HOW TO GET RICH
It blows my mind that you can spend up to $100,000 on getting a college degree and spend zero time on learning how to create wealth.
There are really only a few things in life that we must get right.
- We have to get our health right.
- We have to get our relationships right.
- We have to get our MONEY right.
Disclaimer #1: This is not a “get rich quick” scheme. In fact, I don’t believe that getting rich quick even exists. I believe that if you really want to have financial success, you have to be patient, disciplined, and work your freaking face off.
Disclaimer #2: It’s important for you to know that I am NOT rich (yet?) so I don’t have that credibility. However, I’ve dedicated many years to learning and getting mentored from some of the wealthiest people in the world because I know I’m going to be someone who understands wealth creation. That is the kind of value I am going to give you in this article. Some of these brilliant minds include: Sam Walton, Elon Musk, Grant Cardone, Tai Lopez, Tony Robbins, Arianna Huffington, Rob Duggan,Warren Buffet, Darren Hardy, and many more.
After I graduated from Colorado State University, I took a job and moved to Miami Beach, FL. I had just a few hundred dollars in my bank account and owed about $7,000 to the credit card companies. I’ve learned that getting rich and having a well paying job are two totally different things.
By applying this knowledge, I have been able to improve my financial situation dramatically. If you take this knowledge and apply it, I guarantee you will too.
The broke moan and complain while the rich take responsibility.
7 Lessons From The Wealthy On Getting Rich
Lesson No. 1 — Pay Yourself First
Millionaires ALWAYS pay themselves first. Before they pay the rent, pay bills, buy groceries, clothes, anything, they take a percentage of their income and pay themselves first.
It is reported that millionaires on average are saving 40% of their income. You’re probably thinking that that’s a lot of money to save. I agree that’s an aggressive amount. How are they able to do that? They focus on one thing and one thing only: INCREASE INCOME (See Lesson №2).
When you’re getting started out in the money game, 10–20% is great. The goal is to eventually get to the 30–40% mark so you can start making some power plays with your money.
“FIRST THING FIRST, PAY YOURSELF FIRST”
Lesson No. 2 — Don’t Save More Money, Make More Money
This might sound contradicting based on what I just said in lesson №1. However, wealth creation is a game played on the offense, not the defense.
You must get out of the mindset that you have to save more. Drill this into your head — you need to increase income.
No body has ever gotten wealthy by saving money, looking for deals, cutting coupons, or shopping on Black Friday.
A money saver is a reducer. In order to get wealthy, you have to be a producer.
No one ever gets rich without first increasing income.
“You don’t have a saving problem, you have an income problem.” — Grant Cardone
Lesson No. 3 — Multiple Flows of Income
YOU are the business. YOU are your own boss. YOU are the BRAND. Here’s what I mean. Your reputation will precede you. Your name has to mean something. As in, “That guy always shows up on time, and always says what he means and means what he says.”
In order to increase flows income you must operate like you are a business and a successful business has multiple flows of income.
Nothing creates financial confidence more than having multiple strong flows of income. It has been reported that the average millionaire has 10+ constant streams of income.
There are so many different ways to start generating multiple flows of income. Here are just a few examples: invest in the stock market, invest in real estate, write a book, start a business, expand that business, start another business, start consulting, start affiliate marketing, create and sell products, start a clothing line, build a brand, etc.
Lesson No. 4 — Multiply Thy Gold (INVEST)
in·vest: expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture.
Millionaires do not save to save, they save to later invest that money.
No one gets rich by just saving. You might eventually get rich but you will be far too old to do anything with your hard earned savings.
How did Warren Buffet get so rich? He invested. Before you can invest, you have to increase your income. A middle-class salary is not going to allow you to save enough to ever make a big play. To get rich you must learn how to earn more money.
There are many investment vehicles you can use, but the best thing we should all be aware of is that the wealthy never invest in anything they do not completely understand.
Just remember: “Multiply Thy Gold.” Do not save to save. Save to later invest in something you completely understand.
Lesson No. 5 — Separate Time From Money
There is only one thing you have a finite amount of in a day: time. Donald Trump has the same amount of time as a man living on the street.
No matter who you are, you have 24 hours every single day to eat, sleep, work, exercise, learn a new skill, spend time with your family, sit in traffic, watch TV, procrastinate, and work toward a goal.
The wealthy become wealthy by learning how to generate more time by hiring people (and building machines), using their time as your own, and using your time to generate more income.
If you look at the most profitable businesses in the world, the owner’s time is usually so separated that he does not even have to be there. The richest people make money from their money and have zero time involvement.
Bill Gates makes billions from his investments letting his dollars generate money for him. His time is not a factor in the businesses that make him millions.
The lesson here is to start looking for ways to separate your time from your income so you can focus your valuable time multiplying dollars.
Lesson No. 6 — If You Learn One Thing, Learn How To SELL
What you must understand is that at the core of gaining money, there is an interaction between two people.
Think about it, if what you’re after is money. Who’s got your money? People have your money. Sales starts with understanding people and knowing how to influence their actions.
A businesses growth is determined by its revenue and revenue is determined by sales.
This is why I love encouraging people to invest their time in learning about people and social skills.
If you’re serious about learning sales, understanding people, and influencing everyone you meet then you should defintely get yourself a spot at Charisma University. It’s a worthy investment.
Remember what I said above? Wealthy people invest their money, not only in things but also in themselves. Enroll in Charisma University today.
Learning sales is the surest way to increase your companies revenue, your businesses revenue, or your personal revenue.
Book Resources:
Lesson No. 7 — Be The Best
From what I’ve learned, the wealthiest people strive to be the best at what they do. They constantly hammer on their craft and learn their industry inside and out.
The wealthy are consistently reading books, building successful habits, and working on themselves daily so they can be relevant and make a difference in their world.
The only way to attract more wealth is by being the best at whatever it is you do.
In conclusion, money and finances should be taken seriously. We live on an economic planet that revolves around money.
Everywhere where you go, anything you do, and anything you touch requires money.
It is my belief that money should never be pursued for cars, watches, bottle service, status, or other materialistic things. The real reason to pursue financial success is to create options and choices for yourself, your friends, and family.
Go get it.
This post first appeared on KYLENITCH.COM — A leadership community for those who aspire to be great.
“Average people believe you have to DO something to get rich. Wealthy people believe you have to BE something to get rich.”
