Get Rich in 6 Easy Steps
The first step to get rich is to pay yourself first. Make it automatic and never miss a payment to yourself. You must save at least 10% of every dollar you earn. If you want to increase your wealth at a faster rate you must save 15% to 20%.
The second step to ensure you get rich is to set up a budget and find ways to cut back on your expenses. It does not matter how much you earn, but how much you spend. Buy only appreciating assets such as a home and cut back on depreciating assets such as stereos, cars, etc.
The third easy step to get rich is to maximize your 401k in the US and your RRSP in Canada. Maximizing your contributions lowers your taxable income and allows your money to grow tax deferred.
The fourth step to get rich is a very important one. Make sure youre receiving at least 10% interest on your investments. If you are not sure how to get 10% on your investments, consult a financial planner. Most of them will provide you with a free consultation and will be able to point you in the right direction.
The fifth step to get rich is to make more money. There are several ways to do this. You can start a home based business, which will allow you to take advantage of tax breaks that you are not entitled to as an employee. You can also get involved in network marketing to make more money which may or may not make you rich. It works for some people, but it is not for everyone. You can try affiliate marketing on the internet or a part time job. An extra $500 a month could make a huge difference if you invest it wisely.
The sixth step to get rich is to invest in real estate. The majority of millionaires made their money through investing this way. There are many books available to help you learn more about investing in income properties or flipping houses for profit. Owning your own home is a priority renting will not help you build your wealth.
If you apply all these techniques and stay focused, you should well be on your way to becoming rich. There are also a few more critical steps that are beyond the scope of this article.
I wish you the best of luck and remember it is never too late to get rich.
Craig Beckta is a Financial Planner in Halifax, Nova Scotia, Canada.
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