If we all knew how to get rich wouldn't everyone be doing it? No, not at all. It's not hard, but it takes some creative hard work and determination at the same time. Most people also think that you need to come up with some harebrained scheme or a whacky invention to make money. Wrong. All you need is basic stuff really that everyone can do, but don't for whatever reason â which escapes me by the way. I don't know why more people don't do these things â it's so easy, and here's how in two ultra easy steps.
Step 1 â increase your income
Sounds simple I know, but a lot of people don't do it, or aren't willing to put in the extra work it takes to do it. There's different types of income too by the way â working extra hours at your existing job may be an option, but you'll be away from your family more doing something you probably aren't that keen on really. So get smarter â do something different. My preferred option in increasing income is to start a business which you can build up to earn you passive income in the future. That's how you get rich â have money coming in on auto pilot, without having to lift a finger to keep it coming.
There are many ways of increasing your income to get rich, but the millionaires and billionaires work different, not necessarily harder. They work on the passive income producing options to try and create businesses to fund their lifestyle â awesome right? Yep. So look around and build up some sort of business that makes money, even without you there. This may be in the form of an internet business, or a retail or other business and install a manager. You'll still own the place, but if you put in a manager that you treat and pay well they will continue to grow your business for you â and you'll keep making money even if you never go there. The way to get rich is to control businesses, not operate them yourself.
Step 2 â decrease your expenses
Pay off your debts faster and live more frugally. There are many ways to do this â cut down basic expenses, but whatever you do you have to know what your financial position is, and have a goal you're working towards. If you want to get rich you'll have to eliminate wasteful expenses and the most obvious way to do this is to eliminate the personal debt you have. Personal debt funds liabilities, not assets, and these things will never make you money. These include things like a car which are likely necessary â but as with all things it's best to pay cash for everything if you can at all manage it.
If you want to know how to get rich quicker â get rid of those personal debts like car loans and credit cards. Eliminate them and don't get any more. Simple. That's bad debt. Good debt is something that makes you money, and it's really cool â good debt is where you borrow money off someone else to buy something for yourself which someone else pays for. Cool huh. It's called real estate investment, and that's how you get rich â work smarter, not harder remember? Enjoy!