Each one of us has this thought from time to time: How to get rich? How to quit my job and have enough money for traveling? The fact is most people are running in a circle, that is keeping them from getting rich and wealthy – taking more and more debt and ending up paying interest only. To make the first step in the direction of getting out is to realize how much debt you have (that can be analysed with the help of the bankruptcy law firm serving MA) and get rid of it first. Getting rich starts with realizing where you are standing.
Here are steps to achieving financial freedom:
Cut your costs
Compile an excel table to have a clear overview of your costs and spending which should also include details about the amount lent by the new payday loan lenders for this month and when it has to be paid. Are you spending too much money on entertainment? Consider reducing your spending! There might be cheaper/free options. For example: if you have gym membership, going for a walk or run in the park may be a possible alternative. Don’t forget to load your phone with cool music, grab your wireless headphones and head out! Enjoying hot coffee take away? Why not get yourself a thermos mug and brew your coffee at home! This way you can save and have your favorite flavor, just like you love it!
Do you enjoy eating out? Most offices have a kitchen area, so why not get some food from home? Eating out is way too expensive these days, plus the quality of food is not always great. Bringing some leftovers in a lunch box will help you stay healthy, minimize waste and accelerate your saving speed!
Reducing transportation costs may be difficult, though not impossible. If you live close enough to your work, getting there by bike may be an option. Otherwise, public transport (if available) is a good option too. Ride sharing services might be helpful as well. If car is your only possible option, consider getting a fuel efficient model and try to find people who would share your ride. This way you might find a good company who will keep your spirit high in the mornings.
There are tons of useful tips that will save you money! Just look around and think for a minute, where most of your money is flowing to and try to think of some ways to cut those costs. In my case those are transportation (hard to change), food (easy to change, I stopped eating out), some entertainment and travel costs. Saving on travel is actually quite easy, as there are so many alternatives! Some tips, how to save on airline tickets, hotels, which useful travel gadgets to use are here, in this blog.
Start saving and get rich
Once you have made a start with cutting costs, it’s time to start saving and get rich! I can’t stress this enough – saving is the key to becoming financially independent! If it seems too hard, try these financial affirmations, they work like a charm! I recommend joining the 50% savings club. The idea is to only spend 50% of your income, the rest needs to be saved and invested. Anyone can do it! If 50% seems too much at the beginning, try to start with 10% and gradually move up. Think about it: you skip some fun right now to get some long term return in the future! For some inspiration, I recommend reading a book by Richard T. Kiyosaki “Rich Dad, Poor Dad”. This book virtually changed my life! It is very simple, yet informative and has tons of examples how a simple change in a way of thinking can transform your life! I might write a review on this book in the future.
Invest and get rich
Now to the fun part – you are doing well, cutting cost and saving. Now what? Are you about to get rich now? Keeping your hard earned $$$ on your bank account is not going to make you rich. So what should you do with it? Simple! Invest! There are numerous ways to invest your money and get some good return. You may consider to invest your money by setting up your edward jones gold precious metals ira.
Let’s put it that way: there are easy ways and hard ways. Everybody chooses their own. If you are good at something (e.g. play sports) and know your way around those things, investing in some gear in order to resell it may be your way to go. A lot of people are selling winter gear in summer, a lot are buying in winter. If you want to be a successful financial advisor, then take the mastermind pill and be willing to learn from others. Here is your chance!
If you don’t feel like spending too much time looking, investing in index funds (e.g. S&P 500) might be a good option for you and help you get rich. The Standard & Poor’s 500 Index (S&P 500) is an index of 500 of the largest U.S. companies, listed on the New York Stock Exchange or NASDAQ. It’s not completely safe to invest in, but for an average investor it is a way to go. The average annual return is around 10%, but the value changes constantly, so it is a long term investment. In his book “Who Took My Money” Robert T. Kiyosaki explains that this kind of investment, although suitable for most average investors, is quite risky and nontransparent (you don’t have control over your money, you just give it to someone and hope that they will make it grow).
Another option for investing your money is to purchase individual stocks. This can be riskier, but it also has the potential for higher returns. For example, investing in Microsoft stock could be a good choice for someone who believes in the company’s growth potential. The microsoft stock price has steadily risen over the years, and the company has shown resilience even in challenging economic times. However, it’s important to thoroughly research a company before investing in its stock and to keep an eye on market trends that could impact the stock price. With the right research and knowledge, investing in individual stocks can be a lucrative way to grow your wealth.
Investing in yourself is by far the best possible way to achieve financial freedom – get to know your strength, your passion and your goals! Once you have accomplished that, you will know how to make your money work for you.
Enjoy your life!
While chasing a dream of becoming rich, one shouldn’t forget to live. Life is too short to waste it, each day is a small miracle! Getting out on a sunny day, talking a walk in the park or by the sea, visiting parents and friends – all those small bits make your life whole. It’s important to find time for yourself, spend some time alone and let yourself go. Funny, but true:
“Most people could accomplish their dream by the end of the week. Instead, they make it their dream of a lifetime!”
Try to fulfill your dreams, at least once per week. It doesn’t take much! There are people, who manage to do one new thing every day, even on a limited budget. Here is an interesting TED talk to get inspired:
The problem is that people always find excuses. But if you want something bad enough and work for it, then magic happens. 🙂
So true! Thanks for stopping by 🙂