4 Best Ways to become Rich

Here are the 4 simple and Best Ways to achieve your dream to Become Rich:

“To get rich, you have to be making money while you’re asleep.” – David Bailey.

4 Best Ways to become RichRich are the ones who are empowered to lead a life at their discretion. They do what they love and in a way that pleases them. You must have always dreamt to become rich. Everyone does. But there are only a few who succeed. You might feel they were the lucky ones. It’s not only luck that works. It is a combination of luck, skill and perseverance. Rich people are the ones who know what they want in life, where to go and how to get there.

Getting rich might seem challenging to some. But if have got the right ways and means, then things are going to gradually fall into place.

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Planning to be Rich

The journey to become rich starts with an idea. Initially, you should have the desire and willingness to become rich. You also need to act in a suitable manner. You need to work on your behaviour.

Developing a strong belief within oneself gives you a drive to progress in that direction. You can bring about some behavioural changes by following mannerisms of the wealthy. Also, a transition from simply wishing to goal-setting will do wonders.

Read on to get the details!

Behave like the Rich

Whosoever has become rich necessarily knows money and how it works. Rich men tend to be financially literate. They understand the difference between saving, investment and insurance. So, they don’t invest before saving. Similarly, they don’t expect returns from insurance. They don’t overspend and limit their expenses to necessities. They end up saving one-fourth of their income.

They don’t indulge in gambling and take calculated risks. If you seek easy ways to make money, then you may end up in a mess. Dreaming big is good. But what’s more important is the means adopted to get to the top. Remember my friend, blind speculation and desperate attempts will take you nowhere.

To get rich, you need to embrace these behavioural changes. Gradually, you will find yourself on the right track and money would work as you want it to work.

Set goals, not wishes

You may have read stories of successful people who ultimately became billionaires. You would wonder where you are lagging behind in your endeavour. How much more time it would take to make moolahs? Where are you going to find the missing piece that may complete the picture?

Here lies the secret success mantra!

Success is bestowed upon those who have a clear objective and well-thought strategy. If you don’t know where you want to go, chances are you may end up in the wrong place. Before looking for the solution, you need to define the problem first. You might have heard on some occasions: “A problem well-defined is half solved.”

When you only yearn to become rich, chances are you’ll maintain status quo. You would seldom progress in case the ends and means are not clear. It’s high time to stop worrying and start planning. Firstly decide the money which you want to accumulate. Then devise a plan to achieve your goal.

Simple Ways to get rich

Once you have started believing that you can become rich, now’s the time to act upon.

You may consult an advisor or look for investment avenues. You can avoid procrastination and stay committed to investing.

Here are some of the simple ways to wealth accumulation:

4 Best Ways to become Rich

1. Seek a Mentor

The importance of Mentor needs to be underscored here. Mentor refers to the person having expertise in a subject. One who is well-equipped to enlighten your clouded wisdom. He will take you from the financial darkness to radiance of prosperity.

Before finalising upon your mentor, ensure that he’s rich. It’s because you can’t get the right advice from the wrong person. Moreover, he should hold the experience of guiding others from rags to riches.

Among the wealthy, 93 percent attributed their success to Mentor/advisor who regularly and actively participates in your growth by teaching you what to do and what not to do.

If you are listless about where to start from, approach a financial advisor. He would help you chalk out a fool proof plan towards economic empowerment. Using his financial expertise, he may assist you in goal formation, risk profile determination and investment strategy.

2. Avoid Procrastination & Start Investing Early

If you want to be rich, then think that “Today” is the day and “Now” is the time. Avoid postponing your goals to future date. Once you have planned your course of action, stick to it. Abandoning in the midst won’t help.

Get into the investment mode as soon as possible. Look around for various investment havens like stocks, gold, real estate, fixed-income investments or mutual funds. Adopt a low-cost and reasonable return investment model.

You can try your hands on mutual funds. At a nominal SIP, you may get exposure to a range of asset classes matching your risk profile. If you are a fervent risk-seeker, then large-cap equities would make the best bet. If you lie on lower rungs of risk tolerance, then debt funds would serve your purpose.

Also read: SIP vs Lump sum Investment

The main takeaway is to stay consistent and disciplined on investing. Once you begin investing, keep committed to your goals. Step-up your investments as your income rise. Believe in the power of compounding. A SIP of as small as Rs 1000 continued for 35 years could yield returns as high as Rs 35 lakh.

Estimated SIP Returns

Along with money, the primary drive which makes you rich is your unshaken conviction and commitment to be one.

3. Multiply your income sources

For an employed individual, salary is the prime way towards wealth generation. An effort towards salary enhancement may put your plan on a fast track mode. A high salary initially boosts your confidence and morale. It provides you with a sense of satisfaction and high self-esteem. It opens up the door to savings and investment.

Lower salary limits your risk-taking ability. You cannot expect to move the mountain with a small stick. For that to happen, you need a pretty long and strong lever. That’s what a higher remuneration does to your investing plans. You will be able to take relatively increased risk positions with an enhanced pay package.

Initially, you need to determine whether you are adequately paid for your services. Consult your friends working in the same industry at similar positions. Visit job portals to get a rough estimate of industry salary standards equivalent to your current qualification and experience.

Once you know that you are underpaid, it’s time to rectify the situation. Ask your employer for a hike. Else look out for job changes to better pay packages.

You should also try to create additional sources of income apart from salary.

If you possess a business model that’s good enough to mint money, then become a business man. Compared to a regular job, you can grow your money exponentially as an entrepreneur.

You can capitalise your existing skills or hobbies to start a venture. You can start taking tuition classes or be a dance teacher. You can also go online to reach a wider customer base.

Ultimately, owning a business would help you to achieve bigger dreams. You may generate enough wealth to own a villa or your dream car.

4. Invest in yourself

If you are ready to risk your current low-paying job for a brighter future, try out internships. Sometimes, a dearth of skills could be the reason for your low pay cheque. Search for internship opportunities with established brands in your industry. Such internships not only develop critical skills but also expose you to professionals and prospective employers. If you perform well as an intern, chances are the big brand may retain you permanently. You may also seek good recommendations for your next job.

In addition to this, you may opt for getting certified. Look out for value-added certifications that increase your worth in the job market. These days you may find certifications that can be taken up side-by-side a job.

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Final Words

Getting rich is a journey in itself. It demands patience and perseverance from your end. The means are equally as important as the end. There are so many ways to go rich. You need to choose the one which suits your stuff. You will face hurdles on your path. Sometimes you may get tired and hopeless. At that moment take rest but never decide to quit.

Ultimately, sooner or later, the man who wins is the one who thinks he can.

About the author

KishorKumar Balpalli, believes that financial literacy and discipline is the key to one’s financial freedom. KishorKumar is a Certified Financial Planner, Personal Finance Blogger & the Founder of myMoneySage.in an award-winning Wealth Management platform. myMoneySage simplifies investing for individuals and amplifies business growth for Registered Investment Advisers by leveraging Artificial intelligence and machine learning. The AI of the machine plus the intellect of the human advisor enables comprehensive & client-centric advice at a fraction of the cost of a conventional adviser.

myMoneySage.in is an award winning personal finance platform. It helps you aggregate all your personal finance accounts like FD, Equity, Mutual Funds, PPF EPF, NPS including, Credit Cards & Loans etc. It's one place where you can track, plan and invest seamlessly. myMoneySage.in empowers you to invest in zero commission direct plans of mutual funds thereby helping you generate higher on investments. The best part is it comes with a lifetime Free plan.

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