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HOW TO GET RICH: 13 BEST SECRETS THEY DON’T WANT YOU TO KNOW

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May 5, 2018 Posted By: growth-rapidly Tag: Millionaire

If only there were a secret formula for how to get rich. Almost all of us would
like one day to become rich. We would want to be rich so we can provide a better
life and future for ourselves and families.










What does it mean to be rich? Before we get into how to get rich, let’s define
it so we are on the same page. 

Becoming rich simply means that you have just enough money not to worry, or have
enough money to quit your 9 to 5 job.

It can also mean that you have freedom from financial stress for the rest of
your life. Who would not want these things! If you really want to get rich, you
may want work with a financial advisor to help you put together a financial
plan.

Being rich and having money doesn’t necessarily mean you will be happy all the
time. Rich or poor, we’re all have problems. That’s just part of life.

But one thing for sure is that money can buy freedom to choose. It can buy you
protection and hard goods.

If you’re looking to learn how to get rich quick, then this article is not for
you. Unless you win the lottery or inherit a massive estate, there are no ways
to get rich fast.

If you want to get rich, you have to work hard for it. If it was easy, then
everyone would be rich. So you must be willing to put in long hours.



This article is a way to get rich surely and safely. You will find some of the
ways to get rich easy, and some difficult, but all of them are certainly
attainable.

In this ‘how to get rich’ article, we will discuss 13 steps that you can take
right now to make your dream of becoming rich a reality.


RELATED ARTICLES ON HOW TO GET RICH:

 * How to Grow Your Wealth
 * 9 Reasons Why You Will Never be Rich
 * 5 Money Tips to Make You Rich in 2018
 * 5 Passive Income Streams That Will Make You Rich


HOW TO GET RICH SURELY AND SAFELY – HERE ARE THE WAYS TO GET RICH.


1. HOW TO GET RICH – PLANNING TO GET RICH.

Why do you want to be rich? To what purpose?

Becoming rich is not random; it just doesn’t happen. As I said earlier, unless
you win the lottery or inherit some money, you have to plan it.

Planning, both short term and long term, is essential to get rich.

Depending on your goals, you might consider getting financial
advice. Regardless, have a set of goals and a realistic plan on how you expect
to achieve your wealth. That way you have a blueprint in which to measure your
progress.



2. Have a Millionaire Mentality.
Another secret on how to get rich is to have a millionaire mentality. In fact it
is one of the things that separates the rich from everyone else is (their
mentality, i.e., the way they think about money and its use and its value.)

Let’s take an example: the poor buys the hottest thing that hits the market. He
or she never has more than $50 around the house and his or her checking account
always drops below zero before the next paycheck comes in. He’s always broke.

He has no savings. He hasn’t saved for retirement. And if his employer has a
401k plan, he doesn’t participate.

This is not how to get rich.

Now, the rich has a way different mentality. He or she does the opposite of what
the poor man does, meaning he or she saves and invests his money; has money work
for them.

Although, he can afford things, he believes in frugality. He is goal oriented.
If he sees something that he wants, he plans and takes steps to get it.

So in order to get rich, you need to develop the attitude and habits that are
necessary to become wealthy. Learn more about how to get rich by having the
right mindset. 

3. Invest in Yourself.
An essential step on how to get rich is to invest in yourself. As Warren Buffett
once said: “the most important investment you can make is in yourself.” So try
to get a good education and choose a career that has the potential to make you
rich.

For example, a career in law or medicine or in business has the potential to
make you a lot of money. Whereas a career in education has very little
potential.



If you think you’ve reached the maximum salary in your field, then consider
starting a side hustle like starting a blog to earn extra income. From
completing surveys to driving Uber, there are several ways to make money to
supplement your income.

4. Budget Your Expenses.
One of the things you need to do in your wealth building effort is to budget
your expenses. Some people have no clue where their money goes each month.

At the very least a budget helps you figure out if you are spending more or
less; it allows you to make real changes for example cutting back on your
spending. Most importantly, it allows you to live within your means.

So if you’re serious about getting rich, you must make a budget so you know how
much money comes in and how much money goes out and where it goes.

If you feel like you need help with your money, then you need the a good budget
app to track your personal finances

5. Start Your Own Business.
Starting your own business and be your own boss is one of the most likely ways
to get rich. In fact, most self-made millionaires are small business owners.

Working for somebody else your whole life will not make you rich. Even if you
have a high paying job, you will not become rich; it’s just another paycheck.
You can get fired the next day.

When you own your business, you keep most of, if not all, the profits to
yourself. A profitable internet business you can start right away is a blog. 



6. Have Multiple Streams Of Income.

The single biggest distinction between the rich and the poor is that the rich
focuses on having multiple streams of income instead of one.

Nowadays, job security is uncertain, so it’s important to diversify your income.
In addition to your annual salary from your primary job, you must have multiple
streams of income from ventures like rental property.

Why this is important? Well, something bad can happen to you. You could lose
your job. You could become too sick to work. These things happen every
day. Having multiple streams of income can protect you from such hazards. 

So having multiple streams of income is one of the ways to get rich.

7. Pay Off Debt.

One of the most important things that you need to do when trying to figure out
how to get rich is to pay off your debt, especially credit card debt.

