Last updated in November 2020
Very few of us become wealthy through the so-called ‘get rich quick’ schemes and lottery wins. In fact, very few of us become wealthy at all.
That isn’t to say that it’s impossible to make our fortunes, but within a wealth mindset, we need to be realistic in our pursuit of riches. To become wealthy, there are a few things we can all do to improve our chances.
This is a collaborative post.
Table of Contents
1. Deal with your debts
The longer we are in debt, the harder it will be for us to find any kind of financial freedom, let alone riches. We need to eliminate them as soon as we can, and this means making savings in other parts of our lives so we can pay more than the minimum on our debts every month.
We should also seek help if our debts start to overwhelm us, perhaps by turning to one of the many debt charities that are available for help and advice. Check out these debt-reduction tips if you need help in this area.
2. Start investing
Investing is one of the quickest ways to build wealth, and there are many people in the world today who have made their fortune this way. There are those who have made billions through cryptocurrencies, so you might want to take the crypto-plunge and invest in bitcoin. Investing in the stock market is another way to build your wealth, as is investing in real-estate.
Of course, with any investment, there is the potential for losses too, so it’s important to do your homework beforehand and perhaps seek advice from other investors to help you make good decisions.
3. Invest in yourself
What do we mean by this? Well, if we can spend money on self-improvement, we might increase our chances of becoming wealthy. We could take those educational courses that could improve our chances of getting a promotion or finding a better-paid career.
We could buy those books that teach us money-management skills, as well as those books that are based around wealth. We might also spend money on our appearance, as a new suit or hairstyle could help improve our chances at job interviews.
4. Stop spending
If we’re forever buying things that we don’t really need in life, then we are never going to improve our chances of getting wealthy. This is especially true when we buy things on credit, as we then put ourselves back into debt.
As we move through life, we need to be mindful about our spending, and perhaps hold off occasionally so we can put money away to build the wealth accumulating in our bank accounts. And by saving money, we will also have cash reserves to help us in an emergency, such as when repairs are needed at home.
We can then do what needs to be done without putting ourselves in debt from reliance on our credit cards to dig ourselves out of trouble.
It is possible to get rich in your lifetime, but you do need to follow some of the steps we have suggested here. Of course, you might still get rich in the lottery, but being realistic, you should still consider what else you might do in the meantime.