How do rich people get rich quickly? - ways to generate wealth

Discussion in 'Featured Posts of The Find Some Money Blog' started by admin, Sep 26, 2015.

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  1. admin

    admin Administrator Staff Member

    Admin Post
    If you’re sick and tired with your 9 to 5 job you’re probably thinking how do most people get rich? it’s very rare for individuals to get rich working for someone else. If you want to get rich fast you need to change the way you think and find ways of reaching millions of people.

    I’ve really opened my eyes after reading MJ DeMarco’s Millionaire Fast Lane, the personal finance book focuses on becoming a millionaire quickly through hard work and endeavour, this book does not advocate get rich schemes with little or no work, you actually need to work your ass off to get results.

    Many of the other personal finance books focus on cutting costs and investing your surplus in the stock market, this is referred to as the slow lane where becoming wealthy takes time and concerted effort. MJ DeMarco promotes the concept of Fast Lane where the aim is to effect a million people somehow to make a million dollars.

    The reason I am writing this article other than to make money is to share some of the ideas in this book and to show people that there are alternative ways to get rich and exit the rat race, you’ll need to put in a lot of work and most of your spare time will be consumed but in the end it should be worth it. I’ve outlined five main thought processes that you need to indulge in so you can become wealthy fast.

    #1: Realize You Can’t Get Rich Working for Others
    Ways People Become Rich

    The majority of people working in the world today won’t get rich working for other people. After you pay your expenses the paltry leftovers invested in the stock market over 40 years may not be enough to make you a millionaire or extremely wealthy.

    You should by all means spend less than you earn and save the surplus but you should not rely on this to become wealthy, this should be seen as the cherry on the cake and not the cake itself.


    #2: Time is More Important than Money
    Can You Become Rich From Investing? Not Guaranteed

    As we get older time becomes more precious, unfortunately when we are younger most of us don’t value time. As a consequence were prepared to trade 5 days of working for 2 days of rest, most people hate their jobs but spend five days enduring and looking forward to the weekend.

    By putting a high value on time you will start to look for ways to free up your time, you’ll start exploring passive income streams which will pay you money every month regardless of whether you work or not.

    If you need $1000 per month for your expenses and you buy a property for $200,000 which generates $1000 in rent then you can become financially free!


    #3: Reaching Out to Millions
    How to Get Money Faster

    The internet has made reaching out to millions very easy, if you can find a way to effect a million people then you can get on the road to becoming a millionaire. If you can solve a problem, make someone’s life easier or share invaluable expertise and advice then you could make a lot of money.

    In addition to working your socks off and saving money for your retirement you should be actively looking to effect a million people, finding something that works takes time but when you do find something and then put your heart and soul into it you’ll start to make a lot of money.


    #4: Make Wise Decisions
    Make Extra Money Easy

    Decisions that you make now will affect you for the rest of your life, whether you like it or not the reason you are where you are is because you failed to make decisions that made financial sense, you also failed to actively look for opportunities, consequently you acted the script written by other people and as a result failed to progress financially.

    The good news is that you can still change, there’s still time no matter how old you are. Every time you make a decision think about the things that are really important to you and make that decision based on what you value the most, always think of the worst case scenario to avoid self treachery.

    My aim in life is to become financially independent, every decision that comes my way I base the outcome on how it will affect my chances of financial independence, if it’s congruent with my aim I’ll do it, if it’s not then I’ll pass.


    #5: Buy Assets and Rent out Liabilities
    Easy Ways to Become Rich Fast

    You need to have a strong grasp of assets and liabilities if you want to get rich and wealthy, most people stumble when asked to differentiate between the two which is disappointing. You should understand without a shadow of a doubt that assets put money into your pocket thereby buying you time whereas liabilities take money out of your pocket thereby robbing you of time.

    If you actively look to buy assets then you’re taking one more step towards financial freedom, if you can identify what your liabilities are and remove them or rent them out then this will make you achieve early retirement and financial independence quicker.

