There’s no secret sauce to becoming rich or maybe there is, and let me explain why below. Do you want to be rich? If the answer is yes, you may want to pay extreme attention as I’ll outline all the steps to getting the illusive first million. I’ve read many times in hundreds of websites, that in order to be rich you have to do these 3 things:
Pay yourself First
Spend Less than you Earn
Have and Maintain a High Income
While yes these three factors do matter to the average person who dreams of swimming in the dough like Scrooge Mc Duck, I will tell you becoming rich takes a deeper process and an involved plan. Many people seem to have the mentality that becoming rich is all about luck and or hitting some magical monetary jack pot.
I hate to burst anyone’s life bubble, but I will tell you right now, becoming rich the majority of the time happens by having a master financial system in place. Imagine a world where people actually knew this system and had the guts to implement it. Instead of saying oh well let me play the lottery this week and cross my fingers.
At least once a week I hear numerous coworkers talk about maybe hitting the lotto, and while this post is not about that, I will repeat again luck has very little to do with how the average millionaire became rich. Now let’s get back in lane to discuss said master plan on how to become rich.
Do you want to Be Rich?
Step 1: Manage Time to the Tee – Those that can learn to do this at an early age, have an advantage.
Step 2: From the very first job, invest automatically and consistently. Forget about the imaginary what ifs- take action then adjust later.
Step 3: Create as much Value as possible, or Produce Something with the time saved or managed.
Step 4: Avoid Distractions and tasks that don’t provide value to the written goals you have in place.
I feel the steps above have just as much weight and support to the question; do you want to be rich, as the three financial tips in the beginning of the post. Because it fixes a lacking mindset people may have and makes any person exponentially efficient.
By learning how to manage time it will open the door to finding many opportunities that will increase income over a lifetime. If you watch 20 hours of Netflix every week for life, that person will miss out on wealth building time. This also goes hand in hand with avoiding distractions, as we are constantly bombarded with ads and other distractors.
In contrast if you become rich before you’ve mastered how to understand your financial mindset, confidence in managing money and realizing what is effective time management opportunities.
There is a high probability you will blow through it.
Once you follow through on all of these tips I have a feeling the first million will come into your life in no time at all. After the first million I predict a second and third million as statistics show can appear so much faster in your financial accounts.
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The first million is always the hardest, but without investing you will not reach any million. – Rich Uncle EL
Rich Uncle EL
Does being frugal matter when you’re rich? To a degree, check back next week to read a post on frugality and the millionaire next door.