The desire to become rich is universal. But that probably impossible if you start with very little or no money. After all, there’s an old saying “you have to have…
The desire to become rich is universal. But that probably impossible if you start with very little or no money. After all, there’s an old saying “you have to have money to make money.” If you don’t already have some cash to work with, you might think you’ll never be able to build significant wealth. However, this isn’t entirely true. In spite of having little money to spare, there are steps you can take to amass a certain amount of wealth over time. That’s not to say that it won’t be easy. Depending on your geographic location, amount of debt, and income, this will be more challenging for some. Still, it’s possible.
Don’t believe me? Well, Andrew Carnegie, Oprah, Larry Ellison, Dolly Parton, Sheldon Adelson, George Soros, Ralph Lauren, and Shahid Khan all have inspiring rags to riches stories. Some grew up in poverty or had to overcome personal adversity, while others began their careers working below minimum wage.
Simply put, if you want to become a millionaire , you have to start somewhere. You may feel as if you are behind others, but be sure not to compare yourself with others. Put your focus on what you can control, like your own finances . After you get started, building wealth may not be as difficult as you thought.
With that in mins, let’s look at some steps to get you started from getting rich from nothing to millions. Change your mindset.
Changing your money mindset will affect how you see money, as well as how you relate to it. What’s more, it’s been determined that a positive attitude towards money can alleviate financial stress .
Why is that a good thing? As a result of avoiding financial stress , you’re likely to: Budget your money
Conserve money
Plan your shopping before you go
Make sure you’re prepared for unexpected expenses
For your financial situation to improve, you need to be able to do those things.
In short, to know how to get rich from nothing, it’s important to adopt the right mindset. After all, having the confidence that you possess the skills necessary to make money, then following through on the plan, is how you will succeed. As a result, you will need plenty of patience to stay committed. Do the math.
After that, crunch the numbers to determine what it takes to reach your seven-figure goal, suggests Grant Cardone, author of “ The Millionaire Booklet: How To Get Super Rich .”
“For any goal to be achievable, you must believe in its possibility as a realistic and doable goal,” writes Cardone. “The way to do this is simply by doing Million Dollar Math. How many different ways can you collect one million dollars?”
According to Cardone, if you can convince 5,000 people to buy a $200 product, you will have $1 million. Alternatively, if 5,000 people paid you $17 a month for a year, then you would also get to $1 million. Even though these examples are highly simplified, Cardone’s point remains: “Do the math to create possibility, then create strategy,” says Cardone. Take a financial inventory.
You need to know where you’re starting from before you can become rich . An inventory of your financial assets can help you determine if you’re truly starting from 0 (or in the negative) with wealth creation.
But, what exactly is a financial inventory? It’s simply an individual financial inventory is a list of all of one’s assets and liabilities. If you want to figure this out, you might list everything you own on one side: A house
Cars or other vehicles
Bank accounts Investment accounts Collectibles, antiques or other heirlooms Life insurance policies On the other side, you’d list what you owe, including: A mortgage Auto or personal loans A student’s loan Credit cards The cost of medical care Taxes Loans for for your business Using a net worth calculator, you can plug the numbers from both sides in. Using this indicator can show you how close, or how far, you are to reaching your long-term goals for becoming wealthy. Live below your means. Despite the misconception, you don’t have to be a penny pincher or miss out on life experiences when you live below your means. Actually, it “simply means that you’re spending less or equal than you’re making each month,” explains Deanna Ritchie in a […]
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