Many people wanna become rich fast which is not impossible but it requires effort and the proper strategies, so here I bring you some ways to make money in 5 years!!
1. Become Financially Educated
Schools teach you many things. But, they don’t teach you how to become financially free.
If you want to become a wealthy millionaire and stay that way, understanding money is essential.
That’s why so many rappers, singers and sports stars can make millions and still end up broke.
They dedicated their lives to mastering their craft. But, they never learned money.
What you’ll need to learn
If you want to know how to become wealthy in 5 years, you’ll need to learn the following:
- How to read profit and loss statements and other financial forms
- The rules of Tax
- The difference between assets and liabilities
- How to improve your credit
- the difference between good debt and bad debt
How to learn about money?
Fortunately, their many ways you can learn about money. Here are a few of my favorite ways.
There are hundreds of excellent books written by millionaires, billionaires, and successful leaders; which will teach you so much about money.
2. Find a Wealthy Mentor
Who better to learn from than someone who has what you want?
Your friends can provide you with great support; however, unless they happen to be wealthy millionaires, they won’t always have the right answers or attitude.
A mentor is someone who understands what you’re going through. They will understand your ambition, and they can inspire you.
They can also help you to build a wealth plan and help you stick to it.
How to Find a Mentor
Finding a wealthy mentor can be tricky. But, it’s worth the effort.
First, write a list of people you know that qualify for the position. This should be someone you respect, look up to, and of course, someone you call as wealthy.
Build a strong relationship before asking them to be your mentor.
3. Take Control of Your Finances
Wealthy people not only understand money, but they also take control of their money too.
Staying on top of your finances is crucial if you want to stand any chance of becoming a wealthy millionaire.
Here are a few things you need to be on top of:
- Earn More Than You Spend: It may sound obvious, but keeping a close eye on the bottom line is something that many buddy entrepreneurs & businesses fail to do. The more profit & cash flow you can create, the easier you’re millionaire mission will be.
- Expenses: To make money, you need to be able to keep the money. And, that means controlling your costs.
- Keeping Your Credit in Check: The wealthier you become, the more you’ll realize how important your credit score is. Keep a close eye on any debts & loans you have to ensure you’re credit stays healthy and available.
- Financial Planning: There’s a good reason why a bank will always ask for financial plans & books, before accepting you for a loan. It paints a picture of how clear your vision is, and how organized you are with money. Whether you need to borrow money from the bank or not, keeping financial reports is just good practice. Give yourself a plan with clear objectives and goals, and then stick to it.
4. Save With the Intent to Invest
Store, store, store, and then Invest! That’s the motto.
If you want to become wealthy, you’ll need to make smart investments. To do so, you’ll first need to stack some money first.
To stick to this 5-year timeline, you’ll need to save intensely. However, in this case, we’re not saving for a rainy day, we’re saving to invest.
The key is to then invest your stored money in something that will earn you more money. This could be:
- Invest in Yourself: Courses are a way to improve you’re abilities & skills and can help to increase your income. Investing in your health can also make you more productive, which could lead to increased profits.
- Invest in Your Business: Buying more stock, hiring employees, and investing in marketing can all lead to an increase in money.
- Invest in Assets: Real estate is a popular investment that wealthy millionaires make to improve their cash flow.
- Invest in Stocks & Shares: Another popular option that the wealthy use to keep their money working long-term.
5. Network With The Rich & Wealthy
Do you have any wealthy friends? Well, it’s time to find some.
Effective networking is something that the wealthy do exceptionally well.
Having a strong network is critical for gaining new customers, clients & business partners. You’ll also learn a lot from your network, which can help to increase your wealth faster.
How to Network?
Finding the right wealthy people to network with is the hard part. Here are a few strategies you can use:
- Join networking groups & clubs
- Reach out to people via LinkedIn
- Go to charity events (wealthy people are usually quite generous)
- Hang out at popular spots; such as hotel lobbies & golf courses.
It’s not what you know; it’s who you know.
If you want to become wealthy in 5 years, the truth is, you’ll need both.
6. Multiple Sources of Income
Most millionaires will have multiple streams of income. This is for two good reasons.
The first being the more money you earn, the richer you will become. But, that’s obvious.
The second reason is all about protecting your cash flow.
You may have heard the phrase “Cashflow is King”
Having steady cash flow will mean you can pay incoming bills, save money, and invest money to make more money.
However, what happens when something happens to that steady cash flow?
Suddenly you can’t afford to pay bills, you have no money to invest, and therefore no new money will come in.
That’s why the wealthy focus on creating multiple streams of income. That way, if one flow is cut off, you have other streams still coming in.
In other ways, you’re never relying on one source of income.
I hope it was useful guys I am focusing on helping a lot of people with valuable information!!