5 "Easy" & "Difficult" Ways of Becoming Rich..

Warren buffett

Do you really believe that money cannot buy happiness? Perhaps, that is true. Still that is no reason why you should give up trying to become rich.

Because when you are rich, unhappiness is easier to bear. If your girlfriend dumps you, (chances are she won’t if you are rich, but if she is richer than you and does dump you), you can nurse your broken heart by vacationing at an exotic place in an attempt to forget (and meet someone new too?). This would definitely not be possible if you were not rich, would it?

 

Definition of being Rich

Well, being rich is probably a very relative term. It could mean doing well for yourself and leading a comfortable lifestyle. For someone else, it could mean doing better in life and making available opportunities to their children, which they never had while growing up. Some people want to do better than their neighbors.

And then there are people who believe that richness is in the mind. They would rather have abundance of goodwill, abundance of positivity and abundance of love in their hearts rather than an abundance of dollars in their bank. Honestly this blog post does not boast of such lofty aims.

I am talking about good old ‘dollar based’ riches.

Dollar based riches

Riches that can buy you an expensive branded watch or a luxury motor car. Each of you reading this blog probably wants to get rich. And I am going to share with you some ways that can help you realize that dream.

Rest assured all these ways are legal. Some are easy to follow and some need hard work.  So let us go right ahead and find out what they are.

 

Easy Ways to Become Rich

With these methods, you don’t really have to do anything. It might be difficult to believe but it is true. Let’s roll:

 

  1. Inheritance

One of the easiest ways to get rich, but unfortunately, no guarantees that it will happen to you. Even if you have a rich uncle or aunt, you may not be their favorite niece or nephew. And relatives do have the nasty habit of giving away everything to charity, rather than to their own flesh and blood. So that’s perhaps, not a great option.

 

  1. The Lottery

Well, we are always reading in papers about lottery millionaires. It could be you.

Lottery winners

However, please keep in mind that the odds are not favorable that you could keep on trying since you would need to constantly buy lottery tickets to test your luck. And spending money on the tickets is likely to deplete your savings, especially, when you are not winning.

Also, remember that lottery winners sometimes have a compulsive habit of spending their money as quickly as they “earned” it. Keith (above) won 9 million pounds, managed to spend it away in 5 years and died brokenhearted. Don’t let that be you.

 

  1. (a) By the holy bonds of Matrimony

You can marry rich to become rich yourself.  Of course you have to hunt for the right ‘rich’ candidate and you may find yourself facing stiff competition.

Is your heart where the money is?

Heart & money

After all, this is not an exclusive idea and many others may also want to try it. And if you want to marry for love, perhaps, you may not want to get rich this way. (Of course, the lucky ones find love and a rich partner in the same person. But the odds are higher than that in the lottery).

An example that comes to mind is that of Kate Middleton.

 

(b) Not Till Death Do Us Apart

Building up on the above idea (but taking a hard left turn with it), there’s another way of ending up rich – divorce with alimony. But look for the pre-nuptial contracts. The attorneys retained by the rich work hard to earn their living (read protect the financial fortunes of their clients).

And not much escapes their hawk like eyes.

 

The Not so Easy Ways to get Rich

The following ways to get rich are not easy and require dedication and hardwork from your side. But the results are more long lasting and satisfying.

 

  1. Be the Innovator

Dare to dream big. Do not follow the path most often trodden. I know these ideas sound clichéd. But they are true and really help you if you want to get rich.

Being the innovator means you need to push yourself out of your comfort zone. Keep your eyes and ears open to opportunities that come knocking your way.

The innovator

History is rich with examples of millionaires who were high school drop outs or were born in extreme poverty. It was the determination to change their lives that motivated them to spot and act on opportunities life presented to them. Some even went a step ahead and created opportunities where none existed. That is the true test of an innovator.

An example that comes to mind is that of Bill Gates and Steve Jobs.

