In the world today, one of the biggest source of concern is either the excess availability of money without proper management or none availability of money. Interestingly, this concern is not reserved for the old and elderly ones alone. The young and upcoming ones are not in any way left out of the dilemma of money. However, the one particularly related to young people is on how to GET RICH, STAY RICH and probably DIE RICH.
Beyond mere wishes, it has become a dream, a goal and a target for an average young person to want to get rich sooner than later. The honest truth is that there is no guaranteed means of getting rich as soon as you want. But then, there are things which you must do continually in order to improve your chances of getting the wealth of your dreams as you grow old. Below is a top 5 must do list for you to become rich as you get older.
•5 Must Do List For You✓
- Invest Now
This scares majority of young people, because it’s a part of their nature as young people to try and spend every cash that flows into their hands. They wish there were other ways to get that rich without investing a dime into anything.
A look at the list of world Billionaires released by Forbes in 2019 reveals that more than half of the people on the list got to that height as a result of the numerous investments they have done.
William Bernstein in his plan for Business minded Persons reveals that as a young person (minimum age 25), you can put aside 15% of your income for the purpose of investment. These investments can be in stocks, real estate or in any other business idea. By doing so, he said that money invested will eventually accumulate and then turn you into a millionaire in just a matter of years.
- Learn To Make More And Spend Less
An English adage says “Money spent is money lost, while money saved is money gained”. One of the guaranteed ways of ensuring you accumulate the amount of money to make you rich in the nearest future is by learning how to cut your spending, spending only when it is necessary. Although cutting down on spending may not truly make you rich or wealthy, however, a combination of working hard to earn more money and spending the money made with intentions and purpose will go a long way in getting you up that ladder of richness.
- Avoid Debts
Getting into debts sometimes may become part of living but most of the times, young people all in a bid to show off, get into debts that doesn’t pay, and which could have been avoidable. To reach your target as a young person, decide within yourself to avoid debt that doesnt make more money for you. Borrowing money just to show off is a No No!
- Take Money Management Lessons
To make more money, there is need to learn how to manage the one you have. Like it’s often being said, it is not the excess of money necessarily that makes one rich but the effective management of the money at his disposal that makes him rich. However you will get it, get basic knowledge on the management of money, it will help a great deal.
- Take Calculated Risks
Life generally is about taking risk and so no one can get anything meaningful out of life -including getting rich- without taking some calculated risk once in a while. The risk can be on where to invest, how much to invest, who to trust, what principle to apply or not. Whichever one, risk is part of life!
The journey to wealth is a path of consistency. You may not be there yet, but by following these things explained above with diligence, you will find your way up that ladder sooner than you expected.
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