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Everyone wants to be rich but only a few people really know what they need to do to get there. Getting rich requires a combination of factors including luck, skill, and perseverance. You must at least have a little luck and know how to combine it with your clever decisions; Then you will face many other difficulties when you are richer. It’s an obvious fact that getting rich isn’t easy, but with a little patience in the right place and the right information at the right time, you can do it.
Steps
Invest
- Don’t be seduced by day traders who will show you quick money tricks. Buying and selling dozens of stocks every day is like gambling. If you trade wrong – which is easier to do than trade right, you can lose a lot of money. This is not a good way to get rich.
- Learn how to invest for the long term instead. Choose stocks with good fundamentals, industry leadership, and high growth potential. Then just leave your stock there and do nothing. Good stocks will weather all the ups and downs. If you invest smartly, you will always get a return.
- Don’t put all your hopes on the Social Insurance program (social insurance). The social insurance program will certainly work for the next 20 years, but some data indicates that if Congress doesn’t introduce changes – either by raising taxes or reducing benefits – the program won’t be able to. continue to function. However, the US Congress can act to “modify” social insurance. In any case, working and near-retirement people should not consider Social Security as their only salvation. Therefore, you need to know how to save and invest for the future. [1] X Research Source
- Invest in a Roth IRA. The Roth IRA creates a retirement account that you can deposit $5,500 in a year. This money is used to invest and earn compound interest. If you withdraw the money in retirement, the money will not be taxed because it was first taxed when you first earned the income.
- Join a 401(k) plan. A 401(k) account opened by your company that includes pre-tax contributions that are invested. Your company may close all or part of it for you. This is also a way for you to get the rare “free money” of a lifetime! Please contribute enough to enjoy all the benefits from the program.
- Casino tickets and lottery tickets. Only a very lucky few of us make money, the rest lose it.
- Bad habits like smoking. Heavy smokers will only see their money fly in the smoke.
- Additional allowances such as candy at the cinema or drinks at the club.
- Sunbathing and plastic surgery. You can get skin cancer just because of this hobby. Do rhinoplasty and botox injections bring you the beauty in advertising? Learn to live with old age. Everyone will get old eventually.
- First class airline tickets. What more do you get for losing up to $1,000 more? Warm wipes and 10cm footrest? Use that money to invest, not throw money out the window like that, and practice being a common passenger!
Learning throughout your Career
- Doctor and Surgeon. Anesthesiologists alone earn more than $200,000 a year. [3] X Research Sources
- Petroleum Engineers. Engineers working in the oil and gas industry usually have a fairly high standard of living. On average, they make $135,000 or more. [4] X Research Sources
- Lawyer. Senior lawyer earns over $130,000 per year, making it a very lucrative profession if you invest the time and effort.
- Information Technology (IT) Manager and Software Engineer. If you are good at programming and have a knack for computers, look into this very high paying field. IT managers earn $125,000 per year. [5] X Research Sources
Spending cuts
- If you’re hungry and like chicken, buy four pre-cooked ones at Costco at the end of the day when they’re on sale. Occasionally, they are discounted from $5 to $2.50 each, meaning you get 10 delicious meals for just $1 each! Freeze meals you don’t need right away.
- You can check your energy consumption yourself if you work hard and know how to do it, otherwise just hire an expert in the field to do it instead. Rent costs range from $300 to $500, which isn’t cheap, but you’ll save a lot more later on (especially when you want to renovate the entire gas, electricity, etc. lines in your home). [6] X Research Sources
- You can hunt deer, ducks or turkeys.
- Fishing with a fishing rod or with an artificial fly
- Look for flowers, edible wild mushrooms or forage in the fall.
- Look for abandoned plots of land to grow vegetables or make your own greenhouse.
Save money
- If you still want to use a credit card, find ways to cut costs. Pay off your loan in full each month and on time. That way, you won’t be charged interest. Otherwise, at least pay the minimum amount due to avoid past due fees.
Advice
- Shop for clothes in the fall or spring because these two seasons have a lot of sales.
- Buy only what you Need, not what you Want. Stop shopping for inspiration and spend money to show your neighbors, friends, co-workers, etc. Buy what you really need, not what you want. Be disciplined with your money – If you don’t need to buy, don’t buy. Make your choices carefully.
- Make a list of things to buy, prices and see where your money goes. In doing so, we will be amazed at how well we spend our money!
- Pay the bill with the highest interest first and then the second highest until you’ve paid off all your bills. This will help you pay the least interest. Another way is to pay off the smallest debts first. The advantage this way is that it helps you see the progress you have to pay your bills and debts.
- Look for every opportunity to make money. Sell anything you don’t use, old newspapers, scraps of paper, beer cans, etc
- Make your credit profile beautiful. Having a low credit score makes it difficult to get a loan or line of credit when you need it.
- If you want to reward yourself with an expensive item, switch from high-priced to low-cost. Don’t think about an expensive dress or a fashionable handbag, buy an ice cream cone or go to the movies, for example. The $8 movie ticket is obviously cheaper than a lot of the $800 handbags but still gives you the same feeling of doing something “just for yourself”.
- You can borrow money to use to buy income-generating properties.
- Try to cook at home and do the housework yourself. You should not hire services like laundry or maid to save money.
- If you like going to a bar or club, switch to once a week for a while then to biweekly.
- Money is never free unless you inherit it, even if you are lucky, you have to control it smartly or you will lose it all. The other exception is your company closing you under an IRA or 401 as mentioned above.
- Having multiple sources of income in the family will ensure a better financial situation than one source.
- Every night before going to bed, put all your change (usually coins) into a bottle. After about a year, you should have at least $150 in change in savings. Periodically, deposit this money into a savings account.
- If you’re in business, keep personal expenses as low as possible and reinvest the excess money back into your company until you’re financially independent. During that time, build up an emergency fund equivalent to about 6 months of spending. Put this money in a savings account, a short-term financial instruments trading account, or a short-term certificate of deposit (CD).
- If you’re desperate to buy something expensive (a new car even if your current one is still running fine), make yourself wait a month before you buy. Ask a trusted family member or friend to keep the money to stave off the urge to buy at that moment. Take the time to consider: the actual cost of the thing you want to buy; pros and cons; buy now and buy later; how that money could be better used.
- Learn about self-made millionaires to stay motivated. Find out everything about how the rich get started and what they do to maintain their wealth.
- Sometimes you have to spend money to make money.
- If you want to get rich quick, you will definitely take many risks. A better way is to accumulate money more slowly but safely.
- Resist the urge to buy expensive things. Cheaper items are equally good quality and tight spending control always gives long-term results.
- When you want to buy something (for example, clothes), think “Where can I wear this?”. If you can’t think of at least 5 places, don’t buy. Ask questions to prevent you from wasting money on unnecessary things.
- Thoroughly research business ideas before you start.
- Always ask yourself, “Is this what I need or want?”. If the answer is “need”, buy it, but if you just want it, stop immediately.
This article is co-authored by a team of editors and trained researchers who confirm the accuracy and completeness of the article.
The wikiHow Content Management team carefully monitors the work of editors to ensure that every article is up to a high standard of quality.
This article has been viewed 8,411 times.
Everyone wants to be rich but only a few people really know what they need to do to get there. Getting rich requires a combination of factors including luck, skill, and perseverance. You must at least have a little luck and know how to combine it with your clever decisions; Then you will face many other difficulties when you are richer. It is an obvious fact that getting rich is not easy, but with a little persistence in the right place and the right information at the right time, you absolutely can achieve it.
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