Of course it does help if you have formal education or are specialized in a particular field. But remember not having a formal degree is not the same thing as not having knowledge. If you want to truly gain knowledge about a particular field, you can find a hundred ways to acquire the knowledge you desire.

Let’s say you want to make it big in web designing, but you don’t have the time or money to enroll in a formal course. But there is nothing stopping you from working with a web design firm as an apprentice (without stipend, if needed). This is a small sacrifice you make to gain knowledge. And once you have the knowledge, you can use it to become rich.

Be the innovator when it comes to making business decisions. There is a reason why highly knowledgeable people are not super rich. The super rich are invariably businessmen (with the exception, of course of professionals like doctors, attorneys, actors, athletes etc). A good idea or sound knowledge by itself does not make you rich.

It has to be converted into a ‘cash generating, profitable enterprise’ and you need all the street smart and business sense you can muster to achieve that.

Even the brightest idea needs to be converted into a successful business model to generate wealth.

The debate still rages whether this ‘street smart’ is an innate quality or can be acquired. While the general belief is that one is born a businessman, I beg to differ. One can learn the ropes by trial and error. You make a couple of bad decisions and those would be best lesson for you never to repeat them again.

 

  1. Take Steps that Increase and Maintain Your Wealth

Rich people remain rich because they are constantly taking steps to increase their earnings and to maintain the money they have earned.

Help your wealth grow

How to Increase your Wealth

If you have a business, make sure you have sound growth and expansion strategies in place. Always focus on your customers and leave no stone unturned to ensure their satisfaction. A true entrepreneur who wants the business to grow, surrounds himself with professionals who can take the best decisions for the business and ensure its profitability.

 

How to Maintain the Wealth

This is the acid test, which many rich people fail. There are just too many heart breaking stories of money being squandered away on frivolous hobbies and silly indulgences. An example is that of Lady Gaga, who, even after earning millions still have minimal amount of money in her bank account because of her lavish lifestyle.

 

Take care this does not happen to you. The following strategies help.

  • Look for cost cutting opportunities everywhere

After all, a dollar saved is a dollar earned.  For example, it is a good idea to car pool to work, given the rising cost of gas. Make sure all processes in the business are cost efficient.

 

  • Beware of Small Expenses

Whether at home or at the office, keep a check on small expenses. While all eyes are focused on the big expenditures, repetitive small expenses can cost you dearly.

 

  • Negotiate Hard

Always leverage any advantage you have to strike the best deal. Whether you are planning the family vacation or considering new equipment purchase, the rules remain the same. You must make sure that you are getting the best deal.

 

  • Invest Wisely

Consult a professional expert who can help you make wise investment decisions. Reinvest part of your earnings back into the business.

 

  • Live Within Your Means

Do not purchase items or indulge in hobbies beyond those which can be comfortably met by your current finances. This can cause a vicious and unhealthy cycle of credit and debt, that can completely wipe away your wealth. But remember you are free to dream about these items and hobbies and aspire for them. Use these dreams as the motivation that pushes you to earn more so that you can fulfill them.

 

In Conclusion

Everyone dreams of becoming rich. But you need to get out there and work for it. Unless of course, you want to use one of the easy ways that I described.  The only catch is you may have to wait long and it may still not happen. But the decision is yours.

Have you become rich using any of the easy ways? Perhaps you won a lottery? Do share with me in the comments section.

All you entrepreneurs who are reading this, I would love to hear your success story. And do let me know if I have missed out any important technique for getting rich. I would love to give it a try myself.

3 thoughts on “5 "Easy" & "Difficult" Ways of Becoming Rich..

  1. Super article, Yasir. I am re-blogging today on GoalHabits.com. Please let me know if this meets with your approval.

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    All the best. Paul Mark Sutherland

  2. Great ideas. People view wealth in many different ways. One thing is for sure, money might not make a person happy but it sure makes life easier!

  3. Some of the easy ways to become rich sure sound nice. Great post, there really is no easy way to become wealthy, you just have to work hard and with some luck, it will come.

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