How to be richer than your friends
Becoming rich isn’t a process that happens in a matter of days. But it can happen over time. Here are 6 tips to becoming rich that will make your friends weep at your excellence:
1. Pick the right career field
If you were ever told that you could not make a career out of what you love, ignore that — because you can, and should!
Now, this doesn’t mean that playing video games, reading a good book or eating brownies will earn you millions. But choosing a career path that is enjoyable to you will guarantee you more success than one that you don’t like, even if it pays more up front.
Lewis Howes, recently nominated as one of the Top 100 Entrepreneurs in the U.S. under 30, and one of the 5 Internet Gurus Who Can Make You Rich, is an example of someone who turned what he loves into a thriving, million-dollar business. He shared in an interview with The Growth List, “Being a lifestyle entrepreneur is about building a business around your lifestyle rather than a lifestyle around your business.”
2. Review your financial goals consistently
A wise man once told me, “A destination without a road map is just a wish.” What he meant by that was, without a plan to get to where you’re headed, you are not going to get there. If you want to be wealthy, you need to have a plan to get yourself there.
Why review the goals you have set? Zen Habits explains that only those who review their goals make them happen. Do something with your goals! They’re of no use just sitting on a piece of paper. One strategy is to set an action plan. This will allow you to track your progress on a scale that you have created for yourself. While trying to meet this mini deadline, remember to motivate yourself along the way.
3. Take risks
Are your fears stopping you from taking a step in the right direction? Sure, walking on a new path doesn’t always guarantee you’ll get to where you are hoping to, but taking a risk is likely what lead you to the job you have now — am I right?
Risks get you noticed. They are what can set you apart from others. Bill Gates, for example, founded Microsoft after dropping out of Harvard. What a risk! What about Vera Wang? She started as a figure skater and, through many challenges, made her way to becoming one of the biggest names in bridal fashion history.
What are you still holding on to? What can you risk to build your success story like these individuals?
4. Network like crazy
Nowadays, it seems like it is not so much about what you do, as it is about whom you know. This process is called networking. It is about building relationships and making connections with beneficial people. Who do you admire? Reach out to them!
Adam Small, founder of the Strategic Business Network, shared, “Networking is the single most powerful marketing tactic to accelerate and sustain success for any individual or organization.”
Other marketing efforts can be successful. But reaching out to whom you know is going to that next level, which in return will reap financial rewards.
5. Keep your eye on the future
Don’t lose sight of your goal! With a busy schedule, it’s easy to forget what your main goals are and why you made them in the first place. Remember: You set those goals for a reason, and that is to achieve success.
There will always be a debate on whether investing will actually reap as many benefits as one may think. But if you choose to never invest, you will never know. Opening an account with a company that has no-load funds and low expense ratios can be a great investment. Building a diverse portfolio can bring you a small percentage of investments annually, which will be great in the long run.
Best-selling author and financial advisor and entrepreneur Ramit Sethi said, “If you invest in a biotech-startup, it’s risky: The stock may drop … but if it really succeeds, the reward would be dramatic … something you’d never get from safer companies like GE or Wal-Mart.”
But always remember, before you take too many risks trying to increase your bank account and look more successful in front of your friends, decide if it is really what you want. Additional freedom, security and material things may be nice, but ensuring that these benefits will truly make you happy is where you should begin.
Tana is a student with a passion for words. She believes that written words can touch people in ways unimaginable. In her spare time she enjoys singing, hiking, cuddling in a fuzzy blanket, and spending time with her friends and family.