Are you wondering if it’s possible to become rich from nothing? You certainly can. You don’t have to come from a wealthy family to be rich.
Maybe even being the smartest is not necessary to become a millionaire. Success in the marketplace is not as difficult to achieve as you might think.
Why are there a lot of smart people with good ideas but they’re still poor? Why are their ideas just ideas without action? Plans are nothing but ideas.
Spending more than you make every month while heavily relying on loans and financing will fill your wallet with liabilities and debts, which will hinder your ability to invest and save a lot of money.
Mathematically speaking, it is a matter of course that you will soon be ready to increase your assets if you choose to lead a more moderate lifestyle.
Grant Cardone, a self-made millionaire and the author of 10X Rule, suggests the eight steps to becoming rich.
1. REFRAME YOUR THINKING
The minute you finally change your thinking is the first thing you need to do to become a millionaire.
Your current health, professional or educational commitments, but most importantly your mindset, are some of the reasons that have prevented you from being rich.
It won’t happen if you start believing that you will never succeed. It’s possible to begin to believe in your own abilities.
2. DO SOME MATH
Take into account and research the various opportunities for making a million dollars.
For instance, you just made a million dollars if you were able to sell something for $100 to 10,000 people. If you sell a thousand items to a thousand customers, the outcomes are the same.
Reaching a large audience is now possible thanks to technology. E-commerce websites like eBay and Amazon open the door to beginning your journey with the internet.
Plotting a workable plan and creating a financial strategy is crucial.
Say, for example, that you want to open a store selling women’s clothing. If you don’t properly plan, you won’t succeed.
The amount of money you want to make in the first, second, and third years must be planned.
How many customers you must have daily or weekly in order to meet your goals? What is the investment required to produce that customer flow, etc.?
You need to ask yourself those two questions.
3. BUILD AT LEAST THREE SOURCES OF INCOME
If you only have one job, you run the risk of having your only source of income disappear if the business shuts down tomorrow.
I’m trying to say that having one paycheck will make it very difficult to become rich and successful.
Avoid being a victim of employment contracts that last a lifetime. Rich people don’t rely on just one source of income.
At least three different sources of income are considered necessary.
Some examples are:
- Create a digital product.
- You can sell items on the internet.
- Start a blog, and invest in the stock market.
- Spend your spare time teaching a skill you’re good at or renting out property and turning it into an Airbnb.
4. LEARN A HIGH-PAYING SKILL
A high-income skill is one that enables you to generate a minimum of $10,000 per month.
Why should you learn a high-income skill? Because there is no financial upfront cost and there is zero risk.
Only the opportunity cost involves whether you are picking the right skill to learn and the time you spend on it.
All you have to do is identify one activity you enjoy doing, master it, and then look for clients who require your services.
Say you decide to work as a copywriter. This includes writing sales pages, Facebook ads, email marketing, and other types of advertising texts.
Copywriting allows you to make at least $10,000 a month, making it a high-income skill.
On the internet, there is a wealth of useful information that can be accessed at no cost. To save time, you can always buy a good course and various copywriting books.
Finding clients and pitching them to using your copywriting services is the second step. For instance, you could assist them in writing better website copy. You can help them in improving their conversion rate by doing that.
Let’s look at how to make money on the internet since it seems to be the solution to every problem. There are many different ways to make money, and there are certain requirements for making money online.
Here are a few ideas for how to make money on the internet.
- Make content, such as a blog.
- Set up a YouTube channel.
- You can buy and sell your products or services on eBay or other e-commerce platforms.
5. HANG OUT WITH THE RIGHT PEOPLE
“Who do you know that I should know?” This question caught my attention in a John Maxwell speech about the significance of networking.
To develop relationships or networks, you should be aware of the crowd you need to hang out with.
If you’ve decided to sell Rolex watches, for instance, start investing by going to a luxury store. City hangouts, finance, and business, in general, are challenging industries to enter on your own or from the outside.
It’s important to encircle yourself with the right people. These are experts who understand how to choose wisely among the thousands of technical choices that every entrepreneur must make each day.
6. SAVE
Once you’ve earned your first dollar, you need to start saving. Avoid making impulsive purchases. I suggest that you set aside only a portion of your income for this use.
You should at the very least save or reinvest 10% of your income. Don’t waste money on pointless things like tropical vacations. The expensive watches, cars, and dinners can wait.
Don’t rush into making rash purchases right away. Make your savings untouchable by depositing them in a separate current account.
7. INVEST
As soon as you start making money, you’ll be tempted to indulge yourself and start spending right away. There is nothing wrong with this, but don’t use your new earnings to upgrade your lifestyle. Instead, put them in a separate account.
Do not use them to immediately purchase unnecessary items or go on vacations that you will take later. Only use them for new investments.
Don’t concentrate solely on one investment. The golden rule is to diversify, which means investing in multiple shares as opposed to just one stock.
In this manner, even if one side fails, the others ought to succeed, enabling you to limit your losses. Diversifying is beneficial.
Even high doses of failure won’t deter a portfolio that has been constructed well from producing above-average returns.
8. NEVER GET INTO “BAD” DEBT
No matter how wealthy you are, if you have debt, the banking system owns you. To pay them and keep up the necessary standard of living, you must work.
Don’t take out loans to improve your standard of living or luxury. There are both good and bad debts. Good debts are those that bring you income, whereas bad debts are those that suck your bank account.
Therefore, be cautious when borrowing money and avoid falling into debt traps.
