GETTING RICH TAKES 2 STEPS

GETTING RICH

Getting rich takes two steps.  This article is about those two steps.

This article is not about the best way to manage your money for all round happiness but purely increasing your net worth as fast as possible because some people have this goal.

Many people want to know specifically how to get rich, but the reality is there is no one way to get rich.

You can make money in anything. Money isn’t real, it is an exchange of value, so there is many different paths to riches.

But one thing is for certain, getting rich takes two steps. Two steps is all you need whatever path you take.

What are the two steps to getting rich?

  1. INCOME
  2. EXPENSES

INCOME – EXPENSES = RICH

That’s it.

What you earn minus what you spend will determine your net worth.

The level that you follow this equation will determine the magnitude of your net worth.

To get richer than you are now you need to focus on creating a massive income while cutting expenses to the minimum.

It doesn’t matter where your net worth is at today or what situation you are in, anyone can follow this simple equation and start building their net worth today.

A lot of people will tell you “this is how to get rich” “you need to do this” “you need to do things this way” etc. But there is no right or wrong way to do this.

This equation is all you need to know. Then you need to focus on increasing income and minimizing expenses until you hit your net worth goal.

Here is a list of some ways to do both that I can think of.

CUTTING EXPENSES

Don’t waste money on cigarettes, booze, gambling

Take your lunch to work most days

Live in a property with cheaper rent/mortgage

Pay off debt first

Shop around for better value insurance

Set a budget

Don’t buy unnecessary things

Don’t buy depreciating assets

Buy things on special, deals

Buy used

Be a minimalist

What can you think off? The idea is to keep expenses to the minimum. Read my article how to save money

INCREASING INCOME

Work overtime

Get a promotion

Go to college and get qualified to get a high paying job like a doctor, lawyer, engineer

Get a second job

Have a side business

Work full time in your own service based business like plumbing, car detailing, book keeping

Leverage other people’s efforts by hiring employees

Start a product based business like a store, restaurant, work shop

Invent something

Take an existing business in an existing field and make it better

Innovate something in the market place

Leverage other people’s money into investment

Write a book/ebook

Have an online course

Have a YouTube channel, blog

Make money from ads and affiliate marketing

Have a online serviced based business like graphic design, copy writing

Invest in stocks, real estate, cash

 

Those are just some ways to increase your income, what can you think of?

If you focus on both increasing income and minimizing expenses you will get richer and richer

Be careful when investing large upfront cost into a business or investment though because If that fails it will set you back.

But that’s it, that’s how you get rich and that’s the only two steps you need to know.

It’s so simple but people don’t think about it and focus on it.

Whatever your situation is today, if you want to increase your net worth, start focusing on increasing your income and minimizing expenses.

 

Good luck!

 

Disclaimer: The financial information in this article is general only, before making any financial decision you should seek the advice of a qualified professional, I am not qualified to give financial advice

 

 

 

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