Content of the material
- How can I get rich with no money?
- Optimize Your Tax Situation
- 2) Well, dont pray hard
- Can Trading Make You Rich Overnight?
- Save as Much as You Possibly Can
- Lessons from The Wealthiest Individuals
- Warren Buffet
- Jeff Bezos
- Surprisingly Simple Ways to Become a Millionaire
- 1. Work smarter and harder than your competition.
- 2. Learn from your mistakes and move on.
- 3. Build something new that you would love – and be sure to experiment.
- 4. Learn to budget – or at least get help doing so.
- 6. Don’t believe discouraging people.
- 7. Save some of your income for a rainy day.
- What Does Being Rich Mean?
- How much money do I need to never work again?
How can I get rich with no money?
To get rich with no money, you need to put some strategies into play that have been proven to make people wealthy. It won’t happen overnight but, over time, you’re almost guaranteed to become rich by following these systems:
- Control your spending
- Get into the right mindset
- Commit for the long haul
- Pay off (and stay out of) debt
- Set clear, actionable goals
- Start investing as early as possible
- Keep learning
- Build up your income
- Automate your finances
- Stay the course
To see exactly how this works in detail (including the math that proves it!), take a look at our article on how to get rich from nothing.
Optimize Your Tax Situation
“Taxes are a significant expense that the general consumer just accepts when they don’t have to,” Dunbar said.
In addition to utilizing tax-advantaged retirement plans, he recommends taking advantage of cash value life insurance to set up a tax-exempt bucket, and working with a good CPA to maximize other available deductions.
2) Well, dont pray hard
In fact, I realized I was wrong. As mentioned above, I encouraged you to pray hard. However, I realized that most people who won the lottery didn’t expect to win in the first place. And those who pray hard every day never make a living. So, when you think about it again, you shouldn’t pray at all. But don’t forget that you need to buy a lottery ticket.
Can Trading Make You Rich Overnight?
The short answer is no, and certainly not without taking enormous risks.
If someone becomes a millionaire in the stock market overnight, and it is truly by luck, the risks are extensive, and they come in many forms. In some ways, the risks of becoming an overnight millionaire are comparable to winning the lottery: A person who is ill-prepared for it may find that they have a whole new array of friends who don’t really have their interests at heart.
Save as Much as You Possibly Can
Becoming a millionaire in the next decade may mean cutting back on expenses and discretionary spending now so that you can funnel as much money as possible into savings.
“The reality of it is, if you’re starting from scratch, to have $1 million in 10 years, you have to save a significant amount of money,” said Sean Moore, wealth manager at Merit Financial Advisors in Boynton Beach, Florida. “Say you’re going to average 10% a year on your investment return — you’re going to need to save about $5,000 each month to save $1 million.”
Moore recommends putting this money into an employer-sponsored retirement savings account if possible.
“I’m a huge proponent of using retirement savings or company plan savings for two reasons,” he said. “If you’re saving money on a before-tax basis, you need to save less to end up with more because you’re not paying taxes on the money before it goes to work for you. The other is that within a lot of company plans, they have a company match, so that’s free money you’re getting on top of your own savings. So that’s probably one of the best places to start.”
Lessons from The Wealthiest Individuals
Below are a few lessons that some of the wealthiest people in the world have shown us to get rich quick.
Warren Buffet (the holy grail of investors) said “If you don’t find a way to make money while you sleep, you will work until you die”. This quote explains the power of investing and having 7 streams of income to make money.
Unless you want to spend your entire life working, you’re going to need other streams of income so you can rest come retirement.
“If you decide that you’re going to do only the things you know are going to work, you’re going to leave a lot of opportunity on the table.”
This quote explains how you might have to take some risk if you want to get rich fast. In other words – risk equals reward.
Surprisingly Simple Ways to Become a Millionaire
Simple tasks are not always easy tasks. If I were to hand you a spoon and ask that you dig a hole nine feet down into packed soil, that’d be pretty straightforward and simple but it certainly wouldn’t be easy.
Likewise, you’ll find some of these simple ways to be just that – simple but not easy. But come on, you’re tenacious enough for the job, right?
