Making Yourself Rich

September 28, 2006

What is Rich?
To some people, being rich is a dollar amount in a bank. To others being rich is about having security, not having to worry. Accumulating possessions and property equates to being rich for some. Others feel being rich is all about the lifestyle you lead. In my opinion, how you live your life is what defines being rich. The amount of security, money, or possessions a person has doesn’t seem to matter much if they are not enjoying life and following their passions.

That being said, money is a key component of being rich. Money can’t buy happiness, but it can buy freedom. If a person can learn to make and manage money they will be empowered to follow their dreams and live they lifestyle they believe in.

Why Become Rich?
Defining the answer to this question is the first step to being rich. Once you have your reasons to be rich you have the motivation to succeed and your guidelines for getting there. My reasons are simple:

Family. Support my family and allow my wife wants to stay home and raise our kids.
Education. Education on how to make and manage money is lacking in our school system. There are many people in search of these skills and I want to share with them the things I’ve learned from my mentors and through my experience.

What Are You Doing To Make Yourself Rich?
The basic concepts to becoming rich are simple:

  1. Save more than you spend
  2. Increase your savings by paying yourself first. Automate the process of putting income into savings or investments before it even hits your checking account. Reduce your spending by buying what you want or need, not what others are selling.

  3. Make the money you earn work for you
  4. Make sure the money you accumulate is growing at the optimal rate for your risk tolerance level. A financial professional can help you devise a plan to meet this goal.

  5. The more you earn and keep, the faster you become rich
  6. The best way to earn and keep the most money you can is by working for yourself.

Success is Contagious
Although everyone has their own reasons for wanting to be rich, one commonality among most people is they know they WANT to be rich. If you want to achieve something, find someone who has already achieved it and do what they did. Read the post, Making Others Rich – A Different Perspective, to find out how we can become rich by making others rich.

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Ben

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Ben
Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn't like the other kids... His addiction to personal finance has paid off for his family and now he's helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.

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