Do These 5 Things and You’ll Be Rich Within Your Lifetime
Being rich or wealthy isn’t about money directly. Money is a tool that must be used responsibly during the transacting of finance.
Aspire to be financially independent.
Think about money as a tool you use so you have more options in life. When you have no money, you have rapidly diminishing options.
Money isn’t about materialism. And, it’s isn’t about having it for its own sake.
Money is a mindset. When you think about money differently, you’ll have more of it than you know what to do with.
And, you will use it more responsibly.
I don’t mean to get all financial guru on you. This is just all of the things that I have been learning about money recently.
Everyone wants to be rich. But, 20% of businesses fail within the first year.
A full 50% of new businesses fail within half a decade.
We all want to be rich, but most people don’t know how to make money. Or, keep it when they make it.
It’s the mindset.
I’ll make it even easier for you to think about.
Here are 5 simple rules you should learn about money. You may become rich in your own lifetime.
Start Investing in You
No one is going to give you a million dollars to start your dream business. That only happens in films.
Develop a business plan. Save money. It may take years but save enough money so you can be your own first investor.
Some financier is going to be impressed enough by that to give you and your ideas a second look.
Work the Right Job in the Right Market
Unfortunately, we all can’t be movie stars. Some people get rich doing everyday jobs better than others.
What talent, skill, or vocation do you have that can be optimized well in the right business market?
For example, you could own a laundromat, a vending machine service, or make prosthetic limbs.
What service can you provide that will reliably serve a demographic that needs your services?
Whatever you do, do it better than anyone.
Learn New Things
Take a few hours every week to learn something new.
Learn about business practices in foreign countries.
Study a language. Or, learn how to paint.
Always try to improve yourself and learn a new skill. You will learn something new or gain a new skill that will help you in business in the future.
Opportunity always favors the prepared.
Generate Multiple Income Streams
Unless you have cornered a coveted business monopoly, you should know that no one gets rich from one idea or product.
Strategize ways to create multiple income streams from a core business plan.
The more income streams you generate, the faster you will make more money.
Make $100,000 a Goal
Want to make $1 million? Start with $100,000.
Prove to yourself that you can work and save and generate $100,000.
Once you do that, you’ve proven that you can make a lot of money and keep it.
Most people can’t do either.Only rich people know how to do both. (Making a fortune and keeping it are two different matters.)
And if you can make $100,000, then you can make $200,000, and so on.
It takes time to become financially independent.
Make a Business Plan
Start a with a business plan. Make a diary detailing your thoughts and fears about money.
Sometimes, we sabotage ourselves to prevent beneficial, life-changing and life-affirming personal change.
Get advice from someone in business.
Read books by financially successful people.
Adjust your mindset about money. Remember the 5 rules and you may become rich in your own lifetime.
Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.