How to become rich – the path to success from millionaires
The search query “how to become rich" is entered into Yandex about 17,000 times a month. People are primarily looking for ways to easily enrich themselves on the verge of fantasy. And because of this, they get into trouble. Some give their money to scammers, others unsuccessfully invest in trends and burn out. The collapse of Cashberry is still widely heard. And the bursting of the bitcoin bubble, due to which people lost their funds.
The first thing a future millionaire needs to remember is that you can get rich quick only in projects with an unreasonably high risk and a meager chance of success. The “make or break” strategy in most cases will lead to irreversible negative consequences. It is also useless to hope to win the lottery. The chance for a super prize in Gosloto 6 out of 49 is 0.000007151%. You should approach the issue with a cool head and understanding that the process will take more than one year.
A sure way to get rich
Entrepreneurship is one of the surest ways to create wealth. Unlike investments, a business can be started from scratch and in a few years reach an income of 200-500 thousand 🪙 per month. So that the business does not suck out all the juices in a year, it is important to choose a business that is interesting to do even for free.
Well-known billionaires followed this path at the beginning of their careers. Before becoming a rich man, Polonsky was engaged in the repair of premises, Prokhorov traded in jeans, Abramovich produced children’s toys. In addition to money, these projects brought positive emotions and drive, which became the fuel for the following businesses.
It seems that a successful person has a universal secret of big money. It is worth asking for advice, and he will immediately share step-by-step instructions. In fact, everyone gives out different, often opposing points of view, which are even more confusing. But there are actions that are important for any project. Planning is one of them.
Planning is the first step to wealth
First, set your financial goals. Real numbers work in business, so setting goals to “get rich” and “become a millionaire” is not productive. Here is a guide on how to create a basic financial plan:
- Write a list of major purchases that you are going to make in the next 5 years.
- Write down their cost and desired terms of acquisition.
- Adjust your goals to make them realistic. Cross out private yachts, palaces, a personal football club, or replace them with achievable ones in the next 5-10 years.
- Add up the cost of all financial goals. You will get a specific amount that you need to earn in the allotted time.
The main mistake when drawing up a plan is unrealistic goals and deadlines. If at the current earnings of 40,000 thousand / rub. per month the plan reached 100 million 🪙 in 5 years, then these are just fantasies. Rethink your goals again. It is better to rewrite the plan in 2 years in case of a successful start than to be in the clouds all the time.
The main goal at the start of a business is to earn the first money as quickly as possible. You should not get involved in projects with "long" money, which will have to wait six months or a year. During this time, many events can happen in your life and the world that will put the project in jeopardy.
It will be possible to think about large transactions with fat checks when there is a regular influx of profit in the business. When the issue is the survival and growth of a new project, its financial supply must be stable.
Savvy entrepreneurs not only put their earnings back into the business, but also take out loans to maintain or accelerate growth. But this should be done only under the supervision of a specialist who will not allow you to make a mistake and take an unjustified risk.
Invest money to increase income
When the business brings a stable income, another popular way to become rich will become available. The investment has helped make a fortune for many current billionaires. In order to understand how this financial instrument works, it is worth making symbolic investments in reliable stocks or currencies.
Meet successful investors. Try to pre-calculate unscrupulous specialists who earn only on training, while being unsuccessful investors.
Do not want to understand the mechanisms of the stock or currency market and hope to hire an effective manager? Such a decision can lead to the fact that you will be fooled. Even if the money will be invested through a mutual fund, it is necessary to understand what is happening in the market. Otherwise, such investments will not go far from playing roulette.
Investments in securities and their analogues
Investing in stocks is the most popular way to invest money. Tokens have become a modern analogue of stocks in the world of cryptocurrencies – virtual tokens that are issued by crypto-startups when entering a public offering (ICO). It is worth investing only in those areas in which you understand.
In the field of cryptocurrencies, investments can increase several tens of times in a month, but this is associated with a corresponding risk of burnout. In the stock market, such fluctuations in the value of shares are rare, which makes it safer. In both markets, for safety net, investment goes into several positions at once. Losses on one stock can cover the growth of other securities.
Having understood the functioning of this tool, determine the amount that you are ready to allocate for investment, the timing, the acceptable risk percentage and the desired return. Based on these data, form your investment portfolio and work to increase it.
Investments in currency
The last financial crisis has recently helped to get rich people who invested in the currency in time. Those who bought and sold dollars or euros at the maximum difference were able to earn 50% of working capital in a couple of months.
Anticipating such moments and making a fortune on them is an art. You need to study it from the basics. Buy a small amount of currency and immerse yourself in the mechanisms of the market. Even if you don’t like this way of earning, you will always be aware of impending financial storms, which will help you avoid unexpected losses.
Only a professional investor can afford to engage in currency trading during the day. A businessman has time to make only medium and long term investments. If the expected income seems insufficient, then you should pay attention to the cryptocurrency market. The bitcoin rate has doubled since the beginning of 2019, but it could collapse at any moment.
Move according to the planned plan and increase the number of ways to earn money. If after six months you see that the plan is no longer relevant, make amendments. Unfortunately, there is no universal instruction on how to get rich lately.
It may turn out that your project will not take off. In this case, you do not need to despair, get depressed or try to take out a loan to resuscitate the business. In 2017, 359,000 companies recently appeared, while 510,000 closed. Only a few quickly achieve financial success. At the same time, many of them became bankrupt more than once, but found the strength to solve problems and start over.