How to get rich really fast with no money

Discussion in 'Featured Posts of The Find Some Money Blog' started by admin, Oct 1, 2015.

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  1. admin

    admin Administrator Staff Member

    Admin Post
    If you’ve got no money and want to get rich then you might feel there’s a mountain to climb to get to your dreams, while this may seem like the case taking the first step helps considerably, time is always against you so the quicker you start your journey to financial riches the quicker you can get there. I really believe that anyone can become rich if they really put their minds to it; victory belongs to those who believe in it the most the longest.

    So how do you become really rich with no money, no assets and a mountain of debt? The first step you need to take is to change the way you think, you’re not a loser, you’re not a waste of space and you can get over your debt, you can get wealthy you will prevail. By constantly reinforcing yourself with positive energy you will make progress faster towards your goal, negative energy will put doubt and disbelief making you to give up eventually.

    Goal 1: Increase Income
    Take Your Passion and Creativity to the Next Level

    One of the fastest ways to build wealth and become richer is to increase your income; you need to keep this concept at the forefront of your mind. Always look to build your career professionally, invest in more qualifications and get involved in more projects, show that you can get results and the pay rises will come eventually. Always look to increase your main earning income by at least 10% a year by constantly investing in yourself professionally.

    Rather than spending time on leisure activity use that time to invest in the future, do you have a passion for something? If you do then look at ways to exploit this passion and turn it into a regular income stream, you’re only limited by your imagination. If you’ve got a talent for writing then why not create a blog, if you love to cook why not create a recipe that you could share with the masses by writing a cookery book. If you’re really passionate about your hobby and can translate that passion effectively into offering the masses something useful then you could end up making a lot of money.

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    Goal 2: Slash Costs
    Every Penny You Save Now Will Increase Wealth

    Look at all you’re spending habits and then look to slash the costs as much as possible; how far you go really depends on how bad you want to get rich. If you’re spending more than you earn then you’re going in the wrong direction and need to trim your expenses. If you really want to get rich fast then try to keep your expenses at 25% of your income, this might seem hard at first but if you keep at it then it is possible.

    You could move into a cheaper place and take on as many roommates as possible, you could sell your car and use a bicycle, you could start shopping a budget supermarkets and then prepare your meal from scratch, you could get rid of all your subscriptions and entertainment expenses, you could even start shopping at consignment shops or make your own clothes.

    The more you slash your expenditure now the better your finances will be in the future, the more you cut now the quicker you can reach your goal of financial independence and early retirement, it really is in your hand and if you can take it to extreme levels then you will start to see your wealth grow very quickly.

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    #3: Pay off Debts
    Relentlessly Pay Off Debt

    If you’ve got any debts pay them off quickly as they’re a drain on your income. Think of debt as holes in a bucket full of water where water represents wealth, the less holes you have the wealthier and richer you become. Pay your debts off as soon as possible, work with your lenders and force them to reduce interest and minimum payments or even write off the balance if you make a significant payment. Once you’ve got a handle on your debt divert all your surplus income and pay off the debt with the highest interest or the smallest balance (whichever you feel is more effective) and get on the road on debt freedom.

    Being in debt is an awful feeling and prevents you from living your life to the full, clearing your debt is like losing weight when your obese, it feels great and it gives you much more freedom to pursue your dreams.

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    Goal 4: Use Other People’s Money
    Use Financial Leverage

    If you don’t have a lot of money then why not use other people’s money to get rich? If you can really maximize this strategy you can increase your wealth in two dimensions. If you live in a large house then you could get lodgers and use their money to cover all the rent or even mortgage and even the energy costs.

    If you become an expert in the stock market then you get people to invest in your strategy (this is risky). You could even borrow money at zero percent from the bank and put it in a high interest account to build wealth. You could even offer to cook for your roommates if they provide all the ingredients. Your aim is to cover all your living expenses using other people’s money by offering them assets and time in exchange; again you’re only limited by your imagination as to how far you can take this.

    Goal 5: Save At Every Opportunity

    Whatever you’re left with at the end of the month reward yourself by saving the money, change the way you think, avoid rewards that involve spending money and look to save your money for a profit. The first thing I do with my monthly savings is to quickly transfer it to a high interest 60 day notice account.

    Once I’ve built this account up to £10,000 I quickly move it into a two year fixed term deposit account so that the money works harder for me. I have an emergency fund just in case something breaks down and I’m always looking at ways to maintain the things that I have so that they last a very long time.

    Goal 6: Invest Wisely

    When you start seeing a lot of money in your savings account you need to decide whether you want to invest it for greater returns, determine your attitude to risk and then choose the investment assets that are aligned to those risks. If you don’t want to lose your money then research into strategies that involve investing in the stock market and hedging the downside. Avoid handing your money over to financial advisors as their fees will be preventing your money from growing faster, they will ultimately prevent you from reaching your goal financial freedom goal quicker.

    At the moment I am using a practice account to trade options, I am slowly becoming an expert on the strategy which using an excellent blog called Fullyinfomred.com, the risk to my capital is low and the upside is very conservative, there are also plenty of rescue strategies if things go wrong. If I can use this money to continually compound my wealth my 12 percent every year then I will become very wealthy very quickly.

    Goal 7: Never Lose Focus

    If you really want to become rich and wealthy you need to remain focused for as long as it takes, renew your goals on a daily basis and surround yourself with positive people with can do attitudes, avoid negative people and always check your state of mind, every action that you take should lead you to your ultimate goal.

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    Ann, Sadia and james oduor like this.
  2. james oduor

    james oduor Newbie

    The more creative you are the more money you can make because you can use your imagination to make life better or more entertaining for other people. There are so many untapped niches that are waiting for creative minds to unleash their potential. I wish more parents and schools would encourage youngsters to take risks and unleash their creativity to make the world a better place.
    Sadia likes this.
  3. Sadia

    Sadia Administrator

    Saving every penny and investing it made a real difference to my life. Its only when I started to budget extremely I was able to save about 40% of my income which went towards paying off my consumer debt and student loans. Once I paid that off I concentrated on building an emergency fund and investing my money. Now I'm in a much more relaxed state when it comes to money. Not having debt and knowing you've got an emergency fund lets you enjoy life. Investing regularly also helps to look forward to a bright future.
  4. Sadia

    Sadia Administrator

    Even if you lack creativity all you have to do is find a really useful product or service and then add tremendous value to make money. Making money is not only reserved for those with creativity and imagination, anyone can do it if you put your mind to it.
  5. hamza

    hamza Newbie

    I agree, you don't have to be creative but it helps. If you can combine creativity, imagination, hard work and technical skills you'll be able to make a lot of money fast. Patience and perseverance is also required.
  6. hamza

    hamza Newbie

    I'm looking forward to being in a relaxed state like you looking forward to the future. At the moment I'm saving for an emergency fund and every month I feel like I'm making progress. Once I have a $5000 emergency fund I'm thinking of paying off my debt and then concentrating on my investments.
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