Isn’t it ironic that banks only lend money to those who have money?
It gets even funnier because when you already have money, why would you borrow money, right?
Now I know that this is not the case all the time, but it sure gets you thinking – what if I become rich?
Then the banks would die to lend me money, right? Or better yet, I’d finally be able to buy a bank or two!
We’d have these thoughts now and then…
Stop thinking because, in this article, I will give you the 10 definite ways on how to become rich!
A word of caution my friend, this is not a how-to article on how to get rich, rather the overview of the ways you can take to become rich.
First, let’s define what it means to be rich.
What does it mean to be rich?
Is a rich person someone who can buy a mansion? Top of the line sports cars? Or someone who can buy almost anything he wishes in the world?
When we think of the definition of being wealthy, we think of these things at first.
But if you think about it, many people can buy
Robert Kiyosaki, author of the best-selling book “Rich Dad, Poor Dad”, explained it best.
“Wealth is the ability of a person to survive indefinitely if he were to stop working today.”
By that definition, most people would only last for a few months without savings or a passive income stream.
Wealthy people can maintain their lifestyle even if they stopped working today.
That is the power of having multiple passive income streams.
But what if you still don’t have that? What if you’re still working on building your passive income streams?
Here’s the good news: you can start today!
7 Ways to Become Rich
1. Become a freelancer
I’m sure all of us have skills. Even if you are still a student, I believe that you’re an expert at something.
People in their 20s have a lot of skills nowadays which mostly involves the use of the internet.
But what if I told you you can use your skills to make money at home?
Don’t believe me? Millions of people are already doing this.
The question is, what are your skills? It’s not even required to have these skills yet as long as you’re passionate about it, you can learn it.
Here are the most sought-after skills that you can use to make money online today.
- Video editing
- Graphic Design
- Web and Mobile Development
- Web designing
- Customer Service
- Data Entry jobs
- Virtual Assistance
- Internet Researching
- Social Media Marketing
The beauty of freelancing is that even if you are an undergraduate, you can still make a lot of money! You just need to select which skills you want to develop and polish it like there’s no tomorrow.
2. Investing as early as possible
I’m sure most of us heard about stocks, bonds, and mutual funds. A lot of us even thought to invest in them when we have money, right?
But only a small percentage of us does it, why?
It can be because of the fear of losing money, the fear of the unknown or both.
Here’s something to think about: Why do we think it’s fine to buy clothes, shoes, milk teas, and smartphones but not save or invest?
Here’s a visualization on how much we spend on these in a year:
Milk tea average price: P80
Frequency: Once per week
P80 x 4 weeks = P320/Month
P320 x 12 months = P3,840
That’s not too much, but this is just our expense on milk teas…
Imagine how much we would have in the future if we invested this money instead?
The question is, how do we invest? Where do we invest?
Fortunately, there are a lot of online stock brokers now such as COL Financial, BPI Trade, and Philstock. But if you’re a complete beginner, I suggest you spend a lot of time researching about investing online first.
3. Start a business
I know what goes into your head when you read business…
Risky, involves a lot of money, time-consuming and so on.
The truth is – we won’t run out of excuses. But hear me out.
If the founder of Apple only thought of these negative things, do you think we’d still have iPhones today?
What would happen if Jeff Bezos (founder of amazon.com) didn’t push through with his passion? E-commerce as we know it today probably wouldn’t exist, right?
So, here’s my suggestion, instead of focusing on the negative, why not dream big? Why not focus on the positive things instead? It sounds easy yet it’s hard.
Remember that to make money, we have to first spend money. There’s always a risk in everything even if we are sleeping or walking.
Why not take the risk? What do we have to lose so bad? Money? Time?
Because even if we fail at first, we will gain a lot in lessons.
So, are you excited to become rich?
Good! Don’t know where to start? Here are 150 business ideas for you. You’re welcome 🙂
4. Save for retirement
While saving alone will not make you rich, it will help you when you retire. Even if you’re still a student, it’s important to save.
I believe that all of us knows the benefits of saving but only a few ever does it consistently.
Before starting to save, I was also a careless spender. I didn’t know where my money goes because I didn’t have a budget.
But now I know that savings are important not just to become rich.
Here are the 4 main reasons to save as early as possible:
- For emergency.
- For travel.
- For retirement.
- To build discipline.
Ideally, we need to have over 1 bank account to store our savings. There should be a separate one for retirement, emergency fund and savings for leisure.
5. Invest in real estate
One of the best ways to invest your money is in real estate properties especially land. Why? Because land is the only thing that appreciates. Our other assets such as a car, house, and smartphones depreciate.
But we need to research first before investing in any real estate.
It’s important to understand these things first:
- It’s a long-term investment.
- Make sure the location is great.
- Know the laws regarding foreclosures etc.
- Buy low, sell high.
When we say real-estate, there are mainly two types:
Residential properties include houses, condos, and townhouses. Commercial properties are apartments, office buildings, and warehouses.
6. Become a doctor, lawyer, etc.
Perhaps one of the quickest ways to be rich is to become a doctor, pilot, or a lawyer.
Yes, they have high salaries but they require you to invest a lot of time and money first.
But if this is your passion and you are full of determination, there’s nothing wrong with pursuing this career path. In fact, most Filipinos aim for high-paying jobs.
But if you want to become rich, having a job is not enough even if it’s high paying. As I’ve pointed out before, you need to have over one income stream to retire early.
Fortunately, if you have a career in these and you have considerable experience, you can start a business.
7. Have the right mindset
Finally, even if you have no experience, no money, and no connections but with the right mindset, you can achieve anything!
This is true because this is what I’m doing and millions of Filipinos too.
Remember that when you truly have nothing, that’s when you’ll do everything to become successful. 🙂
There are many more ways to become rich, it’s your job to make one if you can’t find one. But to become rich, you need to build your wealth in as many passive income streams as you can. Also, don’t forget to save for retirement!
Do you agree with this list? Write your thoughts on the comment section below!