1.Develop Money Mind-Set
“ Money is a terrible master, but an excellent servant ”
If you want to get rich quick, change your perception about money. Remember that money is not just a piece of paper or metal. But Money is a living thing. Because its value constantly changes.
Most of the people work for money. Therefore if they want more money, they work harder.
On the contrary rich and successful people do not work for money. They make money work for them. They know that money is not a thing to store, but it is a tool to generate more money.
2. Aassume That You Are Already Rich
“Our mind can not differentiate imagination from reality. Therefore what we continuously think, we become.”
If you want to get rich quick, you must get a positive mind set about money. Therefore Always think as if you are already rich.
If you don’t have money to buy something, never say “I can not afford it”, say instead, “ I can afford but I don’t want to buy it now”
A person with positive mindset can get broke, but he would never get poor.
3. Make A Budget
If you want to get rich quick, you must
make a budget. Because if you don’t have a plan, you will not know where you are and where you have to go.
Therefore keep track of all your incomes and expenses in a diary. This way you will get ideas where you are spending more or spending unnecessarily.
4. Get Out of Debt as Fast as Possible
“ Every time you borrow money, you’re robbing your future self ”
Nathan W. Morris
As termite erodes your furniture, debt can destroy you financially. Debt can be good only if its interest rate is low and you expect to generate more profit from using the debt than the interest you have to pay.
But most of the loans which have generally more than 18% interest rate are harmful for your financial health. The compound interest rate is like a vicious cycle, so to get rich quick it is essential to get rid of debt as fast as possible.
5.Pay Yourself First
“ It is not your salary that makes you rich, it is spending habits ”
There are three main steps to get rich : (1) Start a good income, (2) Save money and (3) Invest it poroperly . There is no other way except you win a lottery, inherit a large wealth or marry a wealthy person.
To get rich quick you must make a habit of saving money regularly. As soon as you get salary put some money aside for saving . It is like to pay yourself for your better future. It must be a routine work similarly to paying other bills like electricity bill, gas bill and so on.
To save money you can also start SIP(systemetic investment plan) in mutual fund and make it ECS(electronic clearing service). In ECS a predetermined amount of money is debited from your account every month. Thus money is saved automatically and you don’t have to remind yourself for saving money. Besides it serves two purposes : saving and investing.
Many people think that if they have to save money they need a big amount of money. This type of mentality does not let them save money. But a smart person knows that Even small amounts saved regularly can turn into large some of money after a long time. So save even if you can save a little money.
6. Invest Your Money At Reasonable Return
If you put your saved money at home or in a bank, your money loses value in proportion to inflation (increase in prices of various things that we purchase for living). So if the inflation is 8 % and you leave $ 10,000 in your safe for ten years, its value would be $ 4650.
Even banks pay only 4 % interest ,so your money loses value even in your bank.
Therefore if you want to increase its value, you will have to invest it at the rate that can beat inflation.
7.Don’t Buy a Product, Buy a Company Itself
To invest your money and get rich quick, stop buying a product and start buying a company itself. But how can you buy a company? Well, you can not buy a whole company, unless you have a considerably large amount of money. But you can buy a part of it, by buying stocks of the company.
A stock is your little part or share in the company. Therefore you are actually owner of the company to that extent.
A product is a liability. When you buy a product ,its value decreases with time making you poorer. On the other hand a stock is an asset. When you buy a stock of a good company, its value increses with time making you richer.
For example, in India, if you have bought a Maruti car for Rs 200,000 in 2002, it’s value would be Rs 20,000 in 2017. But if you had bought stocks of Maruti for Rs 200,000, your value would be rupees 10,000,000.
If you have bought a bullet for Rs 50,000 in 2002,its value would be Rs 10,000 in 2017 ,but if you had bought stocks of its company Eicher motors instead, you would have Rs 15,000,000.
One thing you must bear in mind is that stock market is highly volatile. Any sensitive news can crash the market. But this volatility also offers opportunities to buy at low prices and sell on high prices. You must learn and study before you put your hard-earned money in it. To invest in the right company at the right time is the key.
If you don’t have time to learn it , it is better to invest in index stocks i.e. well-known companies or try mutual funds.
8. Understand the power of Compound Interest
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
Compound interest is very dear to rich people. Because this is the factor that increases their wealth dramatically. Therefore if you want to get rich quick ,you must learn how it works.
