Archives for August 2022

Here are 14 strategies to become wealthy in FIVE years!

Become Financially Literate Through Self-Education 

We’ve all heard the stories about people who won the lottery or got million-dollar salaries playing professional sports but then were broke within years. One of the most important factors in both becoming wealthy and staying that way is educating yourself on how to be very financially literate. It’s no good to just amass money if you don’t know how to hold onto it. There are plenty of books, such as Rich Dad, Poor Dad by Robert T. Kiyosaki, that can help you get started. There are also online courses that can help you to become more financially literate. It’s also a good idea to enlist the services of a financial advisor. Even if you’re financially educated yourself, a financial advisor is an expert in that field and can help you to grow your money and maintain wealth better than you may be able to do yourself.

Dave Rietsema, Matchr

 

Spend Less, Earn More, Invest the Difference

Spend less, earn more, invest the difference. That’s the basic wealth equation. Spending less is the most powerful and easiest strategy. If you manage to save $500 in a month, that means you are saving $6,000 in a year and $30,000 in 5 years. All that just by finding ways you can save ONCE. Earning more is powerful too, but harder. Ask for a raise, apply to 100 jobs with better pay than your current one and start generating a side income with freelance work or starting a business. The most important thing is to avoid spending more as you start earning more. Don’t upgrade your home or your car. Lifestyle inflation will keep you poor. Investing is what will make the whole difference. Invest as much as possible every single month and with time, you will be rich from compound interest. You can invest in stocks and other assets or put the money into your personal business to make it grow faster. Investing in your own business can bring large returns, even within 5 years.

Paw Vej, Financer.com Ldt

 

Do Something You Love

You can receive all of the targeted financial advice in the world, but the best way to become wealthy in five years is by doing something that you truly love. When you are invested in and enjoy your work-related duties, then it’s no longer “work,” but an extension of who you are as an individual. If you’re doing something that is successful and brings in a good income flow, loving the entire process will decrease the chances of burnout and increase your productivity.

Lindsay McCormick, Bite

 

Invest in Properties

Buying, developing, and selling real estate is a tried-and-true method of amassing a sizable cash position. One of the most important aspects is that borrowing money allows you to gain leverage on your venture. Assume you borrow $200,000 and contribute $50,000 of your own money to purchase a $250,000 house. The property is then developed and sold for $400,000. The property’s worth has climbed by 60%, while your $50,000 has grown fourfold to $200,000. You must carefully pick and develop the correct properties in the right regions. You are vulnerable to property market booms and busts. However, in the long run, this is a tried and true method of accumulating wealth.

Veronica Miller, VPNOverview

 

Build a Portfolio of Stocks and Shares

If you can make consistent investments in stocks over a long period of time and reinvest the dividends, you can amass a sizable store of wealth. Of course, stocks can fall as well as rise, and many small investors become disheartened when their portfolio plummets. However, in the long run, equities are just as good as real estate and far more liquid. For those with cash and a strong stomach, stock market crashes represent excellent buying opportunities.

Edward Mellett, Wikijob

 

Focus on Contemporary Areas of Growth

One strategy is to always focus on contemporary (and near-future) areas of growth. You can identify these sectors by how much coverage they receive in the media and large capital inflows.The days of real estate flipping or drop-shipping are simply no longer tenable, as these spaces have simply become too saturated. Focus and (get good get) at areas of high growth such as cloud storage, cybersecurity, cryptocurrencies, decentralized finance (DeFi), and NFTs. You don’t have to be excited about these topics per se but if becoming wealthy in only 5 years is your goal it is well worth your time to look into and research through the potential of such industries and technologies.

Peter Bryla, ResumeLab

 

Be An Innovator

Create an eCommerce brand that fills a market need. Today, there is limitless potential to be innovative, come up with product ideas, put them into production, and sell to your customers seamlessly with online eCommerce platforms like Shopify. People are eager to try new products. Come up with something cool and innovative and keep working and improving it. If you create something unique that customers love, you will be on your way to wealth and financial freedom.

