how to become rich with no money

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how to become rich with no money

Here’s how to become rich (even with no money).

First, learn how to become rich NOW.

I know many people who put off saving for retirement, finding their dream job, or making changes that will bring them financial happiness. I find that most people put these things off because they think they have tons of time.

Instead of thinking that you’re invincible and that you have all the time in the world to improve your finances, you should stop procrastinating and learn how to change your financial life now.

Many people push things off and/or spend their money carelessly because they think they can start tomorrow, start next month, and so on. However, each time you push off improving your finances, you are that much further away. It just gets harder and harder to work towards your goal when you keep pushing it off.

Stop wasting time and take control of your financial situation now.

Reach for your goals.

Those who set goals are much more likely to be successful than those who do not. Due to that, if you want to learn how to become rich, you’ll need to start by making goals for yourself.

Setting goals is important because without a goal, how do you know where you’re heading? Goals can keep you motivated and striving for your best.

When you’re making plans for a better financial future, you should make sure that your goal is SMART.

A SMART goal is:

  • Specific – What is your goal? Is it specific enough or is it too broad? What needs to be done for you to achieve your goal? Why do you want to reach your goal?
  • Measurable – How can you measure your progress? How will you know if you’re on track?
  • Attainable – Is this a goal that can be achieved?
  • Realistic/relevant – Can you achieve your goal? Is the goal worth it?
  • Time – What’s your time frame for reaching your goal?

So, take what being rich means to you and turn it into a goal. But, make sure it meets the standards above. 

Even SMART goals can sound huge, so to really reach your financial goals and learn how to become rich, you’ll want to:

  • Write down your goals and objectives.
  • Create a plan to reach your life goals.
  • Break each goal apart into smaller goals.
  • Keep track of your goal setting progress and make changes (if needed).
  • Find small ways to stick to your goal.
  • Find ways to motivate yourself when setting goals.
  • Make reaching your goal a friendly competition.

Read further at The Best Way To Set Goals And Reach Success.

Manage your money with a budget.

Nearly everyone needs a budget, whether you have a million dollars already in the bank or are working to pay off debt. So, to learn how to become rich, you’ll want to create a budget. 

Budgets are what help you work towards financial goals you’ve just created. And, even when you do reach your goals, a budget will help prevent future financial stress. This is because budgets keep you mindful of your income and expenses. With a budget, you will know exactly how much you can spend in a category each month, how much you have to work with, what spending areas need to be evaluated, among other things.

However, not many people have a budget. In fact, more than 60% of households in the U.S. do not have a budget.

If you are new to budgeting, be sure to include all of your income and expenses when creating your budget. 

Here are some expenses you may want to include, but don’t forget any expenses you have that aren’t listed:

  • Home – House payment, rent, maintenance, utilities, insurance, property taxes, etc.
  • Car – Monthly car payment, gas, maintenance, insurance, license plate fees, and so on
  • Television, cable, Netflix, Hulu, etc.
  • Cell phone
  • Internet
  • Food – Groceries, restaurant spending, snacks, etc.
  • Clothing
  • Entertainment – Entertainment can include many things, such as going to the movies, going out for drinks, concert tickets, sports, and so on
  • Charity – If you regularly donate to charity, then this should be an area you budget for
  • Savings funds – This can be for your retirement fund, wedding, travel, etc.
  • Taxes – If you are self-employed, then taxes may consist of a large part of your budget
  • Health insurance
  • Miscellaneous – Pet expenses, fees, childcare, school, gifts, etc.

After you know your expenses, balance those with your income – you should be making more than you are spending. A budget can show you how to become rich fast by showing you exactly what needs to be addressed. You may realize there are some things you can cut out, that you can put more in savings than you thought, etc.

You can get a free budget printable by signing up below.

Understand that a fun life can be affordable.

I really do not like the myth that people who save money are boring. That’s simply not true at all.

I believe that you can balance living a good life along with saving a comfortable amount of money.

There are plenty of ways to live an awesome life while saving money. Yes, you can still see your friends, have fun with your loved ones, go on vacations, and more, all while staying on a realistic budget.

If you want to learn how to become rich, then learning how to be happy with yourself and figuring out affordable ways to enjoy life are key.

Eliminate your high interest rate debt.

If you want to learn how to get rich, then one of your goals will probably be eliminating your debt. For the average person, this probably means any high interest debt, debt that may be giving you stress, and so on.

Paying off your debt can lessen your stress levels and allow you to have more money to put towards something else (such as retirement). Just think about how much more money you will have to put towards your goals when you stop paying high interest fees alone.

The first step to eliminating debt is to realize why you have debt in the first place. I believe that if you don’t understand where your problem with debt stems from, then it will be hard to make a positive change.

Yes, it is great to just start attacking your debt, but you don’t want to fall into the same cycle of going into debt over and over again. 

After you realize why you are in debt (or why you keep going back into debt), the next step is to figure out how you will eliminate it. There are many different ways to attack your debt, and I think you are the most successful when you do all of the following.

