5 Tips to Get Rich and Build Wealth
Get Rich and Build Wealth One Step at a Time
I remember, decades ago, scrimping and saving for the future. Living well beneath our moderate salary and saving and investing for the future. Decades later, the results are astounding. During the life of our family, we made hard decisions. We focused on slashing the costs of the big ticket items, such as our home and cars, as well as the smaller ones:
- Moved to a lower cost of living area while raising our family
- Eating in, bringing our lunches instead of eating out
- Driving our cars for decades
- Buying less home than we could afford
- Investing automatically
Build wealth to become financially free; and it’s not all about the money. More people get depressed, get divorced, and get stressed over money issues than most other worries. By eliminating the living paycheck to paycheck fears and making money to build long term wealth, emergency savings, and money for retirement, you remove one of life’s greatest stressors.
Money won’t solve all of your problems, but it will help with financial issues. Building wealth, for most folks, takes awhile. Just like any goal, there’s a learning curve, or building the skills, and then putting them into practice day-by-day, over time. Practice these five tips and you will build wealth for a lifetime.
Ways to Get Rich and Build Wealth
For those of you without great wealth-building models, here’s how to make these money making ideas work for you. Although the internet is filled with get rich quick queries, luck is the prime driver of “getting rich quickly“. This article is going to teach you ways to get rich that are actionable and lead to making money over time. Getting rich quickly is similar to losing 50 pounds in a month or two and keeping it off. Getting rich quickly doesn’t work and neither does extreme dieting!
Money Making Strategies: Take one or two strategies, and implement them one at a time. Start with one money making strategy at a time and practice it for a month or two before moving on to the next.
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Do not make too many changes at once. Kind of like dieting, you can’t cut your calories from 3,000 per day to 1,000 and expect to stick with it. You’ll binge and end up back where you started. In spending, if you make too many drastic changes at once it’s difficult to maintain the severe restraint.
Make sure to write down your money making and wealth building strategy to remind yourself to stick with it.
Poor money habits weren’t developed overnight and you’re not going to get rid of them immediately. Some of these tips are familiar, others may be new.
Do not click off until you’ve tried at least one new wealth building strategy.
5 Tips to Get Rich; Ways to Get Rich and Build Wealth – One Step at a Time
1. Earn more now. Ask your boss for a raise. Companies are not hiring new workers and they’re asking employees to work harder. Sell your excellent performance and contribution to the company with concrete examples. Negotiating for a higher salary, based upon your contribution to the company, is an excellent way to get rich. Research typical pay for your position, focus on how you help the company achieve it’s goals, and do not be afraid to ask for a raise. Corporate profits are increasing and now is an excellent time for you to benefit. In today’s economy, employers are sitting on cash, and if you’re proving your value to the company, then ask for a raise.
2. Sell your skills and boost your income. Everyone has some unique skill. Hey, I paid several hundred bucks to a guy with a pick up truck to haul away our moving boxes. Check out Craigslist for ideas of skills or stuff to sell. El Carino and I have always worked multiple jobs. He consults on the side and writes books. Be creative and look for the small paths to build wealth.
3. Get educated. College graduates earn more than high school grads, and those with graduate degrees earn the most. Don’t worry if you’re not academically inclined, get a trade degree, plumbers and electricians are also in demand. Coursera offers free classes from world renowned professors. Community colleges have low cost certificate programs to train you for greater money making careers and opportunities.
“The report titled “The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earnings” (.pdf) reveals that over an adult’s working life, high school graduates can expect, on average, to earn $1.2 million; those with a bachelor’s degree, $2.1 million; and people with a master’s degree, $2.5 million.” ~ usgovinfo.about.com
4. Automate your saving and investing. Financially, by automating you are training your money to make more money for you. Go to your personnel office and direct them to transfer a set amount each pay period in to your retirement account and another amount into a bank savings account, to be used only for real emergencies. You will not miss money that you don’t see.
Learn how to invest the smart, efficient and effective way.
5. Go on a shopping fast. Shop your closet. Teach your kids that stuff doesn’t equal happiness. Trent Hamm of The Simple Dollar has some excellent strategies to break a shopping addiction. Say no to yourself and your kids for a certain time period. (Remember not to splurge at the end of the period). Repeat the fast on occasion. Understand the difference between wants and needs. If you’re hankering for a tip on post college living on the cheap, check out Living Well on a Dime at The College Investor.
Although more money reduces financial stress-true wealth goes beyond money. Remember to build wealth in money and life.
Which tip is your favorite? Are you already practicing any of these wealth building and money making ideas?
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a version of this article was previously published