HAVE A BURNING DESIRE AND BE DEDICATED: First thing you need to have to be rich is as simple as to develop a burning desire. Be highly motivated and not be put out by failure.You need to really want it and ready to go for it. It is one thing to want to be rich and another thing to have a burning desire to be rich. Not only should you have the desire but also be dedicated, be ready to be fully committed and focused.
HAVE A GOAL AND A FINANCIAL PLAN: Startup with a burning desire is essential; the next necessary step is to have a plan. As the saying ‘’ a goal which is not write down is merely a wish’’. So make it real, know where to start and where the end goal. You can write down a simple plan where you detailed the steps you will take to reach your goals, or you can reach out to a professional to establish the financial plan for you.One thing is sure; you need a plan to start.
CREATE ASSETS, BE MONEY SMART: Once you have your plan, the next step is to start and stick to the plan. Put your ideas into actions. Most ideas will luckily be to create assets; there are many ways to build assets. Common types of assets include current, non-current, physical, intangible, operating, non-operating. An asset is a resource owned or controlled by an individual, corporation, government. You do not necessarily need money to create an asset. Example of assets you can create with no money are blogging sites, making videos on YouTube, writing eBooks, etc.
INVEST, INVEST: After creating your assets, when things will pick up, and you start making some decent amount of money, fair as you do not need a high amount of money, to begin with, you can start investing your money. Do not be intimidated by the word itself \’\’investment\’\’ or the process. There are different types, different levels. There are a lot of resources and tips out there you can use to educate yourself about finance and get you started. Examples of investment include stocks, bonds, mutual funds, commodities, etc.
There is no magical formula to get rich. All it really takes is a relentless desire, a full commitment, a plan and a willingness to take a bit of risk.