How to get rich in 10 steps?

Everyone wants to be rich. And yes, even your grandmother who tells you “money doesn't buy happiness” wouldn't turn down a million dollar direct deposit into her bank account.

 

That's why, in this article, we're going to look at the 10 steps (which aren't in any particular order) that will get you rich.

 

other hand , before starting, it is important to understand that becoming rich is not done in 1 month. And yes, even if the YouTube advertisements you receive say the opposite, it is almost impossible to get rich in a short period of time. Except, of course, if you win the lottery, invest in memecoin , or rob a bank (even if it's not that profitable).

How to get rich in 10 steps?

Here are 10 steps you need to take (in no particular order) to get rich.

 

Step 1: The mindset is the most important

And yes, you probably hear it very often and don't pay much attention to it, but mindset is extremely important to your financial success.

 

Indeed, it is very rare that you will meet a millionaire (or just a very well established person financially) who is not positive (at least in terms of their projects). If you spend your time being negative and you repeat that your life is difficult, that your project will never work and, etc. You are unlikely to be able to achieve your financial goals.

 

Step 2: Create a financial plan and manage your money well

Good money management is absolutely crucial for you to succeed in getting rich.

 

Imagine, even if you reach an annual income of several hundred thousand dollars, what good is it if you are not able to save and spend much more than you have to.

 

According to major money management firms, a general rule of thumb is to separate your money as follows:

50% of your income should go towards your essential expenses (rent, groceries, etc. );

30% for other expenses;

20% should be spared.

However, to achieve financial independence more quickly, we advise you to save more than 20% of your income.

 

 

Step 3: Create Multiple Streams of Income

“Never put all your eggs in one basket”. Surely you have heard this expression from your teachers or family members. Well , that also applies to your income.

 

Did you know that the average Canadian millionaire has at least 7 sources of income? Diversification is not only useful for protecting your capital, but is also a great way to grow your wealth.

 

A source of income can be anything that brings you income. Here are some examples of revenue streams to consider:

Step 4: Cut unnecessary expenses

One of the biggest problems for most of us is that we spend way too much.

Cutting unnecessary spending will put you on the right path to getting richer.

Indeed, why pay for things or services that you do n't even use?

A good way to find unnecessary expenses is to make an Excel file (or even just do the same steps on paper) with all your monthly expenses. Next, study each expense one by one and eliminate anything you can eliminate.

 

In the case of services like Netflix (which are not really essential), you can also reduce your monthly plan by choosing a cheaper monthly plan than the one you currently have. Think about it, is there really any point in paying for a Netflix plan for 5 people when you're the only one using the subscription?

 

Step 5: Invest as much as possible

For recurring readers of our site, this step probably does not surprise you. Since the very beginning of our publication, we have pushed investment as the best lever to grow your capital over time.

 

Again, when investing, remember to diversify your investments.

 

 

Step 6: Live below your means

Yes, yes, again. Live below your means while you accumulate your wealth. There's absolutely no point in spending all your money on clothes on Shein or on little decorative pumpkins on Amazon.

 

Spend as little as possible while you can!

 

 

Cut unnecessary expenses

No, you don't have to buy a $9 Frappuccino at Starbucks every day before you go to work. Avoid unnecessary expenses like this. Especially in anything fast food , cafes, etc. Grocery shopping and cooking is much more affordable than ordering food from Uber Eats 3 times a day. Homemade coffee will save you hundreds of dollars a year. Stop throwing away your money.

 

Shop the sales

You can save tons of money by shopping the sales. Why buy $150 shoes when they will be 50% off at the end of the season? Same goes for groceries, if you shop smart you can save hundreds of dollars a year.

 

 

Step 7: Become the best at your craft

Instead of being average at your job, why not try to be the best? Whether you're a plumber, a teacher, or a business manager, the best at your job always get paid more than the “average” ones.

 

The more you work on your talents, the more you will have the ability to make money, the more you can invest your money, the more your personal wealth will grow, above all, do not think that you will become rich by being average at your job. Have you ever heard of an “average” millionaire at his job? We don't.

 

Step 8: Offer your services as a freelancer

If you are very good at your job, why not offer your services as a freelancer?

 

And yes, whether you are an accountant with a regular 9 to 5 or a construction worker, you can still offer your professional or consulting services as a freelancer.

 

If you want to offer your services online, a great platform to do so is Fiverr .

 

 

Step 9: Invent something new

Inventing something new is probably the best way to get rich quick.

 

However, that shouldn't be your goal when creating something new. And yes, even if it contradicts itself, you are probably going to have a hard time creating a good product that helps a lot of people if your goal is only to make money.

 

To create something new and useful, try to analyze the market and solve a problem in the market.

 

Besides, think again. You don't have to invent the new Facebook to get rich.

 

Instead, try yourself in a field in which few people innovate. For example, why not reinvent the door handle? Or create a tool to fix torn wires?

 

Do you have an idea in mind, but aren't sure it will work? Often it is not the idea that is important, but the execution. Give it a try, who knows, maybe your project will bring you millions.

 

Step 10: Don't get discouraged

The most important thing is not to get discouraged. The majority of millionaires have worked for years on their projects without having considerable income or recognition for their creations.

 

Building wealth takes a long time. You are not going to see results overnight. In life, the important thing is never to be discouraged and to adapt to obstacles.

 

 

Conclusion

Of course, there are far more important things in life than the accumulation of wealth. We're still human, not dragons.

But, that doesn't mean getting rich shouldn't be one of the goals you're working on!

Although we can not guarantee you wealth, by combining the steps above, even if you do not become wealthy, you will most likely increase your net worth anyway quickly.

And, don't forget, the most important thing is the mind. Don't get discouraged, be positive and get rich!