How I Make $28,000 Per Month: 11 Top Ways to Build Wealth
T. Harv Eker once said, “Rich people believe ‘I create my life.’ Poor people believe ‘Life happens to me’”. Anyone who ever waited for life to happen to them has never had anything to show for the wait afterward.
Wealth comes to those who seize the bull by the horns, and if you want to leave a long and lasting wealth legacy, you must be deliberate about it.
Before a farmer can plant, the ground must be tilled and prepared for the seeds that will be planted, and the same is true for anyone who wants to make money.
Ideologies, mindsets, and beliefs must all be open to change.
You must position yourself in such a way that you can take advantage of every available opportunity to increase your wealth.
Here are some of the things you should get started on right away.
1. Recognize that wealth is earned rather than given.
Money can be given by anyone, but wealth cannot be given.
There is no getting around the fact that wealth must be earned.
Even those who inherit multimillion-dollar properties earned the right to do so by being related. It wasn’t just passed down to someone at random.
Wealth is the result of consistently creating value over time.
So, if you want to be wealthy, understand that you must sharpen your skill and put in the effort. Yes, it will take a lot of grit, determination, and hard work.
Especially if you’re not a member of the Walton or Koch families. It is possible to make money.
Even if you do not come from a wealthy family, you should make certain that you leave a wealthy family in your wake.
2.Continue to look for ways to increase your earnings.
You will never become wealthy by exchanging your time for money. Sorry, 9-to-5ers, but that’s how things work in the real world.
Working at a regular job isn’t necessarily a bad thing. However, if you want to be wealthy, you must put in more effort. Working for someone else is risky, aside from the fact that it is unlikely to place you on any Forbes list.
What if you’re fired?
What if there’s a severe economic downturn that forces you to leave your job? There’s a lot that can go wrong if you only have one source of income.
Don’t get me wrong: a regular job is fine, but you should start a side business to supplement it.
You can improve it over time until you are able to safely leave your cubicle and turn your side hustles into your primary sources of income.
Find a way to make money from whatever you’re good at.
Create a scalable product or service, start a YouTube channel, start a blog, write a book.
3. Limit your frivolous spending.
This is self-explanatory. If you can’t control your spending, you won’t be able to build wealth.
Avoid making the mistake of attempting to appear wealthy rather than actually being wealthy.
There will come a time when you can buy a brand new $200,000 car and cruise around on a yacht, but for now, your priority is to build wealth.
And wasting money on things that don’t help you achieve your goals will only set you back.
I’m not asking you to go without a nice treat every now and then. This, however, should not be done frequently.
After achieving a goal or completing a task, you can reward yourself.
This gives you a sense of accomplishment as well as a glimpse of the better days to come.
It’s tempting to pursue the finer things in life and live a lavish lifestyle once you’ve finally made some good money.
At least for the time being, don’t fall for it. Your work isn’t finished yet.
4.Adopt a consistent saving strategy.
When you have control over your spending, you must also be able to save.
If you want to implement the next phase, which I’ll discuss shortly, you’ll need to develop a saving habit.
I understand you have bills to pay, commitments to keep, and whatever else you need to buy, but set aside a portion of your regular income for these.
Let me explain why.
Aside from having cash on hand in case of an emergency, having a sizable savings account can help you take advantage of money-making opportunities when they arise.
It might be a once-in-a-lifetime investment or a foreclosed property sale.
Money likes to move quickly, and those who have money set aside can easily take advantage of this and profit.
Being ready to take advantage of opportunities is critical to building wealth.
Please do not dismiss it.
5.Make your money work for you!
You must have money in order for money to work on your behalf. As a result, one of the most important pillars in accumulating wealth is having a diligent saving culture.
However, don’t save for the sake of saving.
Learn to put your money to work as soon as you have the chance. Rather than leaving your money in a bank account, you could invest it in real estate, stocks, or a variety of other long-term investments.
This isn’t to say that you should take unneeded risks. Make sure that any new opportunity is viable and legal, because there’s no point in saving money only to lose it all.