To pay off your debt and learn how to get rich, you should:

  • Quit adding more debt to your life. You may want to cancel or freeze your credit card(s), think harder before each purchase, and avoid spending temptations like the mall.
  • Be realistic with your income and spending. If you have debt, then you either have an income or spending problem. You may need to start earning more money and/or start spending less if you want to learn how to become wealthy.
  • Decrease your spending and expenses. Depending on how quickly you want to get rid of your debt, there are different things that you may want to cut out. You could cut out Starbucks (I know, I know), lower your restaurant spending, find a cheaper way to workout, sell your car for something cheaper/more affordable, cook from scratch, and so on.
  • Make more money. By earning more money, you will have more money to pay off your debt, and you can usually do it even faster.
  • Pay more than the minimum. If you have debt, you should always be paying more than the minimum so that you can lower the amount you are paying towards interest.
  • Put little amounts toward your debt. For example, whenever you get an extra $25 (such as by selling something), then you should just throw that extra money towards your debt. You probably won’t even miss those small amounts of money.

how to become rich and successful

If you want to get rich, here are seven “poverty habits” that handcuff people to a life of low income:

1. Plan and set goals.

Rich people are goal-setters. They list what they want to achieve daily, weekly, monthly, and they can tell you where they want to be in 20 years.

Poor people just sort of wing it.

“Ninety-five percent of the poor people in my study had no life plan,” Corley wrote. “Without a blueprint, without long-term goals, we are like leaves on a fall day, floating in the air aimlessly.”

The bottom line is you don’t have to be rich to make a plan. You do need a plan if you want to be rich.

2. Don’t overspend.

The simplest and surest path to wealth is to save money and invest it. It’s like planting an acorn and watching it sprout into a tree. The problem for millions of Americans is acquiring an acorn to plant.

A 2018 Federal Reserve report found that four in 10 adults would not be able to cover an unexpected $400 expense much less an emergency fund. The U.S. Bureau of Labor Statistics put it at 6%, the lowest level since the 2008 financial crisis.

If you barely make enough money to pay your bills and can’t save, the obvious solution is to make more money. That leads us to the next poverty habit.

3. Create multiple streams of incomes.

A 2019 U.S. Census Bureau study found that only 8.8% of women and 8.0% of men have two or more jobs.

Corley found that 65% of wealthy people had at least three different streams of income set up prior to making their first $1 million.

“Poor people have one income stream,” he wrote. “Their eggs are all in one basket.”

So, if you lose your job, you run into a medical emergency or you fall behind paying bills, you’re single source of income probably isn’t going to be enough to bail you out.

4. Read and educate yourself.

Wealthy people not only work dual jobs, they make time to read. But they’re not reading Stephen King or Danielle Steel.

They read educational and self-improvement books. Corley found that only 8% of low earners read educational or self-improvement books.

“Success requires growth, he wrote. “That growth comes from reading and educating yourself on a daily basis.”

5. Avoid toxic relationships.

Psychology plays a huge role in wealth accumulation. It may sound corny, but a Can-Do attitude is a must. It’s hard to maintain one if you associate with Can’t-Do people. Corley found that only 4% of low-income people associate with “success-minded” people.

“You are only going to succeed in life if you surround yourself with the right type of people,” he wrote. “That is to say, people who are encouraging, positive, curious, and helpful.”

6. Don’t engage in negative self-talk.

When it comes to psychology and money, the only thing worse than surrounding yourself with losers is believing you’re a loser.

Do you say things like, “My job is too demanding,” “It’s not my fault,” or “I’m not smart enough.”

Say that enough, and you’ll believe it.

“When you allow negativity to rule your thoughts, you are programming your brain for failure,” Corley wrote. “You’ll have no chance in life at breaking out of your current financial or life circumstances. These negative thoughts will become beliefs that act like computer programs.”

7. Live a healthy lifestyle.

Are you a couch potato who can’t resist nachos, beer and a Girl Scouts Coconut Caramel Swirl Inspired Frozen Chocolate shake from Dunkin’ Donuts?

If so, chances are you’ll never be able to afford a new couch.

Making money takes will power and work. So does exercise and eating right. Taking care of your finances and your health go hand-in-hand.

“Poor health habits create detrimental luck,” Corley wrote. “This is a type of luck that is a byproduct of poor habits, poor behavior, and bad decision making.”

If you’re a creature who has more than a couple of these habits, chances are you might need help getting out of debt. A nonprofit debt management program is a proven way out.

Certified counselors will work with creditors to reduce interest rates and lower your monthly payments to an affordable level. What’s more, they’ll teach you budgeting habits that will put you on the road to wealth.

They also understand being in debt is nothing to be ashamed of. Nobody is perfect, and the key is to have more good habits than bad ones.

“Adopting one rich habit,” Corley wrote, “has the effect of eliminating many poor habits.”

So, if you’re in debt, stop watching so much TV, read more, start making plans, think positively and find extra income streams.

And don’t forget to floss.

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