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How to Become Rich
11-Step Formula to Riches
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11-Step Formula to Riches
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1. Curate your Network
If you want to be a winner, you have to surround yourself with winners.
Curate your network with people who are:
- Kind
- Honest
- Positive
- Inspiring
- Persistent
- Intelligent
- Motivating
- Thoughtful
- Disciplined
Your network is your net worth.
If you want to be a winner, you have to surround yourself with winners.
Curate your network with people who are:
- Kind
- Honest
- Positive
- Inspiring
- Persistent
- Intelligent
- Motivating
- Thoughtful
- Disciplined
Your network is your net worth.
2. Stop Buying New Cars
After 1 minute of purchasing a brand-new car, it may lose up to 11% of its value.
Millionaires buy used cars because:
- They are cheaper
- They& #39;ve already depreciated
- They can invest the "saved" money
Don& #39;t invest in negative returns.
After 1 minute of purchasing a brand-new car, it may lose up to 11% of its value.
Millionaires buy used cars because:
- They are cheaper
- They& #39;ve already depreciated
- They can invest the "saved" money
Don& #39;t invest in negative returns.
3. Pay off Credit Card Debt
47% of American adults carry credit card debt.
Why credit card debt is bad:
- Increased stress
- Lowers credit score
- Decreased cash flow
- Pay extra fees & charges
"If you use a credit card, you don& #39;t want to be rich" - @mcuban
47% of American adults carry credit card debt.
Why credit card debt is bad:
- Increased stress
- Lowers credit score
- Decreased cash flow
- Pay extra fees & charges
"If you use a credit card, you don& #39;t want to be rich" - @mcuban
4. Invest in what& #39;s Proven, Not what& #39;s Sexy
Avoid being tempted to invest your life savings into hot, new investments.
"Sexy" investments could cost you:
- Time
- Money
- Energy
"Be fearful when others are greedy, and greedy when others are fearful" - @WarrenBuffett
Avoid being tempted to invest your life savings into hot, new investments.
"Sexy" investments could cost you:
- Time
- Money
- Energy
"Be fearful when others are greedy, and greedy when others are fearful" - @WarrenBuffett
5. Discipline Your Spending
To decrease your expenses, change your habits.
How to decrease your spending:
- Pay with cash
- Cut up the cards
- Use cashback apps
- Follow your budget
- Track and review spending
It takes discipline to make a lasting change.
To decrease your expenses, change your habits.
How to decrease your spending:
- Pay with cash
- Cut up the cards
- Use cashback apps
- Follow your budget
- Track and review spending
It takes discipline to make a lasting change.
6. Pay Yourself First
The average millionaire saves and invests about 64% of their income.
Why you need to pay yourself:
- Peace of mind
- Financial stability
- Decreased spending
- Build emergency savings
- Increased retirement savings
Invest today for a better tomorrow.
The average millionaire saves and invests about 64% of their income.
Why you need to pay yourself:
- Peace of mind
- Financial stability
- Decreased spending
- Build emergency savings
- Increased retirement savings
Invest today for a better tomorrow.
7. Live like an Undercover Millionaire
Income does not equal wealth.
How to live like an undercover millionaire:
- Stop overspending
- Stop buying fancy stuff
- Stop keeping up with the Joneses
To feel rich, count the things in your life that money can& #39;t buy.
Income does not equal wealth.
How to live like an undercover millionaire:
- Stop overspending
- Stop buying fancy stuff
- Stop keeping up with the Joneses
To feel rich, count the things in your life that money can& #39;t buy.
8. Tackle Retirement Now
If you want to retire early, you need to take action now.
How to tackle retirement:
- Invest early
- Invest in yourself
- Invest consistently
- Invest in your net work
- Invest at least 20% of income
Take the first steps today to build your tomorrow.
If you want to retire early, you need to take action now.
How to tackle retirement:
- Invest early
- Invest in yourself
- Invest consistently
- Invest in your net work
- Invest at least 20% of income
Take the first steps today to build your tomorrow.
9. Build Your Own Business
66% of millionaires own their own business.
Some great business ideas:
- Tutor
- Translator
- Podcaster
- Car detailer
- Web designer
- Personal trainer
- Freelance writer
- Dance instructor
Live without limits.
Build a lasting empire today.
66% of millionaires own their own business.
Some great business ideas:
- Tutor
- Translator
- Podcaster
- Car detailer
- Web designer
- Personal trainer
- Freelance writer
- Dance instructor
Live without limits.
Build a lasting empire today.
10. Find an Accountability Partner
Surround yourself with people who keep you motivated.
An accountability partner can be:
- Your friend
- Your spouse
- Your partner
- Your mentor
“Accountability is the glue that ties commitment to the results” - @bobproctorLIVE
Surround yourself with people who keep you motivated.
An accountability partner can be:
- Your friend
- Your spouse
- Your partner
- Your mentor
“Accountability is the glue that ties commitment to the results” - @bobproctorLIVE
11. Diversify your Income
The average millionaire builds 7 income streams.
Find ways to make money outside of your 9 to 5:
- Walk dogs
- Start a blog
- Drive for Uber
- Freelance writing
- Sell a digital product
Start diversifying your income streams today.
The average millionaire builds 7 income streams.
Find ways to make money outside of your 9 to 5:
- Walk dogs
- Start a blog
- Drive for Uber
- Freelance writing
- Sell a digital product
Start diversifying your income streams today.
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