    Buying real estate and renting it out is a great asset that puts money into your pocket, if you’ve got a liability like a car then consider renting it out for a few days to offset the costs.


    How Do Most Rich People Get Rich Quickly?

    Most people get rich quickly by changing the way they think, they then change their habits quickly and actively look for opportunities, they start getting smart with their money by practicing frugality to achieve financial independence, they then look to effect a million people so they can get out of the rat race much quicker and become a millionaire.

    If you really want to become a rich wealthy person then it really is in your hands and if god permits then you will achieve your dreams.

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  2. MoneyFlux

    MoneyFlux Newbie

    Definitely agree with the point about not getting rich working for other people. If you think about it the person in charge of an organization wants to get rich so they're not going to paying you to get rich, they're just going to be paying you enough so you keep your mouth shut. I've worked in retail and there is no way you can get rich working for those organization. I finally took the plunge and started working for myself and now I earn more in a week compared to what I earned previously in a month. Good points.
    JibberJabber27, Miles and Tiplady like this.
  3. Tiplady

    Tiplady Newbie

    As I've grown older I've come to realize that time is definitely worth more than money and that its really important to get yourself out of the rat race as soon as possible. Becoming a person of independent means is the only way to get the most out of life. Being 100% in charge of 100% of your time is the best freedom to do whatever you want to do. Working for others means that freedom is years away. I can't think of myself as retiring in my old age not being able to enjoy life. The most enjoyment you get in life is when you're young so that's the best time to have maximum freedom. I enjoyed the post, thanks.
    JibberJabber27 and Miles like this.
  4. Tiplady

    Tiplady Newbie

    Nice one, if you really put your mind to it you could probably make in a day what you previously made in a month. Most things are possible if you keep thinking about it.
    JibberJabber27 and Miles like this.
  5. Miles

    Miles Newbie

    Making wise decisions is something that made a real difference to my life. I was fortunate enough to make a lot of money but unfortunately I squandered most of it away early in my life. I finally made the decision to become accountable with my money and scrutinized every financial decision that I made. This decision alone probably saved me from losing thousands of dollars and is helping me on my way to become financially independent. One of the best decisions you can make I guess is to create a budget and then stick to it, knowing exactly what income you receive and how much you spend is of utmost importance. Once you get a handle on your income and expenses you can tweak everything and make your life 100 times better.
    JibberJabber27 likes this.
  6. Miles

    Miles Newbie

    For me time is worth 100 times more than money. Once I have enough to lead a comfortable life I'll stop working and start living and helping others by doing rewarding and charitable activities. Can't wait for that day to come.
    JibberJabber27 likes this.
  7. I'm definitely sick of my 9 to 5 job which is why I'm saving every dollar I can to eventually exit the rat race. Waking up early and taking crap from lazy coworkers and bosses is doing my head in. I've come to a point where I've been saving at least 80% of my income and investing the money into assets that pay income such as Dividend Shares. If I can do this for 4 more years I'll have enough to leave the rat race for good. All the income from my assets will be more than enough to cover my expense.

    The key is to remove all the excess spending in your life that brings you no enjoyment and make all the money you save to work as hard as possible over the long run. To do this I've moved into a Tiny Home with my family and cut my expenses by half. We grow most of our food and we love cooking together as a family. Most of the clothes we have are always repaired or bought used. Because of all of these measures taken my wife can stay at home which is what she always wanted to do. Eventually I'll also leave my job so I can spend more time with my family and on my own hobbies which bring me entertainment.
  8. Working for someone else with all due respect is like being a pawn in someone else's game. You are a part and you're dancing to someones else's tune. I guess you can say you're the Monkey on someone's organ grinder. I know this because I work for a company and this is exactly how I feel, trapped. Thankfully I'm digging myself out and hopefully I'll be free one day because I'm saving over 80% of my money and buying my freedom bit by bit.
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