You know what I love? It’s the stories of average Joes who started out as penniless nothings and then became millionaires or even billionaires who somehow made it all the way to the Forbes 400. Yeah, you know who I’m talking about – the smart guys and gals who said screw it, I’m gonna be rich.
You know what’s really cool though? If you want to become another Richard Branson or come up with the next Facebook, most of these guys are happy to tell you what they did to make it big. You just have to be willing to listen and work hard.
I admit it – I’m terrible at this. I like nice things. But if you really want to be wealthy, the old less is more thing comes into play. Many billionaires forego the fancy stuff to get where they are and then continue with their frugal habits well after they have amassed wealth. It’s kind of a snowball effect – the more you save, the more you have.
Make a Plan for Saving
Put some money away right now. Don’t wait – even if all you do is put a few bucks away, it’s going to make a difference. Sure there are lots of reasons for the shift in savings rates in this country. But if you want to be rich, you will have to break free from the paradigm of spending tons of money.
The best way to do this is to put a few bucks away automatically every time you get paid. Basically, it’s what we call pay yourself first.
Invest to Make Your Money Grow
Get your savings together first because you never know when you’ll need it. But once you have something put away, go ahead and start investing. You don’t have to have massive cash stashed to start investing either. There are many ways that you can start investing with just $1,000.
Don’t Lend People Money
There are all kinds of reasons why you should never lend money to family or friends. The short of it when it comes to trying to build your wealth is that most loans to friends and family are not really loans. It’s money you’re pretty much never going to see again. If you insist on lending money though, at least protect yourself. There are loan agreement templates that you can use for this available online.
Meet with Finance Professionals Regularly
Financial advisors are well versed on the ins and outs of wealth management, not just for millionaires, but even for those just starting out with saving and investing. These are the people who can help you to become rich. They know what’s what and they’ll tell you what you should and shouldn’t do.
Even if you feel like you have a grasp on some ways to build your wealth, tax rules and the optimal investments for you may change from year to year or even month to month. Paying the money to meet with financial advisors that know what they’re talking about is worth it – as long as you take their advice that is.
While you may not become a millionaire overnight with these strategies, they can help you begin taking steps in the right direction to improve your financial health and build wealth so that one day you too can say you decided to say screw it, I’m gonna be rich!