How can poor people become rich people? - build wealth quickly

If you’re living pay check to pay check and have little or no savings or investments most people would class you as poor. If you consider yourself poor and want to become rich then you need to reprogram your brain and think like a rich person, you also need to let go of all your poor people paradigm and then focus relentlessly on having a rich wealthy mindset.

Unfortunately getting rich will not happen overnight however if you take action now then you will be in a better financial position in the future, looking back it may be the best decision you ever made. I have outlined five steps that you can take to transform yourself from a poor persons mindset to a rich persons mindset, if you can fundamentally change the way you think then you will get rich and wealthy.

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#1: Increase Your Financial Intelligence and Get Rich Slowly
Become a Money Management Expert
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The first step you should take it to increase you financial intelligence, most poor people are not savvy when it comes to money. You might know simple terminology but when it comes to complex investments they are less aware than rich people.

The most fundamental step you can take is to increase your financial IQ. Increasing your financial IQ and financial intelligence is not hard, you should have a burning desire to change the way you think and let go of your poor people paradigm and then adopt a rich person’s paradigm.

You should start by reading books on personal finance; if you can’t afford books then you should go to the library and reserve them. Most personal finance books are available as audio books on YouTube Channels so you can listen to them for free.

Some of the books that you should familiarize yourself with include Think and Grow Rich by Napoleon Hill and Rich Dad Poor Dad by Robert Kiyosaki.

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#2: How to Get Out of Debt and Save Money
I want to Get Out of Debt!
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Once you’ve improved your financial IQ your next step is to put a plan in place to remove as much liabilities as you can. Removing debt will help you make ends meet, if you can pay off your debt and have money left over every month you can start to save the money.

Be careful not to fall back into the trap of debt, once you’ve paid off your credit cards you should to avoid further spending on them, avoid lifestyle inflation, having extra money leftover at the end of the month does not mean you have to spend it, save the money and watch it grow, create an emergency fund so that you don’t have to get back into debt if a disaster or crisis strikes.

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#3: Develop More Income Streams
Building Income Streams for Financial Independence
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Once you’ve tightened your purse strings you need to use your creative mind to think of more ways to make money, unfortunately just having a job won’t get you rich and wealthy. You also need to develop as many steams of income as you can and then save the money.

You could start buying and selling on eBay, you could start your own business, you could ask for a pay rise. Rich people are always looking for new ways to make money and then bank it; they are always looking for opportunities and get excited at the prospect of finding and developing extra income streams.

You need to train your mind to look for opportunities, poor people give up at the first hurdle while rich people are always thinking to get ahead, failure does not scare them and they treat it as a learning curve.

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#4: How to Get Cash Quick by Making Money an Employee
Make Money From Money
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Don’t work for money, make money work for you. Treat money as an employee, every time you get a dollar in your hand put it to work. Save the dollar somewhere, or invest the dollar somewhere. Look for assets that produce income so you can start developing a positive cash flow.

Make sure you know the difference between assets and liabilities, quite simply put an asset is something that puts money into your pocket and a liability is something that takes money out of your pocket. Assets would include real estate that you rent out, dividend stocks, businesses, savings account etc. A liability would include your home that you live in, your car, and anything else that takes money from you.

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#5: Become a Sophisticated Investor by Getting Rich Investing
Investing Advice for Beginners
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Investing is not risky, if you learn all the ins and outs of a particular investment and then make yourself an expert on that investment then you can make rational decisions and control your risk. If you know nothing about the investment then you will lose money.

Before you start investing your money you need to become an expert, this is where you have to train yourself by reading books and copy other sophisticated investors and learning from them, you could even ask them to become your mentor.

If you can become an expert on a particular investment whether it’s stocks, mutual funds, venture capital trusts then for every ten investments you make seven to eight will make you money. As you get more experienced in your investments you’ll be able to make money nine out of ten times.

How Can Poor People Become Rich People? ​

Becoming rich is within your reach, you need to take active steps to remove your poor mindset and then adopt a rich wealthy mindset through positive affirmation. Reading personal finance books really helps to increase financial IQ and financial intelligence.

Having a mentor or billionaire help also helps to and reading about these billionaires will help you develop a rich wealthy mindset. The rich and wealthy hate liabilities and keep them at a minimum. they live income producing assets that will put money into their pocket.

The rich also love to think and learn; they love the game of money and are hungry for information that will help them to make them more. If you can think and act like a rich person then your financial circumstances will improve, if you think and act like a poor person your finances are likely to continue as they are or get worse.