6.Get married to a good person.
Whether you like it or not, this is critical. In most cases, having two heads is preferable to having one. Having a spouse who shares your dreams and stands by your side to encourage you to achieve your goals is always a plus.
According to a study, divorce consumes about 75 percent of a person’s net worth. Choosing the wrong spouse could be disastrous.
Aside from the money it can take from you, your emotional equilibrium will always flutter, leaving you uninspired to pursue personal dreams, goals, and aspirations. The stress of an unhappy home will have an impact on your health and finances.
Make a wise decision. Knowing you have a partner you can rely on in times of turbulence and challenges is critical to establishing a successful wealth legacy.
7.Have a solid insurance plan in place.
If you don’t handle a black swan event properly, it can bring you to your knees financially.
This is why having a good insurance plan to prepare for such occurrences is critical.
Not only life insurance, but also disability and health insurance.
When everything goes smoothly, insurance is ideal because it prepares you for when it doesn’t. It would be beneficial if you safeguarded your growing wealth by being prepared to deal with life’s unfavourable events.
It’s ideal if you have short- and long-term disability insurance, as well as health and life insurance.
Being wealthy means being able to deal with any financial obligations that arise, and having an insurance plan is a great way to do so.
8.Your circle of friends should constantly inspire and motivate you.
A rich man with nine poor friends will eventually become a poor man, just as an eagle living amongst chicks will never know what it’s like to fly to great heights.
Surround yourself with people who are either on the same path as you or are well on their way to achieving your goals.
Your friend circle is an important part of realising any dream you have, and they will always play a role.
You run fast when you run alone, but you run far when you run with your friends.
Choose your friends rather than allowing them to choose you.
9.Make it a priority to reduce your taxes as much as possible.
Prioritize does not imply that you should avoid paying your taxes because that would be foolish. For investments, I recommend that you use tax-advantaged accounts.
A 401(k) account allows you to defer paying taxes on all money you put into it for a year.
So, depending on your tax rate, for every dollar you put into that account, you can save up to $0.30, which is money you can put towards other things.
Although you will have to pay income taxes when you withdraw the money in retirement, you will most likely be in a lower tax bracket at that time.
Every dollar you put into a Roth IRA account is subject to taxation.
You are not required to pay any tax on the withdrawal, unlike a 401(k) account.
If you believe the taxes you will owe after retirement will be higher than what you are currently being charged, this account may be beneficial.
Accounts similar to the Roth IRA include the 529 college savings account and the HSA (health savings account).
The difference is that in order for the money to be tax-free, you must use it for specific purposes, such as education or health care.
Whatever account you choose to use will accomplish the same goal while also saving you money.
10.Learn to stand when you aren’t supposed to.
Some moments may make you feel as if all of your efforts to ensure your financial security and that of your family are in vain.
However, always remind yourself that you have come too far to give up in such situations. Encourage yourself with triumphant moments, because I am confident you will have them. Encourage yourself to be the best version of yourself that you can be, and it’s at times like these that having the right spouse and surrounding yourself with the right people comes in handy. I can assure you that as long as you are alive and kicking, you have every chance of overcoming that challenge or obstacle that appears to be blocking your path to wealth.
11.Seek out a mentor.
Having a mentor from whom you can learn is also beneficial to achieving your financial goals.
You can avoid their blunders and even outperform their achievements.
They serve as a road map for what you want to accomplish. Aren’t we all familiar with the function of a map? That’s right, it assists us in saving time.
Finally, anyone can achieve financial success.
However, only a small percentage of people achieve billionaire status because wealth is the result of deliberate, focused action backed by strict discipline.
Naturally, not everyone is cut out for it. They would rather take a shortcut to wealth than put in the rigour and unglamorous hard work that is required to build wealth.
The basic principle of accumulating wealth is to earn as much as possible while spending as little as possible.
You will be rewarded with wealth if you can afford to follow this simple rule and play the long game.