Easy and Fastest Way to Make Millions
After reading nearly every book on personal finance and money, I've put together this guide for people on the easiest and fatest ways to make millions. I hope these priceless wealth building tips will at least help you get off to a good start and help you grow a number of solid passive income streams. The biggest key to getting rich is LEARNING, so I hope you learn much from this post!
MY THREE STEPS - "LPE" (Learn, Plan, Execute)
STEP #1 - LEARN
Maybe you're a broke college student or recent college grad without work and saddles with student loan debt. Or a recently laid off employee. Or maybe you were burned by the recession. Well, this is where it all starts for everyone, regardless. You MUST read and you must seek advice from those who know best - people who are already accomplished.
How Can I Get Wealthy Fast?
Quote - *"To be wealthy, you must think like the wealthy." Study books on how the wealthy got rich. Study how they think. Study how they act, what they do with their money. STUDY their path, and choose your own.Have you ever wondered, how did real estate investor Barbara Corcoran get rich? Or how did Donald Trump make his money? You can find out easily.
Credit: Amazon.comInvesting Books - Read up on Napoleon Hill (pictured left) , Robert Kiyosaki, etc. The best part about this is, there are so many great books out there on personal finance! I really like Think and Grow Rich, Secrets of the Millionaire Mind, the Richest Man in Babylon, among others.Credit: www.fool.com
Go to your local library and they will more than likely have these books. If not, you can buy them for cheap on Amazon. For tips on investing, the Motley Fool website is a great - and free - resource. The number one first thing you can do is read. Quite frankly, if you're not willing to sit down at the library and read like 5-6 good books on money, you don't deserve to be rich. You must train yourself to understand the powers of passive income - that is, making money without actually having to do anything. People - Join an investment club in your local town or online. Talk to people in your town who may be successful real estate investors. Have you ever wondered, "Are there any millionaires in my town?" You'd be surprised. I met a guy who owned a local gym last year and found out he owns 4-5 multifamily homes. It is very important to seek advice from people who are successful. I love my parents but if I ask them anything about money it's always something like "just don't lose it all" or "sell it now!"
This is because the people you love most - your friends and family - just don't want to see you get hurt. Which is fine. But they are most likely not experts on money, so avoid talking to them about it. And they will not encourage you to take any risks. Trust me on this point. You want to be encouraged to invest, not discouraged. Do you need to take risks to become a millionaire? I think you MUST take some "risks." But with proper learning, training, and experience, you won't really be taking risks, you'll be managing risks.
Quote - "The investment is not risky, it's the investor." - Robert Kiyosaki.
Rich Dad Poor Dad is a great start, like I said, but don't stop there. Read up on specific investing topics such as how to invest in options, warrants, investing in real estate for beginners, blogging for passive income, etc.
STEP # 2 - PLAN
So you've decided you want to be wealthy. And you've read up on your Napoleon Hill and other great authors. Now what? You need a plan on how to get rich! You cannot just say "I want to be a millionaire" without the super-important task of SETTING GOALS - both short-term and long-term, and of course devising a strategy to carry out the said goals.
What is your ultimate goal? Decide. You could be 22 years old and your 10-year goal may be to have a net worth of a million by 32 years of age. That is a great goal! Now you must also set short-term goals (could be every year) for yourself. Rome was NOT built in a day. Set those stepping stones and your path will be much easier. Get a personal monthly budget planner and keep track of your finances. Then decide on how you will accomplish those goals. Below is an example.
Long-term Goal Example - I want a net worth of $1 million by 34 years of age (24 now).
How? - I will buy one investment real estCredit: INeedtobemakingcashnow.comate property every year for the next 10 years, get 20-40 percent returns from my stock portfolio, and start-up side businesses to supplement my 9-5. I will accomplish my goal by keeping my 9-5 job, getting a second side job, and research source of passive income from the internet.
I will keep my expenses as low as I can so I can re-invest my income to my investments and compound my gains. I will also learn how to invest in options and microcap stocks to leverage my plan. I will focus on building my net worth, not just my income!
Stay Focused - I will NOT give up! I will keep learning by reading a new investing/finance book each week or month. I will stay motivated by setting short-term goals (each month) instead of focusing on the giant LT goal of $1 million. I will make my path to $1 million FUN and almost like a game.
Notes: I tried to emphasize the importance of setting short-term goals here. Without them, you're toast. How do you build up your net worth? You can't jump from $0 net worth to $1 million if that's your only goal. Set weekly and month goals and try to accomplishment them. This will keep you motivated and not discouraged.
Make investing in stocks FUN! What is the best way to pick stocks? How can you make the stock market less boring? Well, I like to compare my investing to Fantasy Football - I think of each stock as a player on my team, and I am the coach. I pick up stocks that are undervalued and overlooked by the market, with the hopes that they will perform well. It's obviously a little more complicated than that, but my point is, it doesn't have to be. Investing should be fun and anyone can do it. You don't have to hand your money over some broker on Wall Street.
STEP # 3 - EXECUTE
So you've read all the books, written up your game plan... now comes the time to just execute and put it all to work!
Maybe you do make some mistakes early on. Learn from them and do better the next time. Whatever you do, keep reading and learning. If you get off to a great start, do not be arrogant. Arrogance blocks learning - when you think you know everything there is to know, you are screwed.
*Being rich and being wealthy have separate meanings, which I plan to discuss in further posts.
Final Thoughts: I hope this helped motivate you or get you off to a good start in your quest for wealth. I plan on making this a 10-part series, with tips and strategies on building wealth. Part 2 will have specific tips, part 3 will be all about real estate, part 4 on stocks/options, etc.
I hope you enjoyed this guide on how to make millions!
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