Getting rich is not a short-term project. We’re not talking days here. We’re not talking about months either. In fact, we’re talking about years – many years, maybe even decades. This is not a get-rich-quick guide, but a step-by-step guide to getting rich.
Save your money.
Save as much money as you can. Every cent counts. Drink water instead of coffee. Prepare your own fast food instead of going to McDonald’s. Cut up your credit cards.
The first step to getting rich requires discipline.
If you really want to be rich, you must discover your ability to be disciplined. Can you do it?
If you can answer yes to this question, you’ll quickly find that the biggest return you can generate is related to your personal spending. You have to give up certain things that not everyone is capable of, especially if you have a family. That’s the reality. But save where you can and as much as possible. Invest your savings in six-month certificates of deposit.
The goal at this point is to have money available.
You’re not saving for your retirement. You are saving for the present and you need cash.
For you, however, a buy-and-hold strategy will not prove effective. The current market is good evidence of this. Just when cash presented an incredible opportunity, the people pursuing the buy-and-hold strategy didn’t have any cash. Because of their small capital, these individuals could not invest in the market, defeating the whole purpose of a buy-and-hold strategy.
Those who invest their money in certificates of deposit can rest easy knowing they will have more money tomorrow than they have today. Because they are also smart, disciplined shoppers, their personal inflation rate is within their means.
Invest your time in yourself to become knowledgeable about the business aspects of an area that really interests you. It doesn’t matter what that area is. Regardless of what your hobbies, interests, or passions are, you should think about what you love most and find a job in the industry that is related to it. This could be a clerk job or any other position you can find. You have to start somewhere to get to know the industry. Instead of paying to go to school, you get paid to study. It may not be the perfect job, but there is no ideal way to get rich.
Read trade magazines every day before or after work and on weekends, and spend a lot of time talking to the people you do business with and who supply or provide services to your business partners.
Wait for times of uncertainty.
- Despite the changes and uncertainty in the financial markets, there are people today who are making more money than they ever dreamed of. They are the ones who were in the real estate industry who had the specific financial knowledge and understood how the market actually worked. They are the people who understood the complexities of the credit markets. As everyone went with the flow, they continued to save their money and resisted the lure of groupthink. Booms and busts happen in every industry. The question is whether you have the discipline to be ready when they are in your favour.
- There are no shortcuts – absolutely none. With all the clutter that exists in the stock and financial markets, scams pop up from all sides. The less money you have, the more likely someone will try to convince you of a scam. These guarantee returns, use a pyramid scheme, or are new crazy methods that are US government-backed. Always remember this: If the deal is a great deal, no one will share it with you. A second point to keep in mind: the person selling the deal would already be richer than rich if they were as smart as they say they are instead of walking the streets looking for someone to take there can make sacrifices. There are no shortcuts.