Everyone we know around us has a fancy to be super rich as early as possible. The whole world at large misses out on the quintessential points peculiar to becoming super rich by the time they’re 40 and beyond. All and sundry, especially millennials lack the patience and time period to be given to investing in themselves first which would, in turn, lead to accumulation of financial wealth and stability. Only a few of us know the prescription used by most genius minds to be successful along with being super rich. Do you also aspire to have deep pockets? Then, reserve your spot now.
Here are some simple tips we have rounded up which will help in a more lucrative and super-rich coming year compared to all of your yesteryears:
Track your spendings
You surely can’t become super rich if more bucks are leaving your bank account thank coming in. To ensure a higher flow of income and decrease the flow of spending, you first need to track your daily expenses. You can very easily maintain a handwritten diary or record your expenses in a spreadsheet on your computer as a budget tool. By this, the “latte factor” will also put itself in place.
Set your alarm clock earlier
In addition to tracking your spendings, you need to inculcate the habit of waking up early in the morning. Billionaires listed in Fobes start their day at 5:00 a.m. Mukesh Ambani, who tops Forbes list of Asia’s richest family wakes up at 4:00 a.m. There is no guarantee that joining the early bird club will make you super rich, but it will surely make you more productive.
Spend 30 minutes a day reading
Super rich people have a habit to read. For instance, take Warren Buffet’s case who spends 80% of his working day reading and strategizing. The Buffet formula says, “Going to bed smarter than you wake up”. If it works for the billionaire Warren Buffet, it will certainly work for you.
Find your calling
Prominent sportsmen and singers like Sachin Tendulkar or Lata Mangeshkar would be living under the rocks if they weren’t into the profession they are in. Success comes in all shape and sizes, you just need to find your calling which would work as a stepping stone for being super rich.
Diversify your Portfolio
Being young is good these days as we have so much to explore. Go out, learn new skills, diversify your portfolio. Afterall, who doesn’t love a multi-skilled millennial? Diversifying your skills will also help in cutting down costs because it would eliminate the need to hire more employees.
Don’t fear new beginnings
Thomas C. Corley writes, “Change your habits, change your life.” You should know that change is the only constant in your life and new beginnings are the ones to be cherished and not to be feared of. A fear of starting something new will only work as an obstacle in your journey of becoming super-rich. So, let go of the fear, and embrace the new change.
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Come up with specific money goals
The reason behind millennials not being able to get what they want is lack of clarity. Super-rich people tend to have specific money goals in their mind regarding liquidity ratio, net worth, and NPAs. Follow their footsteps and, be realistic but don’t be afraid to think big.
Invest in multiple businesses
Investing is considered to be the most effective way of becoming super rich with a bare minimum amount of cash in your hand. Learn from micro-investing apps like Acrons to put your spare change into work. The key takeaways here is, learn to spend sooner than later for the optimum utilisation of compound interests.
Invest in mutual funds
Mutual funds distribute its net gains to the shareholders once or twice a year. Thus, high-yield dividends make up for high returns on investment (ROI) and accelerate the process of becoming super-rich. Capital gains from mutual funds are generally considered to be safer and stable form of investment.
Prioritise high-interest debts
You need to understand that all debts are not equal. You need to rank your debts in terms of monetary loss and interest gains from highest to lowest. And then, prioritize accordingly to pay less over the upcoming lifespan of loans. Get out of the danger zone, as quickly as possible and work on becoming super-rich.
Know that there is no magic trick to becoming super rich. The fundamental idea is: Make more than you spend, invest in yourself and use the excess to invest wisely.