Can you become wealthy?
Do you ever wonder why most of the money in American and throughout the world iscontrolled by 1% of people? Find out the top 10 reasons most people do not become rich.
1- You got to believe it
If you are like most people you think that the wealthy were either born in it, or "got lucky". Many people dont believe that it is possible to become rich. This is one of the biggest misconceptions about the wealthy. Although there are many people who are born into wealth, very few actually "got lucky" by winning the lottery or found the buried trasure. The fact of the matter is most wealthy people have worked there way through financial planning to become a millionaire.
2- If you believe, you must know
Most people may be good at budgeting there income, as well as saving there income. But are they good at investing what they save? You don't have to have a high income to build wealth, alot of people that are middle-lower class can still retire a millionaire. If you know how to properly invest your $200, $300, $400, and maybe even more every month, you too can retire a millionaire.
3-What is your mindset?
Most people think they will start saving when they have the money to save. Wrong!! With that mindset when you get more money, naturally you will want a nicer car, or move somewhere that has higher rent. A rule most finacially successful people have is "paying yourself first". It is where you decide how much you want to save each month and put it away before you pay budget for groceries, gas, car, etc.
4-How bad do you want it?
You probably say you want to be rich, but do you really? Almost every person I know wants to be rich, not necessarily for the power, but for the freedom. The fact of the matter is if you want to be rich, you have to make your money work for you. If it requires waking up at 5:30 a.m. every morning to earn extra money most people wouldn't do it. They don't want to be rich anymore than they want to sleep. They don't want to become rich anymore than they want to watch tv instead of be productive. They don't want to be rich because they think it takes too much effort.
5-The big mistake of saving money
Saving money is a good thing... right? Yes saving money is good, it is good to be financially concious and it will reduce the stress in your life. But remember number 2, you must know how to invest your savings. Investing savings is an underrated way of becoming rich, most people will save up for a new car, a vacation, etc. But what if you could save enough money that you could live off that money for the rest of your life? You can by investing, and not saving. Here is an example, if you had $500 in your savings, and added $100 a month for 40 years you would have $48,500. If you invested your money into something that gave you a 10% annual return on your money (the stock market average is 11.6). instead of $48,500 you would have $606,852. That is a whopping $558,352 difference for just putting your money in an investment, and this is only saving $100 a month.
There are millions of ways to become rich. But the basic principals are to want it, know how you are going to do it, and stick to it.