5 TIPS TO GET RICH AND BUILD WEALTH

By on Sep 9, 2013 in Automatic Saving, Make Money, Saving, Tips, Wealth | 22 comments

Get Rich One Step at a Time 

Remember the wealth in enjoying life’s small pleasures

Building wealth is a key to independence and freedom; 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.

In fact, check out the sidebar of this site and notice which articles are the most popular, the wealth building posts.

Ways to Get Rich

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 which 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.

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 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.

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.

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.” According to 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. Learn how to invest fast in my free 20 Minute Guide to Investing. You will not miss money that you don’t see.

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.

Bonus Tip; 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.

Which tip is your favorite? Are you already practicing any of these wealth building and money making ideas?

a version of this article was previously published

    22 Comments

  1. I have been doing almost all of these things recently and I have seen the benefits. One thing I haven’t done is ask for a raise. We are currently going through budget cuts so it is not a good time to bring it up.

  2. @Miss T- Obviously, if your company is experiencing cuts, don’t ask for a raise, thanks fr bringing that up:)

    Barb

    August 15, 2012

  3. Great advice, I really like Steps 2, 4, and 5. So much potential if people only knew how to harness it.

    RichUncle EL

    August 15, 2012

  4. Good points! I would move #4 to #1 though. My savings have been automated for 40 years.

    krantcents

    August 15, 2012

  5. Automating your savings is my favorite. If I have to remember to do something, it won’t get done.

    AverageJoe

    August 15, 2012

  6. @Rich Uncle, I think the problem for some folks is that they don’t know where to start, so they do nothing. The best approach is to start small and take ONE action. Thanks for your input.
    @Krantc-It is amazing to look back and see how automated investing in the financial markets builds extraordinary wealth over time. But…. it’s a get rich slow scheme.
    @Joe, Life is so much easier if good habits are automatic.

    Barb

    August 15, 2012

  7. Its about my philosophy thats why I kept the name of my blog like this. Success comes one step at a time, always, unless you are filthy rich to get a windfall.

    SB @One Cent at a Time

    August 15, 2012

  8. @SB-Perfect branding! Your site name describes your philosophy…. couldn’t agree more.

    Barb

    August 16, 2012

  9. @Roger, I always appreciate your visits.

    Barb

    August 25, 2012

  10. We tend to practice them all, with the emphasis being on different ones at different times. I love your example about paying the guy with the truck to haul stuff off. So true about using your skills and assets to earn money.

    Julie @ The Family CEO

    August 30, 2012

  11. “You will not miss money that you don’t see.” Absolutely. Automation is a key component in building savings and retirement for those who have trouble setting aside funds.

  12. “Getting rich quickly doesn’t work and neither does extreme dieting!” I love that statement. So many people believe in the quick fixes not realizing that it will go as quickly as it comes.

    Understanding the difference between wants and needs is a step that usually confuses people. To them if they want it then it must be a need.

    Thanks for all the great tips!

    John Haver

    September 10, 2013

  13. Great tips! “Break a shopping addiction. Say no to yourself and your kids for a certain time period”-well said. Even though its very hard to control myself while I in a mall. But from now on I am going to say no to myself for a certain time period.

    Jon Haver

    September 11, 2013

  14. I’ve been working on the “earn more” step. I finally got a substantial raise since I finished a credential (now I’m working on number 2 and will see another raise each quarter for the next 18-months.) All three steps are great ways to create wealth.

    Little House

    September 11, 2013

  15. @Julie, I was so surprised at how much it costs to haul away some boxes. Own a truck and a strong back and make a few hundred bucks each week end!
    @stephanie, Once you put your savings and investing on auto pilot, you can spend the rest! just don’t take on too much credit card debt!
    @Like anything else worth having or accomplishing, discipline and persistence will get you to your goal. There are no “get rich quick” schemes!

    Barbara Friedberg

    September 11, 2013

  16. I agree with others that #4 should be #1. Automated savings does a lot of the heavy lifting for you.

    My company just gave out early retirement packages to reduce the workforce, so a raise is not going to happen any time soon. Luckily, I am already very well compensated.

    Bryce @ Save and Conquer

    September 11, 2013

    • Bryce, I agree-Automating savings, starting young, and investing in a diversified group of index funds is the best way to build wealth and retire comfortably. I’m glad you are well compensated! That makes it easier to save and invest!

      Barbara Friedberg

      September 12, 2013

  17. These are good starting points. Depending on where you live you can also try places like Taskrabbit.com to try and make some money on the side in your free time. I’d love to hear some other tips on ways to optimize ones finances.

    MoneyHunter

    September 11, 2013

  18. I love the idea of just picking one or two wealth building ideas at a time and focus on them. If they do not work, add one or two more. Adding a little bit a wealth over time can add up to a big pile of wealth over many years. You are never going to walk 100 miles until you take the first step. You are never going to be a millionaire until you save that first dollar, then that first $100, then your first $1,000, $10,000 and so on.

    Free Money Minute

    September 11, 2013

    • @Free- I am a huge proponent of taking baby steps. Even if I can’t walk a couple of miles one day, I’ll exercise for 15 minutes. A bit is better than nothing. Glad you enjoyed the article.

      Barbara Friedberg

      September 12, 2013

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