The wealthiest people in world don’t end up there accidentally. Imagine if you gave everyone equal amounts of money to start with and after a couple of years the money will end up back to the people who are rich again. How does this happen? What are the qualities of a successful person? I bet you want to know the qualities you wish you had that makes you a part of the rich league.
To begin with, let’s not feel victimized by the rich who are writing the rules of an unfair global economy that forecloses our future. Most of us believe that the rich inherit their wealth and have a head start in the game, but out of the 80 of the wealthiest people in the world, only 11 of them inherit some form of wealth.
Instead of dreading and despising the rich, let’s study the things the rich do and start applying it ourselves. Here are the secrets the rich don’t tell you of generating their massive wealth.
- Don’t always exchange your time for money:
It seems true that working that extra hour will make you that extra money at the end of the month. To an extent it does, but have you started considering the fact that the richest people have the same amount of hours in a day as you have? They still generate many times more money. What do you think is their secret?
They have learned the art to use not their own time, but pay other people to use their time to do their work. For example, if you have 8 hours to work during the day, they make 5 people work 8 hours a day that would equal to 40 hours a day and profit from their labor. This way you have more work done without spending your own valuable time.
- Making your money work for more money:
You have understood that your time should not always be exchanged for money, now you should also understand that money should not be idle with time. The rich know that money can earn you more money. It should never stay idle sitting somewhere not working for you.
There are always areas to put your money to work, like the stock market, buy rentals to rent out a profit, make it grow with compound interest in a bank with fixed deposits and many more.
- Have multiple sources of income:
Although it is true to focus just on one project and give it your full attention and make it grow more than having 10 different projects, having multiple incomes are still necessary to accumulate wealth. There is a saying, “don’t put all your eggs in one basket.” If that basket falls, then all your eggs will be spoilt. Similarly, it’s the same with a business. If you have all your money invested in only one business, then if that business takes a down turn, all the wealth that you have generated with your hard work will be lost.
Therefore, it is always safe to have multiple sources of income. If you have a main project that you are working with, then try to design the side hustles in such a way that you don’t have to give your full attention, which bring us to our next secret, “make everything automatic.”
- Make everything automatic:
Saving time is one of the most important assets in becoming a millionaire. Like we discussed about how everyone has the same amount of time during the day, it is crucial to learn to make more time by automating work that can be done without you having to be present. While handling a business, there are many menial tasks that acquire a lot of time. It’s best to automate them. We live in a generation where we have the highest end technology and everything is digitalized. Everything is made easier to the click of a button on your computer or your phone. Why not use that to your advantage and make things automatic?
For example, set up an automatic savings account that allows you to take money out of your paycheck and put it into savings without even thinking about it or setup a structure where your side hustles can function without you having to be present all the time. Also with this method, anyone can set themselves up for a secure future. Furthermore, with this plan, you don’t need to be making a lot of money either. It is by itself another powerful tool to become a millionaire.
- Save don’t show off
Most people don’t realize how important saving is. Although you can argue on which is more effective to building wealth, saving money is really just the same as making money. Saving usually means putting your money into cash products, such as a savings account in a bank, building society, or credit union. You can’t be a millionaire if you keep spending and don’t have any money saved up to invest and make your money work for more money.
These days, due to social media there is a huge amount of flex culture going on. People spend money they don’t have to impress people who really don’t care. Earning the money and spending is temporary and it does no good but harm your financial status.
This also means that if there is a discount on a sale, take it if you really need that item. Try to buy things when there are offers. This doesn’t mean shamelessly asking for unreasonable discounts, it means take the opportunity to save as much when there is a chance. I have seen examples of people becoming millionaires by just collecting discount coupons and taking offers provided by stores.
- Bring value to people
If you are working for a company or own a company, you should always become an asset to it. Most people just work for money. They dread their job and try to pass time for the month to end to get their pay check and complain that they aren’t getting a raise. If you work for a company, try applying yourself to be the best at your job. This doesn’t go unnoticed. If you own a company, try to bring value to your customers. Customer care is crucially important, since they are the reason your company does any business in the first place. If you look into this, you won’t need to run after money, the money will run after you.
- Donate to charitable causes
Donating to charitable causes not only benefits the charities themselves, but deeply rewards you too. Many people give to charity on a regular basis to support causes they believe in, as well as for the positive effect it has on their own lives. Giving to charity strengthens your own personal value. This is a trait where most rich people hold.
The universe is all about give and take. After you have started to generate abundance after applying these strategies, don’t forget to give back. It doesn’t have to be with money, it can be with working as a volunteer and helping others. Once you have learned to give selflessly you are truly considered a millionaire by money and by heart.