newera
Economy
10 months ago
Oct 12, 2021


Essential Steps to Become Rich

Essential_Steps_to_Become_Rich
Everybody wants to become rich, no doubt. Nonetheless, not everyone is willing to take the necessary steps. Steps may sound easy, but it takes discipline to keep to them, which most people lack. These 13 steps have been carefully collated from studies of the lives of ma

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Everybody wants to become rich, no doubt. Nonetheless, not everyone is willing to take the necessary steps. Steps may sound easy, but it takes discipline to keep to them, which most people lack. These 13 steps have been carefully collated from studies of the lives of many rich men. Diligence to them is all that is needed for you to be rich.

1. Desire wealth

The first key to getting anything in life is to want it before going through the other steps. You must first greatly desire to be rich. Without an intense passion for success, your mind will not be fixed appropriately.

In his book “Think and Grow Rich,” Napoleon Hill states that the starting point of all accomplishments is desire. We desire brings about weak results just as a weak fire causes weak Heat. Desire prepares your mind for the other tasks needed to become rich.

2. Learn Something and Be Good at It

Get educated, formal, or informal, get knowledgeable in a specific field, and putting your best effort. It’s not just about learning. Many people are skilled in the area you are in. Thus, you need to be unique and exceptional in your field.

3. Get Jobs to Learn

Since you aspire to be an entrepreneur, you also need to get jobs in places where you can acquire relevant soft skills. If you want to be rich, you shift your reason for getting a job from just getting paid to learn the intangible skills necessary for intrapreneurship.

Always reflect on this question; is what I am doing today getting me closer to who I want to be tomorrow? Most of the worldly men that I celebrated today did not get rich by solely dependent on paychecks. They use the experience from their jobs to mind their own business.

4. Start Small, Think Big

Although it is essential to start early first, which are limited resources, your thoughts about your business should never be small. Rich people are not made business owners. They’re entrepreneurs who think big about their businesses.

Apple founder Steve Jobs once advised, start small and think big. Don’t worry about too much at once. To begin with, take a handful of simple things and then progress to more difficult things. Dream not just about tomorrow, but about the future.

5. Build a Network of Influence

If you hung around six rich men, you are the seventh one. If you want to be wealthy, your company needs to be selective. Build a network of smart people. And people who are financially responsible because your network is your net worth.

In 2014 Robert Kiyosaki posted a tweet, which says, “the richest people in the world look for and build networks. Everyone else just looks for jobs”. Marinate for a minute on that one.

Building a network is an investment in your enterprise, according to Dan Helbig. It takes time and can yield excellent results for years to come when done correctly.

6. Have a Mentor

If you must succeed, you must humble yourself under the tutelage of experienced personal or experienced people. A mentor is someone willing to guide you step by step through parts of life that they have undertaken before. It is not possible to overemphasize the importance of a mentor.

Your mentor exposes you to the things you never knew that you actually could do. This is why Isaac Newton says, “if I have seen further, it is by standing on the shoulders of giants.”

7. Don’t Live off Credit Cards

A recent study shows that many people are losing money because they carry out their financial transactions online. The use of their credit cards is much easier and comfortable.

However, living off credit cards is a big mistake that the rich tried to avoid as much as they can. These days the use of credit cards has significantly skyrocketed as it is encouraged by financial institutions. However, this is of no benefit to the common man.

8. Follow the 40 30 20 10 Rule

The most common money rule is Elizabeth Warren’s 15 30 20 money rule. The rule states that 50 % of your income should go to your basic needs and necessities, such as groceries, shelter, utilities, insurance, and so on. 30% is for your wants.

Not extravagances, such as clothes subscription plans, etc. And the remaining 20% should be put into your savings. This is a rule that many successful people have used, like a young man who aspires to be wealthy. It is much more efficient for you to apply the new 40 30 20 10 rule.

The breakdown is almost the same, only that the percentage for your need is reduced. Here you are 40 % for your needs, 30 % for your wants, 20 % for your savings and investments. And the remaining 10% for an emergency like gadgets repair or to lend to a sick friend. This is to avoid you being trapped in a web and spending your savings or getting yourself out.

9. Write Your Financial Goals

In the referee’s to financial freedom, Manoj Arora stated that,

“long-term thinking and planning enhance short-term decision making.”

Make sure you have a plan for your life, and that includes your financial plan on your mission. What financial feats do you desire to be in the next coming years? In what ways would you generate the finance.

What kind of long-term investments do you wish to make? Many others are questions the auto access self from the very onset you made up your mind to be rich.  Rich men have detailed financial goals and plans from the start, and they work towards meeting up those goals.

10. Diversify Your Portfolio

For anyone who desires to be rich, diversification is an essential factor. Diversification is not the same as inconsistency. To diversify your portfolio means to invest in various assets that earn the highest return for the least risk. It is a mixture of stock commodities and fixed income.

The reason for diversification is because assets react differently to the same economic event. So even with one investment fails, the other works. Although we worldly men, like Warren Buffett, do not support diversification, young people should diversify their portfolios in this age of globalization. This is why Fujio Mitarai says; “diversification and globalization are the keys to the future.”  still, the choice is yours to make wisely

11. Keep Learning

Learning is a constant task for anyone who wants to be rich and desires to stay rich as the business world, and every facet of life evolve for you to continue being relevant. You and your business must also grow.

This happens only to learning, reading books and magazines, staying updated with happenings around taking your relevant courses, going for conferences and networking with smart minds, and learning. This is what Henry Ford says about learning “anyone who stops learning is old.” We’re at 20 or 80. Anyone who keeps learning stays young.  The great thing in life is to keep the mind young.

RESOURCE

1.https://www.youtube.com/watch?v=VyWeRAzZvqg

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