Ann McFerran, Glamnetic

 

Do Quarterly Goals & Reports

Treat your finances and investments as a business, performing quarterly reviews and adjusting as necessary. When you want to hit your wealth-building goals on a tight timeline, you need to remain aggressive in your short-term goals to ensure you’re maximizing the money you’ll have in 5-years’ time. Your short-term goals should support your long-term goal, serving as a progress report on how well you’re budgeting and choosing the right investments.

Every 90 days, you’ll look back on the previous 90 and determine your biggest wins, fails, and areas of improvement. Once you understand what went right and wrong, it’s time to build a rock-solid plan for the next 90 days. To build true wealth in just 5 years, your investment portfolio should reflect the current market behavior. A 90-day revisit helps boost long-term motivation as you adjust your strategy to account for short-term market shifts.

Cliff Auerswald, All Reverse Mortgage

 

Set Up a Website To Partake in Affiliate Marketing

Set up a website for something you’re passionate about. It can really be anything, but make sure it’s something you’re comfortable writing and thinking about daily for the next few years. At first, you should produce useful, engaging content (mainly blog articles) about your chosen niche. As you start to track website visitors and learn keyword research, you’ll be better able to write about engaging topics. Once you hit a certain threshold of viewers, you can sign up for affiliate programs through websites like Amazon, though there are many others. Promote these programs on your website, focus on gaining more viewers, and watch your income skyrocket over time. It takes consistent work, but that passive income can become very lucrative within five years.

Jeffrey Gabriel, Saw.com

 

Obtain More Than One Source of Income

Wealthy people often have a side hustle as a second source of income. This is not just useful to earn more money, it also protects your cash flow, which means that you can pay your bills on time while retaining money for saving and investing. Creating multiple income sources through passive income strategies like rental income from real estate or dividends is a way of maximizing returns so that you can work decreasingly hard over time.

Hakeem Shittu, iPad Recycle

 

Find a Rich Mentor

We look to those who are doing what we want to do and network as much as possible with wealthy mentors! Connecting with those that have little time, especially to meet and help strangers can be tricky but taking bold consistent action is key. Consider ways that you can contribute to the relationship in every exchange and eventually people respond. Whether you offer them lunch at their favorite swanky spot, sponsor their podcast or support causes that they believe in, successful people will notice you if you are adding value. As Jim Rohn says, “You’re the average of the five people you spend the most time with.”

Jeff Goodwin, Orgain

 

Create a Big Picture Wealth Vision

Successful leaders thrive because they create a big picture vision for themselves and their business – creating a wealth vision is no different. Use your imagination, think of your dreams and aspirations, and envision the potential and possibility for your future. Then write down your SMART financial goals, such as, “I will be making $100,000/year by December 2022,” and keep that vision in your mind. Let it build your confidence, help you create a daily routine, and reshape your environment for financial future success.

Liz Donahey, Red Pocket Mobile

 

Become a Stockholder in a Start-Up

If you can acquire equity positions in one or more start-up companies, you could make a significant monetary gain if the company thrives and either floats or is sold to a larger enterprise. Only a small percentage of start-ups succeed in realizing big capital gains, therefore the odds are stacked against them. You can, however, use your judgment to determine which business idea and management team are likely to thrive. On this basis, early employees at Apple, Google, and Microsoft became millions.

Jamie Opalchuk, HostPapa

 

Invest in Your Skills

Your skill is something that will always pay you back. The more skills you have, the more you’re open to the source which can help you make money. Hence, investing time in your skill is extremely important even if it’s a couple of hours per day. Try with starting what you have an interest in. It can be a hobby which can be turned into a side hustle or just upgrading the talent which you already have. Over a period of time, it’s surely going to help you to become much more wealthy.

Meera Watts, Siddhi Yoga International Pte. Ltd.

Information Source: AZ Big Media

There are several life and career tips that may help guide and drive anyone who chooses to achieve remarkable success with their life and career. Here are 11 tips from AZ Big Media!

• Make Changes Not Excuses

Everyone has bad habits but what separates a remarkable person from the rest is their willingness to combat them. Poor habits become that way for two reasons, the unwillingness to recognize them, and the excuses we make not to face them. 

