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So you want to become rich!
You might think that I may advise you to invest for a long term like 25 years and become rich. This is what many Gurus will tell you to do this.
25 years of investment to spend rich life in your 50’s or 60’s? Are you crazy! You will be alive or died, you never know.
How much years you will live after you become millionaire in 50’s or 60’s? Never know.
Credit: A book called “The MIllionaire Fastlane” Crack the code to wealth and live rich for a lifetime. Author: M J Demarco. I have taken some ideas from this book and thought to share this with my visitors.
1. How to Become Rich
People who earns from their job, they pay the government first and whatever left comes in their pocket. Isn’t it?
People who saves their money are actually sacrificing today for a more comfortable tomorrow.
Usually people get the job, waste five days a week, stops drinking $10 coffee, saves 10% of their income to invest.
They Quit dreaming about own sports car, because they can’t affort it. Eat cheap and buy everything on clearance.
You can get paid first, when you start thinking of yourselves. Earning for yourself is the easiest way to get paid first.
Whatever the money you earn, why not to use that money to generate passive income – follow your passion to become rich.
Write blogs, do marketing, educate yourself, start consultancy or create the passive income strategy.
Create a passive source of Income to get rich quick.
This will not only keep you away from disturbing you current earning but also give you more money in the form of passive income.
Financial guru David said, “The smart people finish reach”.
2. Rich, Poor and their expenses
1. Type one people usually buys depreciating asset that loses it’s value. Example; Expensive mobile phone, designer clothes, cars to impress others.
2. Type two people usually buys appreciating assets whose value increases as the time passes. Example; property, businesses, patents, inventions, notes, self-education to impress yourself.
3. Start your own business
Do what you love and be your own boss. You are the driver of your life. Doing 9 to 5 job is the decision taken by you. Do not blame situation or anybody. Nobody can stop you if you want to do anything.
You work 5-6 days a week enjoy your weekend if you have money in the pocket or don’t enjoy if you do not have money in your pocket. If this is happening to you, then a name called life trouble is sitting next to you.
Why don’t you use your holidays to build a side income ideas? I am not telling you to ruin all your time, you can enjoy your weekends.
Keep doing it for only 6 months and then you will see the extra money coming your way. You may open your own online business or generate passive income strategy.
If you want a job, then you will end up fulfilling others dream by working for others.
What if you are earning when you are sleeping, playing football, enjoying at a beach. Not working for others, instead working for yourselves. Time & Money working for you seems difficult but it’s one of the simplest tasks if you think rational.
What you do for yourselves is most important than what you do at work. Thinking and doing for yourselves will lead you to a financial freedom. Now you decided.
Extraordinary things can happen, if you carry an extraordinary vision, perception and belief.
You earn x amount of money from your daily job. Earning from your daily job has a limitation.
A limitation to earn extra amount money. You cannot work more than 24 hours a day or 500 years in your life.
But, you can do or create passive business ideas that will give you a money continuously.
Instead of thinking for your job, why don’t you think of how to become successful and rich?
See the below personal finance formula:
Salary – Personal Expenses = Personal net Income
Tips: Control your expense. Do not apply for credit card as it gives you a Millions of option to lose control over your expenses.
If you already have credit card then return it back to the Bank, say thank you and run.
The other way of making passive Income is to learn how to invest in stock market, I would suggest you to read the below most important books:
* The Intelligent Investor. By Benjamin Graham – Revised edition with new commentary by Jason Zweig.
* The Warren Buffett way. By Robert G. Hagstrom.
* One up on Wall Street. By Peter Lynch.
How to increase the expense when your total Income is increasing?
The answer is, if your total income increased by 15 percent, then increase your expense by 15 percent.
People who save money in their entire life, they act stingy, they work for the money, but for Millionaires, money work for them.
Your brain has an energy of thinking unique things, and you are wasting that energy every second.
Use this energy and invent something.
Do hard work this for a year and enjoy passive income. From passive income, create some more passive income ideas. Use your brain energy evolve yourself, not other.
Let people work for you, time work for you, Money work for you.
Start learning new things to evolve your brain that enables you to think out of the box.
From your learning and experience, create your unique technique and present in front of the world.
Create things in such a way that it look valuable in the market. Make sure you are spending less money and more your brain.
Your wealth should have a formula like;
Passive Income 70% + Your Income 30% = Wealth
Every thing in this world has its own energy. Whether it is you,your brain, electricity, money in your bank, numbers.
Now you are thinking how number has energy. From $1 you can buy one simple chocolate, and from £100 you can buy many chocolates. It means $1 & $100 has its own power.
Create passive income, either from business or investments.
4. How to make money
Let me make it more easy for you.
Suppose you want to sell any simple product for $5 profit after sale by working 3-4 hour every day. I am taking 26 days in a month, giving you a full Sunday holiday.
