Getting rich and staying wealthy is every person's dream. Financial freedom has been a goal to every soul, but the question is, how do you get richer and stay wealthier throughout all the years you are alive. Today I will share with you six proven steps that will not only make you a fortune, but also ways you can remain and stay wealthy.
1. Cut Out All Unnecessary Expenses
To become wealthy, do not show off. Show up. There is nothing wrong with looking rich if you are actually rich. But do not go broke pretending to look rich. To get wealthy, you want to retain as much cash as possible for future investment.
2. Focus On Earning More
Many people often question if they can amass wealth on a low income. Of course yes. But it is much harder. Do not justify a low income. Create multiple streams of income and grow your current one. There is a limit to how much you can save, but no limit to how much you can earn.
3. Invest The Gap
The poor work for money. The rich have money work for them, this is according to the American billionaire, Business Magnet, Author, Philanthropist and founder of Rich Dad Company Robert Kiyosaki. The first two steps above have you widen the gap between your income and expenses. Next step is investing the gap, the key to staying rich forever. Get your money make more money for you.
4. Invest For Passive Cash Flow
If it does not cash flow just say no, Charlie Munger. Start your own business & automate it. Invest in dividend paying funds & cash flow positive real estate. It is cash flow that pays the bills. Capital gains are icing on the cake. Be in a position to read and understand the financial statements too.
5. Reinvest As Much As Possible
Delay gratification for a decade and you create a lifetime of wealth. Delay gratification for a lifetime and you create generations of wealth. Reinvesting takes advantage of compound interest and creates eventual exponential wealth gains.
6. Spend Only From Passive Income
It will take time for your monthly passive cash flow to be channeled to expenses. But if you only spend from your passive income, you are in an extremely strong financial position. Whenever you feel like buying something, increase your passive income first.
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