How can I become rich?
This question is the question that often asked by many people. For that reason, we are going to give you some tips that can make your journey to become rich easier.
1. Manage your money correctly.
The first skill to have if you want to be rich is the ability to manage your money correctly. You should know how to divide your income in several segments such as for groceries, for entertainment and for savings. After that, you should make your financial planning before you have your monthly salary so that you don’t over spend your money. In addition, you must not spend the money you don’t have using credit cards because you will have a habit that consuming your next month salary on this month and that will obstruct you to become rich.
2. Have multiple streams of income.
The second tips that we give to you that can make you rich is having multiple source of income. You must not depend on single source of income. If you have an ordinary 9-5 job right now, you should start to find a side hustle. For instance, if you make $ 5,000/month and only depend on that income, you should find a way to get your second income like starting a dropshipping business or freelancing. By having multiple source of income, you will have more income per month. And with the right management of money, you will become rich in no time.
3. Have passive income.
Passive income is earnings that you make without actively work. Simply, the money that you will get even when you are sleeping. Obviously if you can make money while you sleep, you can become rich because you can focus on other things that generate more income like businesses. If you want to have passive income, you can buy a real estate and rent it to other people or you can invest your money in stocks that pays dividends. Be cautious. Before investing in real estate, stocks or other investment, you need to learn deeper about them because you will lose your money if you invest in something that you are unfamiliar with.
How to manage money properly ?
If you want to manage your money properly, you need to make a financial planning. You need to create a priority list of what you are going to use the money for. We have some suggestions for you to make you monthly financial planning. First, you need to pay yourself first : 10% of your monthly salary. You should use that 10% for you to develop yourself. For example, buy and read books or join some seminars. Then you should make use 90% your salary for groceries, mortgage, etc. For example :
How to generate more income?
On the previous section, we have explained how to manage money properly. In this section we will give you some suggestions of what you can do to generate more income.
1. Rent out a property
2. Invest in strong growth stocks
3. Invest in stocks that pay dividend
4. Buy vending machine
5. Buy a laundromat
6. Start Youtube channel
7. Sell graphic design
8. Write an eBook
9. Buy & rent equipment
10. Get out of debt
11. Create content for instagram pages
12. Put ads in your car
13. Affiliate marketing
14. Grow a blog
15. Reselling items
18. Manage social media account
19. Rent out a car
20. Peer to peer lending