Taking a self-inventory, being brutally honest about your shortcomings, and setting up a plan to take them on in order to change, will set you on a path to becoming remarkable. By combatting the embarrassment and sometimes shame associated with poor habits, and then making efforts to change, you can become the hero of your own story. It is important to remember that remarkable people take action to make a difference, whereas the rest make excuses.

• Compete Exclusively With Yourself to Improve

One piece of advice for someone who wants to become remarkable is to focus on self-competition. Rather than constantly comparing ourselves with our competitors, the most authentic road to excellence is to view our past self as our main competition. Becoming remarkable is only possible if we’re deeply honest with ourselves, and focused on becoming the best version of ourselves. Look at who you were yesterday as an invitation to be even better. This mindset is crucial because it helps us to build small, consistent and humble habits, which is the most effective, authentic and balanced method of investing in ourselves.

• Don’t Be Afraid to Fail

In life, people tend to fall into the trap of being afraid to fail. But why do people fear failure? Sure, failing can be hard, especially if you fail at something you really care about, but it means that you tried something.  In reality, it is the fear of failure that actually keeps people from growing and trying new things. For somebody to become “remarkable”, they have to be brave and take risks that other people won’t, even if that means failing in the attempt. Those that embrace failure learn from their mistakes, quickly become more experienced, and gain much more confidence.

• Do What You Love as Much as Possible

To be “remarkable” you need to be doing something you love and do it as much as possible. You can never be remarkable at something you hate, that is just a recipe for burnout. Find what you love about your work, and do more of it. Find what challenges you in your work, and do more of it.  This is about defining what drives you, and leaning into it, rather than comparing yourself to competitors. By creating your own standards and values around work, you will have a more sustainable relationship to your work. This will help you stand out and have longevity, which is pretty remarkable.

• Learn Not To Become Your Own Hindrance

Often, those who want to be remarkable can have big goals and be ambitious about accomplishing them. However, when things start to go our way, it’s possible that imposter syndrome and self-sabotage can creep up on us when we least expect it. To truly achieve remarkable things, it’s essential to be aware of the times when we can get in our own way, and take any necessary steps to ensure this doesn’t affect our progress.

• Avoid Procrastination

To succeed in your career or studies and life in general, you must wage war against procrastination. It would be best if you kept yourself on a schedule that will keep you productive. If you succumb to procrastination, you’ll be cramming until the deadline. This goes on and on, and you’ll eventually be worn down and feel unmotivated. Replace your habit of chronic procrastination by setting a daily goal for yourself. Reward yourself for every task you finish. Over time, you’ll learn that starting a task earlier will reap significant rewards.

• Plan Less and Do More

Plan less and do more. Planning and executing are not the same thing. We tend to plan a lot of things that we never see through. To have a remarkable life, focus on the most important things. Instead of trying to achieve a dozen goals at the same time, commit to one. Execution begins with focus. We need to ask ourselves “what course of action will take me closer to my goal?” and take action.

• Propagate Change and Progress as Part of Your Life

Being remarkable is possible only when who you are as a person impacts the lives of others too, which is why propagating change and progress should always be a part of what you do. When you influence others, either by guiding and teaching them or even through the choices you make, you are able to create a path where you are no longer walking alone. With every bit of knowledge and experience you have gained, you are now able to add to the lives of others, and this is what makes a person remarkable.

• Surround Yourself With People Who Share Your Passion

It takes a village to become “remarkable.” People not close to you only see the results, not the work, so the journey remains a mystery. A part of that journey to rise in your field is surrounding yourself with people who share your passion and build their careers alongside you. Unless you have a mentor who can snap their fingers and move mountains for you, you’ll need peers in your life to lift each other up in the hard times and grow side by side in your industry. There are scores of people with immense talent who will not reach their potential because they did not invest in these relationships. Behind every success story are people who were there for them along the way through thick and thin.

• Speak Up and Stand Up for Yourself and Others

Don’t be afraid to speak up, whether it is for yourself or for others. People who are truly remarkable take action, want to make a change, and fight to be heard. They speak even when others won’t. When you don’t express your opinion, no one will know it. When you don’t share your doubts, you can’t expect anyone to consider them. And, finally– when you say nothing, you deprive yourself of a chance to be noticed. No action brings no change, which is a crucial factor contributing to becoming remarkable.

• Learn Something New Every Day