Do you want to be rich? The good news is that you can become very wealthy without having any money. It’s true. No kidding, no games. If you are thinking about how to get rich with little money, I wrote this book for you. Because, you don’t know how hard is to be poor. And if you know how it feels like to be the poor people, there is no reason for you not be rich!
In thsi article, you will discover that not only can you get rich, but you can get wealthy. All you need do is to commit to this thiings i am about to share with you.
Work smarter and harder than your competition..
Identify your competition. How hard are they working? What are some differentiators you can bring to your workplace or market?
Start by working smarter. There’s no use in working harder if your work isn’t effective at producing income – you’ll be spinning your wheels.
There’s no sense in selling ice cream cones on your front lawn in the dead of winter. Instead, set up a booth at the park in the sizzling summertime – you get the idea! Simple, commonsense changes can greatly improve your effectiveness.
Work harder than others are willing. We’ve all seen the guy or gal at the office who works harder than anyone else. Maybe they’re a little nerdy or a little too interested in their job – or are they?
Maybe they’re onto something. After all, aren’t they the ones getting the promotions? Aren’t they the ones who become the office linchpins?
I remember when began my career with A.G. Edwards & Sons in 2002, I was in a training class of around 55 people. After completing training a year later, our class was reduced to less than half. My fifth anniversary mark? Only five of us were left.
Most failed. Why? Because they weren’t willing to put in the hard work required.
I beg you to not be afraid of hard work. Not only will your boss feel better about what you’re doing for them – you will too.
I’m not afraid to die on a treadmill. I will not be outworked. You may be more talented than me. You might be smarter than me. And you may be better looking than me. But if we get on a treadmill together, you are going to get off first or I’m going to die. It’s really that simple. I’m not going to be outworked. – Will Smith, Actor
Learn from your mistakes and move on.
Everyone makes them. I do, you do, we all do.
And believe me, I’ve made some pitiful mistakes.
Would you get suckered into two multi-level companies that go nowhere? Would you throw $8,000 into an online business venture only to lose it all? Those are just a couple of several investment mistakes I’ve made with my money.
Mistakes are difficult to swallow. I think our first gut reaction as human beings to the realization we messed up is to shift blame – to others or to circumstances.
The very best way forward is to admit we fumbled the ball. Are you willing to admit when you make mistakes?
Some people, when faced with their own inadequacies, beat themselves up. And you know what that does? It paralyzes them from making the decisions they need to make to achieve success.
It’s important to remember that . . . .
Only those who are asleep make no mistakes. – Ingvar Kamprad, Founder of IKEA
So, take the simple step to fess up and move on. Yes, it’s simpler than you think – especially once you have practice. If you are still in the middle of a debt mistake one of the best things you can do is to stop paying interest by transferring your balance over to a 0% APR credit card. This will free you up to hammer down on that debt instead of paying big interest payments.
Millionaires don’t give up because of a few silly mistakes. They press on toward the goal.
Build something new that you would love – and be sure to experiment.
You can read book after book about how to research what your customers will love, and by the time you deliver it, they’ll already be bored with it.
If you’re the entrepreneurial type – I know I am – make sure to work on projects you can get excited about!
Chances are, if you create something that you’d use and love, others will too.
Millionaires understand that some of the best ideas don’t come out of costly research, they come out of a passion for making the world a better place.
Also, remember to experiment. Have fun! Some of my best ideas come out of experimentation.
In 1945, Percy Spencer experimented with a new vacuum tube while doing research for the Raytheon Corporation. He popped popcorn and melted a candy bar, and saw the great potential for this process which eventually culminated into the advent of the microwave.
Tim Cook, the CEO of Apple recently explained in an interview with Charlie Rose that it’s more difficult to edit than it is to create something entirely new. But I’ve learned that sometimes creating something new can be the best way forward to becoming a millionaire.
One of the things that I’ve been most excited about building is my blog. My financial planning practice was growing at a steady rate but after I launched GoodFinancialCents.com in 2008 my practice and revenue have grown significantly. Some of that is a direct result of getting new clients to my practice while the other more surprising revenue source has been directly from the blog.
A combination of advertising revenue and introduction to new business opportunities (because my name and face are all over the web) have been a huge blessing.
Here’s the thing you have to realize though: I KNEW NOTHING ABOUT BLOGGING.
That’s right. The launching of my blog was a total experiment and still is today. I’m always testing different ways to monetize and build my brand. Experimenting is the fun part!