Jaime Tardy, author of Eventual Millionaire who has interviewed hundreds of millionaires has this to add , “One of the main traits of a millionaire is perseverance. The ability to KEEP GOING in the face of adversity even when the finish line is very far away.”
One last thing. Remember that many of these tips are surprisingly simple, don’t underestimate their effectiveness just because you’ve “heard that one before.” Put these babies to good use and watch your millionaire potential soar!
1. Work smarter and harder than your competition
Identify your competition. How hard are they working? What are some differentiators you can bring to your workplace or market?
Start by working smarter. There’s no use in working harder if your work isn’t effective at producing income – you’ll be spinning your wheels.
There’s no sense in selling ice cream cones on your front lawn in the dead of winter. Instead, set up a booth at the park in the sizzling summertime – you get the idea! Simple, commonsense changes can greatly improve your effectiveness.
Work harder than others are willing. We’ve all seen the guy or gal at the office who works harder than anyone else. Maybe they’re a little nerdy or a little too interested in their job – or are they?
Maybe they’re onto something. After all, aren’t they the ones getting the promotions? Aren’t they the ones who become the office linchpins?
I remember when began my career with A.G. Edwards & Sons in 2002, I was in a training class of around 55 people. After completing training a year later, our class was reduced to less than half. My fifth anniversary mark? Only five of us were left.
Most failed. Why? Because they weren’t willing to put in the hard work required.
I beg you to not be afraid of hard work. Not only will your boss feel better about what you’re doing for them – you will too.
I’m not afraid to die on a treadmill. I will not be outworked. You may be more talented than me. You might be smarter than me. And you may be better looking than me. But if we get on a treadmill together, you are going to get off first or I’m going to die. It’s really that simple. I’m not going to be outworked. – Will Smith, Actor
2. Learn from your mistakes and move on
Everyone makes them. I do, you do, we all do.
And believe me, I’ve made some pitiful mistakes.
Would you get suckered into two multi-level companies that go nowhere? Would you throw $8,000 into an online business venture only to lose it all? Those are just a couple of several investment mistakes I’ve made with my money.
Mistakes are difficult to swallow. I think our first gut reaction as human beings to the realization we messed up is to shift blame – to others or to circumstances.
The very best way forward is to admit we fumbled the ball. Are you willing to admit when you make mistakes?
Some people, when faced with their own inadequacies, beat themselves up. And you know what that does? It paralyzes them from making the decisions they need to make to achieve success.
It’s important to remember that . . . .
Only those who are asleep make no mistakes. – Ingvar Kamprad, Founder of IKEA
So, take the simple step to fess up and move on. Yes, it’s simpler than you think – especially once you have practice. If you are still in the middle of a debt mistake one of the best things you can do is to stop paying interest by transferring your balance over to a 0% APR credit card. This will free you up to hammer down on that debt instead of paying big interest payments.
Millionaires don’t give up because of a few silly mistakes. They press on toward the goal.
3. Build something new that you would love – and be sure to experiment
You can read book after book about how to research what your customers will love, and by the time you deliver it, they’ll already be bored with it.
If you’re the entrepreneurial type – I know I am – make sure to work on projects you can get excited about!
Chances are, if you create something that you’d use and love, others will too.
Millionaires understand that some of the best ideas don’t come out of costly research, they come out of a passion for making the world a better place.
Also, remember to experiment. Have fun! Some of my best ideas come out of experimentation.
In 1945, Percy Spencer experimented with a new vacuum tube while doing research for the Raytheon Corporation. He popped popcorn and melted a candy bar, and saw the great potential for this process which eventually culminated into the advent of the microwave.
Tim Cook, the CEO of Apple recently explained in an interview with Charlie Rose that it’s more difficult to edit than it is to create something entirely new. But I’ve learned that sometimes creating something new can be the best way forward to becoming a millionaire.
One of the things that I’ve been most excited about building is my blog. My financial planning practice was growing at a steady rate but after I launched GoodFinancialCents.com in 2008 my practice and revenue have grown significantly. Some of that is a direct result of getting new clients to my practice while the other more surprising revenue source has been directly from the blog.
