How badly do you want to become wealthy? Many of us say that we desire wealth but few of us are willing to take the steps to achieve that status. If you have the desire and determination to accumulate wealth then you have completed the first step toward becoming truly wealthy. But what can you do in your every day life to ensure that you move towards that goal of being rich?
Remembering that goal and that dream of financial security is something that you should do every day if you hope to become rich. There are no days off and you can’t call in sick for this job. You must remain vigilant and steadfast in feeding that dream and doing the things that have been proven to generate wealth. Remind yourself that your goal is a long term goal and that every dollar that you save today is compounded through investing for your future happiness. Never give up on your dream and try not to get down when you have difficult times.
The first character attribute that can help you to achieve wealth it so live like wealthy people live and think of money in the same way that rich people do. This means living frugally and well within your financial means. You might read stories about wealthy individuals who spend large sums of money on something that you might think of as extravagant such as high end sports cars or outrageously expensive shoes. What you will find is that most of the world’s wealthiest people actually do know the value of a dollar and while they might spend large sums of money on the things that are important to them, they will seek out a bargain in other areas of their life.
You can also live frugally by being aware of what you’re spending your money on. Check the unit pricing on foods. Eat more meals at home and reserve dining out to special occasions. Bring a bag lunch to work instead of spending large sums of money every week on eating out with your friends and keep track of what you spend your money on. Once you become aware of where every dollar goes you will find that you feel guilty for spending money on frivolous things. As a result, your spending goes down and you have the ability to save more money.
Resist impulse spending and avoid going into debt as much as possible. While a mortgage might be something that you’re already tied into, avoid credit card debt or make it a priority to pay off your credit card debt. Interest that you’re paying on credit and revolving charge accounts is money that you’re literally throwing away for the convenience of having something today instead of in a few weeks or months.
Set up a budget and save your money for those purchases that you absolutely need. Something such as a car should be paid for in cash and, if you can find a good bargain, buying a used car is almost always a better deal than buying a new car. Ignore things such as discounts, incentives and other perks that credit card companies offer to try to get you to use their cards. These benefits that they offer are only to try to get you to go into debt with them and pay high interest rates. Most consumers lack the ability to pay off their balance every month so never use a credit card unless you know that you can pay for it immediately.
Expanding your earnings by working a second job or a part time job at night or on the weekends is another way that you may have thought of earning a little more money. While this is a great idea and by saving that money and investing it you can quickly achieve your goal, most people don’t think of the down side of this arrangement. Working nights and weekend will have its affect on your morale as well as your family’s morale if you are gone all the time. If you have a family, remember that they need to spend time with you.
Think about what you can do in your spare time that you find enjoyable which can make you a little extra money. Think of what skills you have or what interests you and who might want to buy your services or skills. If you enjoy writing then you could easily supplement your income with freelance work doing some writing. You could offer to drive people to the airport or even provide services such as grocery shopping for new mothers who simply don’t have the time or energy to go shopping with a newborn. There are thousands of great ideas out there that you can capitalize on. Just think about what you like to do or what some of your hobbies are and you could turn it into a small part time business that will bring more wealth into your life.
Saving money and investing that money is the surest way to achieve great wealth. There’s no way around it. Waiting for a large sum of money to land in your lap will leave you waiting for a long time. Dreaming about becoming wealthy is well and good but to ensure that you become rich you need to take action. Believe in yourself and your ability to generate wealth and you will achieve this goal. You deserve to be wealthy and to know the feeling of satisfaction of knowing that you have enough money to live the kind of life that you dream of. Anything sort of that is a defeatist attitude and that is what keeps many people living in poverty. Save your money, invest it wisely and you will reach your goal.