How to get rich quickly?
It is an example of a simple question which has many answers.
This is because there are many ways for a person to attain wealth.
Some are born into it, some were married into it, and some have inherited it.
But, the question is: ‘What if we are not part of the above? Is it still possible for us to get rich quickly?’
Here is my take.
Personally, I believe it is possible for all of us to become rich and attain financial freedom. Wealth, if not inherited, can be acquired. So, if you are just starting in this journey of becoming rich, take courage. In this article, I’ll cover 5 key things that will propel ourselves towards becoming richer much faster in the future.
#1: Being Rich is Not Looking Rich
First, it is to realise that ‘looking rich’ on the outside is not ‘being rich’.
Being wealthy is not about you eating the best, wearing the newest, driving the fastest, and living the fanciest without the actual means to support them.
For some, it could mean the opposite. They may live life like they have it all, but in reality, are financially broke. Looks itself can be deceiving.
Instead, a much better way of ascertaining a person’s wealth is by looking at his financial records. Does he have productive assets that generate regular income to him which he uses them to fund his lifestyle? Or, does he finance his lifestyle with tons of interest-bearing consumer debt?
For instance, if a person drives a nice sports car, he may have the impression of a rich person. But, is he financially rich?
The answer lies in his financial records.
If his financial records resemble the rich, then, he is a rich person driving a nice sports car.
If his financial records resemble the poor, then, he may be a poor person acting rich by driving a nice sports car.
This leads us to our next point:
#2: Learn Financial Literacy
Financial literacy is basically a mastery of seven very profound financial words.
They are income, expenses, profits, assets, liabilities, equity, and cash flows.
The absence of financial literacy has caused many to be financially ‘trapped’ for they have and most likely will continue to make financial decisions which would lead them to be more saddled with debt. This, inevitably, will cause them to be increasingly dependent on their current job to survive financially.
In other words, the more money a person makes, the poorer he becomes.
I opine the cause for one to remain financially poor is not due to lack of money. Rather, it is due to a lack of financial literacy or an awareness of being savvy in the subject of finances among the poor and the working class.
Think about it.
Does giving more money to the poor and the working class help them to attain long lasting wealth?
What do BR1M recipients do with their money after receiving it?
What do employees do with their money after receiving a promotion or having a pay raise or a big fat bonus from their employers?
Most consumed it.
Some have gotten themselves into bigger debt with it.
A handful may save a portion of it, if any.
How many do you think will be willing to invest to either equip themselves with better skills to generate income or to create or buy income-productive assets to elevate their financial status?
So, why learn to be financially literate?
This is because money, if given to one who is financially intelligent, would be, in many ways, better used to help himself and his community to become richer.
In contrast, if money is given to the financially unwise, it will breed more needy people financially. It will keep people from financial progression or even worse, causes people to regress financially, keeping most of them poor.
Thus, giving money itself does little to alleviate poverty over the long-term. So, let’s try financial education. Perhaps, it could be a remedy to not only your own financial issues but also a cure to many societal problems that we face today.
#3: You May Need to Do Things Differently
Here is a food for thought.
What is being financially responsible?
Is it to finish school, get a job, save money, buy insurance, pay your debt, invest in unit trust funds, and build a sizeable retirement fund that hopefully, will fund your lifestyle after hitting your golden years?
The above may sound financially responsible. But, are they?
Are the above methods the rich use to build their wealth? Do you believe most rich people get rich through getting a job, saving money, paring down debt, and invest the bulk of their money in unit trust funds?
If the answer is yes, then, all of us would have been rich and wealthy.
Unfortunately, that is not the case. In today’s economy, many remain financially insecure despite doing what seems to be financially responsible. The ideas that most people have about money is or has already become obsolete.
If you wish to get rich quickly, I believe it would be helpful to you if you keep an open mind to learn and adopt money beliefs that the rich are adopting today. If you do a study on rich people or if you are given a chance to talk to them, you’ll discover a world of differences when it comes to the topic of finances and what and how they are managing theirs.
In most cases, you may want to ‘Copy & Paste’ their financial blueprint in order to enhance your chances of getting rich quickly.
#4: Find a Mentor
Here, I would like to share one thing that I had learnt about the rich.
And, that is …
There is no such a thing called ‘Self-Made Millionaires’.
Rich people are not self-made.
I’m not referring to people who are born rich or have received their wealth at a later stage in wealth through inheritance.
I’m talking about people who started with very little.
You’ll find that all of them, in the process of becoming rich and wealthy, have in fact received help, guidance, support and mentorship from people who are rich and wealthy.
In most cases, it is not money that made the rich rich. It is an idea, a brand new perspective, knowledge, skills, technical know-how, connections… etc that have helped one to become richer and financially more successful.
As mentioned, a person with money but without idea or wisdom would not be able to generate long-lasting wealth from his money.
In contrast, a person with ideas or wisdom would have money following him.
So, if today, you are facing a problem relating to a lack of money.
You don’t necessarily have money problems. Yours could be a wisdom problem for you lack the necessary wisdom to solve your financial issues.
Thus, if you wish to get rich quickly, it would be helpful to find yourself an ideal mentor to guide and support you in your quest to become financially richer for he has more wisdom than you when it comes to solving your financial issues.
#5: Have Real Buddies
As humans, we have an innate desire to be loved, respected and acknowledged by our family, friends, colleagues, and the community at large.
This is why we have cliques whom we share a number of common grounds with each other.
For instance, it is normal for a person who is earning RM 3,000 per month to be in a circle of friends who are of a similar income group. It is a common ground. They will not feel ‘left out’ for they may have the same wavelength in terms of their money beliefs.
It is okay to make friends with people of a similar income group as long as they also share a similar desire to move ahead financially.
It is not helpful if they are less interested to make a change in their financial life and are happy to remain at status quo.
If your circle of friends are people who are driven and have a desire for a better future, chances are, you will be motivated to want more for yourself. Thus, you may enhance your chances to achieve financial success.
However, if your circle of friends are not, then, it would be very helpful to begin making friends who are in the above category. This is because if you don’t have such friends, soon enough, you would gravitate towards what your ‘friends’ are doing and earning for you do not want to be ‘left out’ by your ‘friends’.
So, have real buddies who are supportive of you to progress in life.
Conclusion: So, Will You Get Rich Quickly?
Hopefully, you find this article insightful.
I believe it is helpful for all of us to assess what we really believe about money and how we manage them. Perhaps, we can invest time to find out how we can improve our finances by becoming more financially literate and exploring how the rich actually manages their money.
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