12 actionable tips on how to get rich

It happens all the time.

Whenever a scene in a movie flashes a view of the mansion, luxury cars, piles of cash—you get the picture—I can’t help but think, “Wish I was that loaded.”

Wouldn’t it be nice to break from the daily grind and live with abundance, even just for once?

I know it would. As a kid, I always daydreamed about having a blue genie to grant all my ridiculous wishes. I watched “Richie Rich” and couldn’t help but feel envious of Macaulay Culkin’s mountains of gadgets and toys as I clasped a bunch of marbles in my right hand. That’s all my buddies and I had to play with back then. After seeing the movie, we all wanted to be Richie Rich.

I think about getting rich more often than I’d care to admit. I mean, why not? It’s perfectly normal to aspire for a better life, right? Everyone has wishes and desires, for ourselves and the people we care about.

However, perhaps the more important question is, “Are we doing anything about it?”

The road to riches is paved with difficulties. Sometimes, life even puts us so far back behind everyone that we feel we’ve already lost the race when it hasn’t even started. Yup, life is unfair. But that’s just the way it is.

Yet, there’s hope. A quick look at the list of the world’s richest men is proof that everyone has a fair shot at getting rich. Jeff Bezos came from a normal family. So did Bill Gates, Mark Zuckerberg and Warren Buffet. They were not born with silver spoons in their mouths. So what did they do? They started mastering stuff that they were good at. And that’s just one of the “secrets” we’re going to show below.

Ready to take your shot at getting rich? Read on!

1. Master a skill

“Pursue excellence and success will follow.” – Rancho, from the movie, “3 Idiots”

Mastery attracts success. When you’re highly skilled at something, a lot of opportunities open up, people notice, and you build connections. With the right mindset and goals, this path will lead you to both personal and financial satisfaction.

2. Save to invest

“Every gold piece you save is a slave to work for you. Every copper it earns is its child that can also earn for you.” – George S. Clason

Most people tend to save to spend on things they don’t need. Save up to invest. There are a ton of ways to make money work for you, not the other way around. Whether it’s stocks, cryptocurrencies, mutual funds, VUL, or some kind of business, try to look for the best wealth-building option that works for you.

3. Build assets that generate passive income

One key trait that separates truly wealthy individuals from the rest of the pack is that they have set up some (in most cases, several) forms of income streams.

They literally make money even as they sleep. Passive income takes wealth generation to the next level because you’re no longer bound to the concept that X hours of work = X amount of income.

Let your money work for you. For instance, having a place that you can rent out is one example of passive income. (Source)

4. Build connections

“It’s not just what you know, it’s who you know.”

Connections allow you to learn from people who are already doing what you plan to do and open doors to opportunities that would have been unavailable to you otherwise.

Their wisdom, guidance and connections can be of tremendous help to get to your goal faster.

5. Start a business

Perhaps many of us, the potential to earn multiple times over versus a regular job is what makes the promise of running a business so enticing.

The possibility to earn three, five, or even tenfold of your current pay while doing something you love is enough of a reason for some of us to take on the challenge.

6. Spend money to make money

You can’t get dividends from stocks without having the capital, to begin with, can you? How can you even operate your rice store without the rice to sell?

It could also mean paying for training or courses that will teach you new skills for a promotion or a better-paying job. That’s why you see professionals going back to school to get an MBA. Think of it as your capital, money you’re willing to spend so you can make more money.

7. Understand the value of your time

Determine which activities and projects will net you the biggest return in impact in terms of growth and money.

Once identified, focus your time and effort on them. Minimize stuff that takes a lot of your time but brings you no significant value. Put your time to good use.

8. Live simple

“Too many people spend money they earned…to buy things they don’t want…to impress people they don’t like.” – Will Rogers

Owning less stuff does not mean you’re depriving yourself — it only means you want to spend your hard-earned money on the stuff that really matters and bring you genuine happiness.

9. Give back

Giving back not only wins us good karma but can also lead to a lot of opportunities for building wealth since it builds our influence and reach.

It can also give you the necessary drive to make more, so you can give more.

10. Grit

Grit is one of the secrets for becoming and staying rich.

For without it, we lose the discipline required to cultivate our talent—which is essential in developing skills for improving our personal and financial health.

11. Save 100K

Can you save up to $100,000? We ask because reaching $100,000 shows you have the ability and capacity to make, save and invest money (any time, even if you need to start all over again).

12. Educate yourself

“An investment in knowledge pays the best interest.” – Benjamin Franklin

Getting rich is one thing, taking care of your wealth is another. One may easily accumulate money, but without the proper mindset and kn0w-how, they can lose it all as quickly as they got it.

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DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation for writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.