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Overcome Obstacles to Get Rich

“Everyone in life has their challenges, mine have not been financial.” Ann Romney, Brainy Quote

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Get Rich

14 Traits of the Rich, How Many do you Have?, is my most popular article of the last two years. In thinking about the topic, and what differentiates those with wealth from the rest, I remembered this Ann Romney quote I heard on a television interview. Whether you have lots of money or not, life is a struggle. No one gets a free pass! Consider the popular celebrities with wealth and fame like Lindsay Lohan or Amanda Bynes. Even though the wealthy aren’t problem free, having a certain amount of money solves many of life’s problems. When your washing machine breaks, it’s nice to have the funds to go out and buy a new one. When vacation time comes around, it’s a treat to take the kids to Disneyland.

What are the steps to take to create wealth in your life?

Take Action to Get Rich

In spite of the life challenges we all face, more money can solve many problems. With today’s high unemployment, slow wage growth, and lackluster economic growth, it seems harder than ever to get ahead. And when you’re feeling low, those feelings can lead to an apathy which stops you from trying. But, here’s where you must fight to stop the apathy!

In Just Start, by Schlesinger, Kiefer, and Brown, ACTION is the determinant of success towards your goals.

How to Take Action to Get Rich

1. Figure out what you want. If money is your goal, make a step by step plan now. Don’t just say, “I want more money”. That’s way to vague. Be specific with your plan; I need to earn more at my current job, by getting a raise. Plot out the steps to reach your goal.

2. Investing is a viable path to long term wealth. If you have an emergency fund of 6-12 months, a stable income, and minimal debt, transfer part of your current income into a balanced portfolio of index funds regularly to get rich over the long term.

3. Start a side business.  Just as diversifying your investments is important to maximize returns and minimize risk, so is broad income diversification. Corporate downsizing is a common occurrence. Be prepared by creating a variety of income sources. Craigslist is replete with ideas for service businesses.

4. Save your money and practice discipline. This tip comes from successful businessman Mark Cuban,

“Save your money. Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonald’s, eat Mac and Cheese. Cut up your credit cards. If you use a credit card, you don’t want to be rich. The first step to getting rich, requires discipline. If you really want to be rich, you need to find the discipline, can you ?”

Spend less and earn more. That’s the recipe to get rich. Get inspired, get motivated, and keep going throughout the good times and the bad.

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image credit; Google images cool ten