Suppose you make 38 sales in a day. So, in 26 days, your monthly sales count will reach to almost 1000, hence you can easily make a profit of $5000 a month.
Your per hour earning goes to nearly $48 which is triple than the normal salaried person, because you are earning $5000 a month.
I have made you work only 3-4 hours a day. What if you have invested 10 hours a day, then your total earning will cross $12000 a month. Are you still fighting for $2 pay raise with your boss?
Tip: At the initial stage, sell one product at a specific one location and then sell 100 product at 100 location and then 1000 product at 1000 location.
You cannot work more than 24 hour, this is limitation, but you can increase your sales from 1000 to 1500 by tweaking something that will bring the things your way spontaneously.
You can retire early if you have already setup a good passive income business. Many people retired before their 30’s when they realise that they are generating enough passive income every day.
Save your money for a temporary time, invest that money to create a business and become Millionaire in few years.
Here, saving money is not for your 60’s retirement plan, it is for you to get rich quick.
Now a days people spend their time watching T.V, video, playing games etc.
If we take an average 3 hour spent daily by a person on any of these activities, then the total time spent in your entire life goes to 7 years approx. Imagine if you have utilised this 7 years to get financial freedom for life.
It’s better if you spend these time on thinking of doing some business to make money.
5. Interest and Commitment
There is a thick line between interested and committed. You are reading my blog which creates an interest in you to start a business, but when you start working on it, you become committed.
Interest makes you to think of setting up a business.
Committed don’t waste their time in thinking too much. They use their idea and start earning.
Committed people work everyday dedicatedly, the more they work the more they generate business. They work seven days a week and take seven days of holiday because they have done their homework.
Interest will push you to the nowhere area and make you keep dreaming of becoming a millionaire every day, every year.
So, start working on your dream business from today itself, at least do something, signup somewhere so that you will see yourself on the road to your dream of becoming a millionaire.
Important Lessons On Passive Income
People save money to invest in fixed deposits, bonds, etc. to get become financially strong until they reach their 60’s. I would say a big no to these ideas of getting financially strong by sacrificing your life.
If you have selected the slow way of becoming rich, believe me, you are wasting your time and age, you are killing freedom.
You can make money even though you are in 18, 30’s, 40’s, 50’s.
If you are thinking that it’s too late to follow my style, then I would say age is just a number, but make sure you are not late.
It doesn’t matter whether you are on your 60’s or passed in school with less grade or got an MBA from a top university or a celebrity or a famous billionaire.
My style is just a gate towards unlocking the idea of making passive money.
After going through my blog, one thing is sure, you will be having a secret to play with money and numbers which will lead you to generate passive income.
We always see a billionaire and imagine how did they make a huge fortune so quickly. This is because they cracked the code of money with numbers.
Many gurus suggest you to gain a good grade in the school & colleges, get a good job, save some percent from your salary, invest those savings in life insurance, fixed deposits and one day you will become financially strong. Blah! Blah! Blah!
That one day will cost you 30 to 40 years of your life. This is crazy! Sacrificing your whole life for financial freedom in your 60’s. No Never.
Never let thirst for wealth to clouds our vision.
You will not see a young guy got millionaire investing in bonds or kept money in a fixed deposit in the bank.
Usually, people save money or invest money in a long term scheme that promises you to make financially strong in the next 30 years. But they don’t tell you that in the next 30 years, you will be at your 60’s,
Wasting your entire life for saving money for your 60’s! It’s better if you start your own side business and work for yourself.
Investment gurus usually advice to invest for the next 20 to 25 years to make you a millionaire. But they don’t tell you the reality.
The value of your investments will not be the same in the next 25 years. Oh! Let me make this simple. What you can buy today for $100 will not be bought in the next 25 years for the same price.
The financial institutions will use your invested money and make themselves financially strong.
It doesn’t matter how much money you earn, if your money management is poor, you will end up using this formula;
Your wealth = Income + Debt
Are you happy with this formula that is unknowingly created by yourself and you don’t even know?
So, why such things happen!
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This is because, your total money outflow (ex: fixed expenses, loan, EMI, etc.) is 110 percent of your actual money inflow (Income 100 percent).
When you start earning money in your life, you will surely somehow get attracted to debt, because you need more for your luxurious lifestyle.
So, in the end, you are losing your hard-earned money by paying EMI’s for months and months.
If you ask people the meaning of super lifestyle, they will say having a Lamborghini, some will say having a royal bungalow.
Many people buy an expensive car on loan to look smart and financially strong even though it’s above than their limit, still, they buy it. This way you may look smart and financially strong, but you won’t be in reality.
You are killing your freedom in another way. In short, you are working for money lenders, if not, soon the time will come.
There is no wrong to buy expensive cars or bungalow or watches unless you can truly afford it. Not affecting your pocket that much.
Founder of twomillionways.com
MBA – London
I am here to share my ideas and experience on how to make real money.