. Work on it & refine it
If there's something you're good at, it's likely you can yield significant wealth from exploiting that skill
It could be:
- Writing
- Coaching
- Project management
Do just one thing better than anyone else. Work on it & refine it
If there's something you're good at, it's likely you can yield significant wealth from exploiting that skill
It could be:
- Writing
- Coaching
- Project management
Just figure out what skill you want to cultivate
Then, make a list of the worldβs ten best people at that one thing, and use this list to define criteria and track your own progress toward becoming the best.
Improving your skill by looking at successful past models
Then, make a list of the worldβs ten best people at that one thing, and use this list to define criteria and track your own progress toward becoming the best.
Improving your skill by looking at successful past models
2. Get your first $100K
The first hurdle most people fall it is they want to be rich now
But a goal like this is not something that can be achieved in a short space of time
Instead, aim at getting your first $100K
Whether you save it or invest it, just get there
The first hurdle most people fall it is they want to be rich now
But a goal like this is not something that can be achieved in a short space of time
Instead, aim at getting your first $100K
Whether you save it or invest it, just get there
3. Create
'If no one makes stuff... then there is no stuff'
- Elon Musk
This covers everything from digital content to inventing an innovative new product
If you just think about what people need and ways to improve society, the 'stuff' you create will have more impact
Cont
'If no one makes stuff... then there is no stuff'
- Elon Musk
This covers everything from digital content to inventing an innovative new product
If you just think about what people need and ways to improve society, the 'stuff' you create will have more impact
Cont
Having a patent on a popular product, or having a digital product/service with a unique offering can fast-track your path to prosperity
This is a challenge but can be the most fruitful of all the options
My digital products are allowing me to build wealth faster than ever
This is a challenge but can be the most fruitful of all the options
My digital products are allowing me to build wealth faster than ever
4. Join a startup & get stock
If you apply the same logic as in #3 and join a startup that solves a genuine problem and seeks to serve society
Getting stock as an employee benefit can become a valuable investment
Of course, few startups succeed long-term
Cont
If you apply the same logic as in #3 and join a startup that solves a genuine problem and seeks to serve society
Getting stock as an employee benefit can become a valuable investment
Of course, few startups succeed long-term
Cont
So, the odds aren't great
But with good judgment of the business' vision & mission, as well as which management team is likely to succeed, you can improve your odds
Early employees of Apple, Google & Microsoft became millionaires this way
But with good judgment of the business' vision & mission, as well as which management team is likely to succeed, you can improve your odds
Early employees of Apple, Google & Microsoft became millionaires this way
5. Develop property
Flipping property has long been a way of accumulating wealth
Example scenario:
- Property cost: $250K
- Borrow $200K
- Put in $50K of your own capital
- Develop property & sell for $400K
The value increase is 60%, but your $50K has quadrupled
Flipping property has long been a way of accumulating wealth
Example scenario:
- Property cost: $250K
- Borrow $200K
- Put in $50K of your own capital
- Develop property & sell for $400K
The value increase is 60%, but your $50K has quadrupled
6. Invest in stocks!
If you simply buy stocks or funds consistently over a long period of time and reinvest your dividends, you can accumulate massive wealth
Now, markets can go down as well as up
But learn to see the dips as buying opportunities and you'll get rich
If you simply buy stocks or funds consistently over a long period of time and reinvest your dividends, you can accumulate massive wealth
Now, markets can go down as well as up
But learn to see the dips as buying opportunities and you'll get rich
7. Start a business and sell it
It could be anything: A cleaning business, a social media account/blog, or an Amazon FBA business
It will take a few years of hard work and investment, but people have done it and are now reaping the reards
There's no reason you can't too
It could be anything: A cleaning business, a social media account/blog, or an Amazon FBA business
It will take a few years of hard work and investment, but people have done it and are now reaping the reards
There's no reason you can't too
8. Find the right job
You won't succeed doing what you hate
So, find a job in your area of interest
You'll need to work your way up, but this is much easier if you love what you do
Seek places where you can grow your skill and are able to multiply your monthly income
You won't succeed doing what you hate
So, find a job in your area of interest
You'll need to work your way up, but this is much easier if you love what you do
Seek places where you can grow your skill and are able to multiply your monthly income
9. Cut expenses
The biggest problem I see with my coaching clients is lifestyle inflation
They earn more, and immediately start spending more on luxuries
Living below your means is the easiest step you can take to build wealth
Cont
The biggest problem I see with my coaching clients is lifestyle inflation
They earn more, and immediately start spending more on luxuries
Living below your means is the easiest step you can take to build wealth
Cont
Increase the gap between what you earn and what you spend
And invest the difference in income-producing assets such and stocks and property, or even new business ventures
Doing this will make you wealthier
And invest the difference in income-producing assets such and stocks and property, or even new business ventures
Doing this will make you wealthier
10. Automate your savings/investments
Set goals is great, setting routines to support those goals is greater
Banks give you options to automatically send a portion of your income to a particular savings account
And brokerages offer the same, also with dividend reinvestments...
Set goals is great, setting routines to support those goals is greater
Banks give you options to automatically send a portion of your income to a particular savings account
And brokerages offer the same, also with dividend reinvestments...
By setting these up, you make the saving & investing process passive
This makes you much more likely to achieve those goals
This makes you much more likely to achieve those goals
11. Invest wisely
Don't rely on luck. One bad investment can tear a huge chunk of your wealth away from you in a short space of time
Always think twice and refer back to your strategy and goals before pulling the trigger
If your intended move is not aligned, don't do it
Don't rely on luck. One bad investment can tear a huge chunk of your wealth away from you in a short space of time
Always think twice and refer back to your strategy and goals before pulling the trigger
If your intended move is not aligned, don't do it
There are many more important things than getting rich
Prioritize family, friends, and relationships so you don't end up wealthy, lonely and unloved
If you take a balanced approach, you can have the best of both
Combine the options above to suit you and your skills...
Prioritize family, friends, and relationships so you don't end up wealthy, lonely and unloved
If you take a balanced approach, you can have the best of both
Combine the options above to suit you and your skills...
Doing so will guarantee that you become wealthier over the long term
If you found this helpful, please:
- Retweet the top tweet
- Follow @FiSavvy
I'll show you how to manage & invest your money so your 9-5 becomes optional
If you found this helpful, please:
- Retweet the top tweet
- Follow @FiSavvy
I'll show you how to manage & invest your money so your 9-5 becomes optional
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