You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new. – Steve Jobs, Former CEO of Apple
Work hard and know your place
Working hard takes absolutely no skill. I promise that if you’re the first person in the office and the last to leave, you’ll get ahead. Pay your dues early and you can relax when you’re older. Will your social life suffer? A little bit, yes. But you’re young, remember? Your energy is limitless!
Early in my career, I got to work at 5:30 a.m. and left after 7:30 p.m. I learned a lot, got more done and gained the respect of my peers. And because my boss recognized my hard work ethics, I was able to save my job during the 2000 dot-com bubble burst.
Consider both aggressive and conservative strategies
Investing in an S&P 500 index fund is fine, but if you want to get rich fast, I recommend making more high-risk bets. You can land bigger wins for a small portion of your portfolio.
Don’t go crazy and blow all your money away, but be willing to experiment with aggressive investment strategies. Like I said, when you’re young, you have very little to lose.
When I was 22, I only had about $4,000 to my name. Regardless, I invested 80% of my money in one stock and got a 5,000% return. Part of it was luck. But I did my research, took a big risk and it paid off.
Make property your best friend
Inflation is a beast. Make it a goal to own a primary residence as soon as you know where you want to live for the next five to 10 years. If you put a 20% down payment on a home and it goes 3% up per year, that’s a 15% return on your cash.
At 26, I used the lucky win I made from one stock investment and bought a two-bedroom, two-bathroom condo in San Francisco for $580,500. The mortgage has since been paid off and the property now generates a steady stream of income.
Live like you’re poorer than you actually are
The richer you become, the more frugal and low-key you should be. Too many young people waste money on things they don’t need — simply to show off to their friends or on social media.
There’s no shame in being young and poor. Drive a cheap car. Live in a modest home. Don’t eat out every day. Don’t buy clothes you don’t need (thanks to Mark Zuckerberg and Steve Jobs, wearing the same thing every day is cool). And then be the unassuming millionaire next door.
Once I became a millionaire, I purchased a six-year-old car and drove it for the next 10 years. After that, I leased a Honda Fit and drove it for three years. I still wear the same casual athletic clothes I wore in my 20s.
How Can I Become a Millionaire with No Money?
The first step is to change your money mindset. You probably think like a poor person, but you’ve got to start thinking like a rich person.
You might not get rich fast, but that’s not the goal. Building wealth doesn’t have to take much money. In fact, the most successful people are investing in the stock market, owning their own business, and work hard to create the financial worth that frees them to have a comfortable income during retirement.
This can take a long time, and you should expect to work hard for 20 years or longer. It’s very rare that you’ll hit the lottery and get rich quickly. Focus on the long-game.
I know that it’s hard to get out of a poor mindset. You probably heard it from your parents while growing up and live frugally now.
However, living poor is different than being frugal. You need the right way to become rich, but you aren’t going to find it if you’re unwilling to take a chance.
Of course, hard work comes into play here, but that’s just the start. You also need to focus on the long term while thinking as the right people do. To do that, consider opening yourself up to various perspectives. Talk to someone else who doesn’t seem to have the same frugal mentality. Don’t immediately fix on a particular view.
Keep track of your wealth across all your accounts with this free financial dashboard to track your savings, retirement, net worth, and more!
How Do You Build Wealth from Nothing?
Another thing you’ve got to do is, every time you make money, put a portion of it into a savings account to not be spent. Even if you work a minimum wage job, it’s important to do this.
Saving one dollar is better than not saving anything. Being a self-made millionaire takes time. Even if you can save only a little bit out of each paycheck, that’s your first stepping stone to work your way up to saving even more.
Most financial advisors recommend that you save about 10 or 15 percent of the annual gross income you bring home. If you start early enough, you could retire at 60 years old with 1 million dollars.
Therefore, it’s important that you determine when you want a net worth of $1,000,000. If it’s primarily for retirement, you can easily attain that goal.
However, if you want to become a millionaire earlier, then it’s time to start saving every penny you can. The goal is to stop wasting so much money on little things (like that trip to the coffee shop every morning).
Analyze your purchases for the month to determine what you’re spending and find ways to lower them. This takes no money at all, but it helps you in becoming a millionaire.
Conclusion
Becoming a millionaire has always been a dream for the young people. Most of the people think that it is not possible to become a millionaire with no money or becoming millionaires overnight are wrong. You can become rich overnight by taking some quick actions.