Credit card debt is among the most expensive debt to have (the average interest
rate on credit cards is over 16 percent), and could prevent you from getting
rich.

If you don’t pay the full balance on your credit cards, the interests charged
will increase your debt and make it longer to pay it off.

If you have a lot of credit card debt, it makes sense to get a personal loan to
consolidate your debt at Upstart. Or you can use Credible to compare your
personal loan options.

If you have student loan, try to refinance it with service like Credible.



Related: Apply for a Personal Loan Today to Pay Off Your Debt

8. Investing in a Retirement Plan Now.

Another common mistake people often make when trying to figure out how to get
rich is that they think it’s too early to save for retirement or they don’t make
make enough money to save. With that mentality, you will less likely become
rich.

When it comes to getting rich, saving money and time are your best allies. The
earlier you start and more money you can save tax-deferred, the better.

So not only should you contribute and max out your employer’s 401k plan, you
also need to match it. 

Not taking advantage of your employer 401k plan is just passing up free money
and missing the opportunity to become wealthy.

Your contribution comes right off the top of your paycheck before taxes so you
never see it and you never have to spend it; all of your earnings compound
tax-deferred. You simply cannot beat that.

If your employer doesn’t offer a 401k plan, then open a Roth IRA account and
begin contributing the maximum.

Choose an aggressive balanced fund within your IRA that invests mostly in
stocks, with limited exposure to bonds.

A free retirement calculator or a 401k calculator will help you determine how
much money needed to retire rich.

9. Real Estate Investment.



Investing in real estate is one of the ways to get rich. Some of the rich people
made their billions by investing in real estate.

Focus on buying several multifamily units rather than one single-family home.

10. Save Money & Live Below Your Means.

You will never be rich if you spend all of your money. To have money to save
means living below your means or increasing your income.

Some people believe that if they start earning more, or get a big raise, they
are justified to give themselves a lifestyle raise. This is a big mistake.

Rich people, before they became rich, live modestly. They don’t spend their
money on frivolous things.

11. How to Get Rich: Invest Your Money in High Dividend Stocks.

As I mentioned above, saving money and spend less than you make is very
important to building wealth.

But saving only without investing money won’t make you rich. Rich people focus
more on investing. They too save money, but they realize that the key to getting
rich is to focus on investing. 

One of the best ways to get rich through investing is by opening an online
trading account with a stock broker like Ally Invest. Their trade commissions is
at $4.95 a trade.

12. Create Passive Income
Of the biggest secrets on how to get rich is to pursue passive sources of
income.



What is Passive Income?

Passive income is income you earn without actively trading your time for it.
Whereas ‘active income’ is income you earn from an employer where you have to
sell your time for money.

Examples of passive income include, profit from business partnerships where you
have little to no role, dividends from equities, rent from rental properties,
and earning from a blog that you own.

Passive income is what separates the rich from the poor. The poor has to work
for their money; while the rich, although they often work, they don’t need to do
so.

The wealthy have money work for them so that they get cash on a regular basis
without them having to sell their time.

They can sit back and collect from various passive income streams.


13. SET ASIDE AN EMERGENCY FUND

What if a recession cause you to lose your job? What if you get laid off? In
today’s society, it’s not unusual to find highly trained professionals to be
left jobless, because a new robot hits the market.

Do you have some cash reserve to live off on during months of employment? or
will unemployment be enough to cover your expenses? This cash reserve is there
to prevent an unforeseen event from putting you in a negative cash situation. 

You will need to have 3 to 6 months worth of expenses saved up in a high
interest savings account. Money in a high interest savings account means your
money is safe, it’s easily accessible, and you get a higher interest on your
money.

Final Thoughts on How to Get Rich



There is no secret formula for how to get rich, and there is no such thing as
getting rich quick, unless of course you hit the lottery or inherit money. But
to become wealthy, you have to be disciplined and be a hard worker. And
implementing these 13 steps mentioned above can certainly help you build serious
wealth.


WHILE WORKING ON BECOMING RICH, HERE’S WHAT YOU CAN DO IN THE MEANTIME:


FIRST, YOU CAN START A BLOG.

If you’re interested in earning passive income, then you need to create your own
blog. It’s one of the best ways to make money while you sleep.

Starting a website with Bluehost takes less than 15 minutes and hardly costs
anything. And there are several ways to monetize your website.

Read our step-by-step guide on how to start a successful blog in 15
minutes. It’s one of the best passive income streams you can have.


SECOND, MAINTAIN A GOOD CREDIT SCORE.

A good credit score of 730 means that not only will you able to get qualified
for mortgage loan, it also means you’ll get qualified for a better interest
rate. And being able to get a better interest rate means that you will have
lower monthly mortgage payments. This, in turn, means that you’ll save thousands
of dollars on interests.


WORK WITH THE RIGHT FINANCIAL ADVISOR

You can talk to a financial advisor who can review your finances and help you
save 100k (whether you need it to pay off debt, to invest, to buy a house, or
plan for retirement, saving, etc). Find one who meets your needs with
SmartAsset’s free financial advisor matching service. You answer a few questions
and they match you with up to three financial advisors in your area. So, if you
want help developing a plan to reach your financial goals, get started now.










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