Being born rich is a privilege. And everyone wishes for it. When you are born wealthy, you don’t have to work really hard for money. You already have money even before you become a human. Sometimes, it’s something to envy. But do you really need to envy rich people?
There’s a way to grow your money if you are not born rich. It’s possible to even without owning properties, cars, high-tech gadgets, businesses, and so on. You can be rich by doing the work on your own. You can accumulate wealth slowly even without inheriting things from your parents.
Yes, it’s possible to grow your wealth. Let me share with you how.
This is a new year to stop thinking about working for money. To grow your wealth, change your mindset. Rather than working for money, let your money work for you. Never let yourself get stuck in where you are right now with the crab mentality. Forget about going to school to learn how to work for other people. Start thinking about being your own boss, growing your money without working, and retiring young. To start growing your wealth, think like the 1%.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the training below.
Next, you can grow your wealth by looking for sources of income. “Sources.” Not just one, but more. Having just one source of income is not enough unless you are earning a 6-digit salary. If not, you must be resourceful. You can look for 1-2 more side hustles on top of your full-time job. For example, if you are working as a BPO employee, you can look for freelancing jobs or part-time work. You can choose to sell online. You can save your money to start your own business.
The best way to get wealthy, slowly but surely, is not being an employee. It is by allowing your money to work for you, to accumulate passively. To accumulate your wealth, save enough to invest it. Be it in a business, in stocks, in mutual funds, in crypto, and in other portfolios. I am not discouraging you to save money in a bank but think about the possibilities outside. How much more could you earn if you put it in stocks? FYI, you can only get less than 1% interest if you invest your money in a bank. So, think about what’s better in terms of returns. Is it putting your money in a bank where it’s stable? Or is it to invest your money where you can earn more than 10%?
You also need to learn to stop spending. Forget about your unnecessary wants. Forget about spending on new clothes, shoes, and gadgets. Think about saving, investing, getting financial security. Obsess yourself with financial stability and retiring young. In this way, you will get inspired to save up and invest. Quit being a spender. Manage your budget. Cut the expenses you don’t need. Stick to your monthly plans.