A combination of advertising revenue and introduction to new business opportunities (because my name and face are all over the web) have been a huge blessing.
Here’s the thing you have to realize though: I KNEW NOTHING ABOUT BLOGGING.
That’s right. The launching of my blog was a total experiment and still is today. I’m always testing different ways to monetize and build my brand. Experimenting is the fun part!
You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new. – Steve Jobs, Former CEO of Apple
4. Learn to budget – or at least get help doing so
You know that I hate budgeting. Thankfully, my wife budgets like a pro.
Here’s a tip from one of the financial greats (a millionaire, to say the least):
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. – Warren Buffett, CEO of Berkshire Hathaway
If you don’t budget, I promise you’ll lose money to overspending.
Want to make yourself sick? Count up how much you’re spending on eating out, clothing, gadgets, and other delights and write it down. Then, start budgeting. After a year, look at how much you’re spending and compare with your initial count.
Yikes. Try not to lose your lunch.
A hugely important part of budgeting is ensuring you’re spending less than you’re making. And the only way to do that friends, is to track everything.
If you’re not a spreadsheets-kind-of-person, that’s okay. Just make sure you have some help.
6. Don’t believe discouraging people
As soon as you accept that you’re not going to become a millionaire, you probably won’t – you’ll settle for the ordinary.
Your beliefs about your future matter a whole lot, and will – in part – help determine your future.
After all, your beliefs affect your actions, and your actions affect your outcomes.
When you listen to discouraging people, you’re letting them accomplish their goal – to drag you down and ensure you don’t surpass their success. No good.
Instead, I suggest you prove them wrong – but be humble about it. Your results will speak louder than your words, I promise you.
I just love it when people say I can’t do it, there’s nothing that makes me feel better because all my life, people have said that I wasn’t going to make it. – Ted Turner, Founder of CNN
7. Save some of your income for a rainy day
If you’ve lived on this planet for any considerable number of years, you know that bad stuff happens.
Not only that, sometimes several bad things happen all at the same time. Talk about knockout power!
That’s why I recommend that you save some of your income for a rainy day.
Medical emergencies can last years.
Trees go through roofs.
Jobs can be lost.
Don’t get caught without an emergency fund. You hear?
What does this have to do with becoming a millionaire? I’ll tell you.
If you have an emergency and don’t have some liquid cash saved up in a savings account like one from Capital One 360, you’re likely to either go into debt (bad idea) or borrow from family members (very bad idea).
Don’t be the guy that owes his parents.
Don’t be the couple that drowns in debt.
Think of debt as the polar opposite of investing. Instead of you investing in companies, companies are investing in you – looking to make as much profit as possible by pulling it out of your wallet. It’s bad news people.
According to many experts, you should have around three to six months of expenses in your emergency fund – in bad times, I recommend you shoot for eight months.
What Does Being Rich Mean?
So you want to get rich?
What does that really mean?
For some people, being rich means having a lot of money. But for others, it’s about enjoying life and doing what you want when you want to do it.
Ultimately, being rich is relative. If you want to spend money eating out at nice restaurants or traveling the world, most people would say you have to be rich. But if your idea of being wealthy is having a family and home – then you might not need to be rich.Earn up to $50 with the Nielsen Panel 🤑 Looking for free money? With the Nielsen Panel you can get up to $50 per device. Register Now!
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How much money do I need to never work again?
The amount of money you need to never work again can be determined by calculating your annual spending and multiplying it by 25. For example, if you spend $40,000 per year, you’ll need $1,000,000 in order to retire and never have to work again.
This is based on what’s called the “four percent rule”. The rule is based on a study that found that if you withdraw 4% of your retirement savings every year, they won’t run out – on the understanding that your investments will continue to grow at the same time.
There are some caveats to this. For example, in years where there are economic downturns, meaning your investments may actually drop in value, you’ll be expected to also withdraw less than the previous years.
However, according to the study, as long as this withdrawal rate stays at 4% of your total savings during your retirement, you shouldn’t ever have to work again.