I met the CEO of a big establishment in a conference, and my first question to him was “how do I get rich in short time?’ He looked at me and smiled.
He asked me what exactly am I asking for, I told him I wanted to know the secrets of the rich class. We started our discussion, but one thing he made me understand was being rich had no secret at all.
Work hard, don’t live above your means, make sure you save aren’t the mindset of someone who needs to get rich as fast as possible. The one percent rich people won’t also agree with you on those strategies.
I am not saying that living frugal and taking time to build up wealth is bad, even Warren Buffet operates the same kind of lifestyle.
But if it is your intent to get rich in short time, then you need to know the secrets of the rich and apply the same principle.
Do you want to become rich in short time? Let’s see the 7 secrets of the rich.
Start Early to Create Streams of Passive Incomes
If something can make you rich in short time, that should be passive income. If being wealthy is your dream, then you should know that a 9 to 5 job will tie you in the average-people quadrant. There need to be some kind of passive income in place that would require a little time commitment from you.
The passive income should be some kind of online business, investments such as fixed deposits, or guaranteed investment certificate.
These types of passive income guarantees income even when you are asleep.
Think like an Economist and Act like an Accountant (Learn to place value over cost)
One thing I learnt from my discussion with the CEO is that you need three people as close friends; the lawyer, accountant and financial advisor. He explained that middle income earners look to cut down cost, so as to save much more money, but the end result always ends in deficit. For those who intend to get rich in short time, they know the importance of value over cost.
The basic difference between the rich and the middle class is that they know when to place value over cost, and still be prudent in thinking.
As a football fan reading this, would you still wonder why Real Madrid signed C.Roanldo for such a huge fee? They knew they would make back the money with his presence around the club (Jerseys, etc.)
Have a Circle of Rich Friends
You can never become rich by roaming about with people who have no business being rich. Either you work where rich people work, or you mingle with them. Either ways, you should build your circle round rich people.
Business ideas, counsels, motivation and help are what you get when you mingle with people of like mind. Being rich is a mindset, and then you should find those with such mindsets.
The rich associates with the rich, marries the rich and also give birth to rich people. If you intend to get rich without having money, then you should try and break into such circle. If you are focused on how to get money in short time, then it might be your ticket to financial freedom.
Think like a Rich Man and Act like a Poor Man
Most times average people prefer acting like rich people just to feel among. According to the CEO of Hazon Holdings, he said that some of the thoughts going the head of a rich man includes
- How do I make more money
- How do I cut down expenses
- Which ideas would help solve a problem
- Who do I know that would get me this
- What are my competitors doing?
- What are my liabilities
- Which asset can I purchase now
While the rich keeps increasing asset and decreasing liability, the average or poor man prefers to act like a rich man, hence increasing liability.
According to Robert Kiyosaki of “Rich Dad Poor Dad” series, an asset is what puts in money into your pocket, while liabilities take it away.
If your iPhone consumes call card monthly (aside its original cost), and you still don’t make money from it, it is considered a huge liability.
The moment you think like the rich and act like the poor (not being able to acquire liabilities due to financial constraints), then you are able to get rich in short time.
Become your own boss
I haven’t seen a rich salary earner (except corrupt politicians or people who embezzle public funds). The one secret of rich people is controlling your own finances.
Saving, avoiding debt and living a modest lifestyle won’t be enough to drag you off the pit of average income earners. The only way out of it is either investing or becoming your own boss.
To the average man, “it takes money to make money” is just an old cliché. But to the rich, it is a golden financial rule.
The idea is to leverage on people’s money to increase your financial value.
Most business owners are debtors because they leverage on money from banks/investors, hire people to work for them, and build their wealth. They might be debtors, but they are rich.
Building your own business or investing in an already established business helps you predict your financial future. This is one secret of the rich and how you can use it to get rich in short time.
If you intend to start up an online business that would earn you passive income, you can go ahead to see the steps.
What are your thoughts on these secrets? Let’s discuss using the comment section.
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