According to Roand bert Kiyosaki, author of the book, Rich Dad Poor Dad, “There are many ways of learning how to make money, one of the greatest ways of acquiring great wealth is, (as crazy as it sounds), through playing the game of Monopoly, in real life!”
Yes. You heard right. Playing Monopoly ‘in real life’ requires you to earn money, pay taxes and fines and invest in businesses such as building projects, hotels and be a part of a public company and these are ways of becoming rich.
Robert Kiyosky also elaborated that, “Poverty starts with a fundamental attitude. Poverty is passed on. It is taught in families. It is taught in schools. The school system is designed to teach you about how to be an employee, which is important, or a doctor or a lawyer or a specialist. But the school system hardly teaches you about how to make money.”
It is true that people want financial comfort and stability. Why do people dream of becoming rich? So they can buy anything they want, but the journey to being wealthy is anything but easy. Some other ways to wealth do also come by chance. But, becoming rich generally, involves loads of hard work, time, perseverance and patience. I hope that these 9 proven ways will serve as an easy guide to creating financial freedom for you.
1. Create Value
Discovering and adding value to yourself is a sure foundation for your journey in becoming rich. Create some knowledge or skills that justifies someone paying you a good amount of money. Convince people that you are worth a large paycheck because you will add value to their lives in return.
2. Create a reward for your value
After identifying that unique quality about yourself, goods or services, you must ensure a reward system that is commensurate to your value. You need to adopt the mindset that you are being compensated for the value or results you give to an individual, company or organization and not the amount of time you spend on the job.
3. Increase the number of people you serve
The more people you serve, the more money you earn. Take out one or two days and find out how you can reach more people by utilizing technology. Make videos, ebooks, podcast and so on. When you take advantage of these current technologies and with consistency, you’ll get to millions across the globe that will translate to more income for you.
4. Develop a saving attitude
Not every money made should go into buying stuff for your needs. But it is so, so easy to always dip into your savings especially when you want something so badly. Always put this at the back of your mind, your savings must be viewed like your taxes and when you pay your taxes, you never get the whole amount back, so treat your savings like taxes. Always set money aside in a separate account where you cannot touch it.
5. Create a Plan and Follow It
The likelihood of suddenly stumbling upon unlimited riches is extremely low. While it may seem that a lot of the success stories you hear are luck-based, this is actually not true. Most rich people became rich through meticulous planning and loads of discipline.
Things like budgets and timelines, as well as a plan of what to do at every step of the way to success are a must. It is important not to get too relaxed and do your best to keep going. Having a plan always helps in eliminating unnecessary time wastage. Creating a budget and following it is just one important part of this process.
The core principle behind investing is that you end up making more money than you spend. But how to choose your investments wisely is a different ball game entirely. Places where you can sink your money into are numerous, but figuring out which one of these will yield the desired result is difficult.
Real estate is sometimes a good investment, but it is expensive. Investing in the stock market does not have to be expensive, but it can be risky and unstable. There are lots of factors to consider when investing, so make sure you think about it rationally. One best bet is to talk to experts or friends who are experienced in investing before making a decision.
7. Start a Business
If you have a passion for business this can be a great step to making lots of money. Entrepreneurs will always tell you that creating your own business is never that easy. Business requires a large upfront cost and low returns at the onset.
Entrepreneurship is never a get rich scheme and requires a huge transformation in one’s personal lifestyle. Its unique trials and rewards is worth the risk but there is a need for serious commitment, a thick skin and some element of luck in order to be successful.
8. Educate Yourself
This is certainly essential to becoming successful. Keeping up with daily news trend is a must in terms of making investment decisions. Ignorance of trends could wipe out your money like a giant tidal wave. You must constantly educate yourself about major and current events.
9. Take Calculated Risks
Business requires that you take risks. Such risks are calculated as opposed to blind risks. Money can’t be made without a risk involved. Whether it’s starting a business or investing in stocks, In order to make money, take a chance that an investment will play out right. Taking risks without thinking about them beforehand is a quick way to losing money. Such uncalculated risks are no different to gambling.