If you save $ 100 daily( $ 3000 monthly) ,you will have $ 3, 60, 000 in ten years. But if you save money and invest it for 12% ,you will have $ 6,97,000. If you invest at 18% you will have $ 10,08,773.
The more interest rate you accrue and the more time interval you give ,the more amount you get. That is why you should start investing as early as possible.
If you save $ 1000 monthly you will get the amount according to the table given below:
|8 %||10 %||12 %||16 %||18 %|
This table shows that the earlier you start saving , the richer you get.
9. Take Responsibility
“ I’m a great believer in luck, and I find the harder I work the more I have of it. ” — Thomas Jefferson
Most of the people, through their entire life, blame their families, friends, coworkers and employers for the condition of their life. They even blame circumstances and luck for their failures. Similarly they find excuses and give false explanations and justifications for their inertia.
Blaming others and your luck will lead you nowhere. So to get rich quick stop blaming others. Moreover remove all negative emotions like anger, jealousy, repentance from your life. Because instead of harming others, it will harm yourself.
Bear in mind that you and only you are responsible for your life. Also instead of blaming your luck, be prepared for the opportunities. Remember opportunities arrive every now and then.
Remember Luck = AOA = Attitude + Opportunity + Action .
10. NOW Is the Best Time Of Your Life
“ Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did so. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. ” — Mark Twain
When I approach some people for saving and investing ,they say it is too late or who will wait for 5 years. Even if you ask them after 5 years, the reply will be same. Bear in mind that where you are now is a sum of decisions you have taken your entire life.
What you are doing now, what decisions you are taking now will determine what you will be in the future.
It is not important where you are, where you are going is important. Therefore to get rich quick start now.
11.Come Out Of Your Comfort Zone
“ If you want what you have not got before, you will have to do what you have not done before ”
Are you satisfied with your life? Are you enjoying your life? If not, stop doing the things you do. Instead start something new.
“If you continue doing same things you will get same results. If you want different results you will have to do different things.”
Why do people spend their entire life doing the same things? Because it is their comfort zone.They are afraid that if they will do something else they will fail. They feel awkward doing the things they have not done before.
Many employees spend their entire life working for their employers even if they know every aspect of the business. Why? Because they feel comfortable that way. They do not want discomforts and difficulties of doing something different. For this reason they don’t like to take risk to do something they have never done before.
Do you have such a comfort zone? If you have, come out of it. Remember that to get rich quick you will have to try new and different things and start taking risk. Also meet new people and visit new places.
12. Keep Learning
“ Anyone who keeps learning stays young. ”
— Henry Ford
If you want to get rich quick Stop watching rubbish on tv and playing games on mobile.
Instead read good books and keep learning which is one of the main traits of successful people.
13.Imitate Successful people
For most of the people their parents are their role model. Therefore they do the work the same way as their parents do. But unless your parents are rich and happy, stop imitating them. Instead find out a mentor or a role model. Also study the successful people and imitate them.
Be careful with whom you spend your time. Because behavior and attitude is contagious. You become negative if you spend your time with negative people.
Therefore to get rich quick spend your time with successful people. Remember that 80% of your personality depends on the 5 persons with whom you spend most of your time.
14. Do The Work That You Enjoy
“ Do what you do the best, let others do the rest. ”
In order to get rich quick you must do the work that you enjoy. So if you love teaching, be a teacher not an engineer-your parents might have decided for you. Because you are more likely to succeed if you do the work that you love. Besides you get satisfaction and happiness.
If you cannot decide what interests you, do the following:
Take notes in your diary at least for a month about which works you have enjoyed doing. Have you come across any difficulties and solved them? Or have you helped someone in his problem and enjoyed doing so?
For deciding your career in any work, look for three things : (1) do you love this work? (2) can you do this work faster and spontaneously ? and (3) can you do this work better than others?
Remember that not all hobbies can be turned into profitable business. Therefore you should study the market and find out whether people will pay money for your hobby.
15. Money Is Not Everything
“We make a living by what we get. We make a life by what we give.”
– Winston Churchill
In the end remember that Money is not the only solution. But it is your state of mind that makes you happy. A pauper can be happier than a prince.
Be grateful for what you have, because you are not the most unfortunate person in the world. Look at the people who have bigger problems than you. and help them in solving their problems. Most importantly if you do good to others, good things will happen to you.