Is There a Secret to Become Rich?

Best Formula For Building Wealth

In order to build your wealth, you need to understand a couple of things.

If you are trying to make money through investment, you need to invest in the right company, the right business, and the right stocks. How do you do this? Warren Buffet has the best advice. Don’t look for the right time to buy stocks or invest, just invest some money and see how your money performs. If your investment starts performing well, invest more money, otherwise walk out and try something else.

If you are trying to make money with a product, find a product that is not yet available in the market, and create that product. Or find a gap in the market, and start filling that gap.

Is There a Secret to Become Rich?

A lot of people believe that rich people have secrets that they keep to themselves to become rich that they don’t share with other people. That’s why the rich become richer, and the poor become poor.

While it is true that rich people are becoming richer and poor people are becoming poorer, rich people are not keeping any secrets, everyone can read about rich people, and see what they are doing and how they are becoming richer.

Has Warren Buffet kept a secret about how he became rich? Has Jeff Bezos kept a secret about what he is actually doing to become rich? If you really want will not you find out how Elon Musk became the world’s richest man?

The second and third generations of rich people are rich because their father and grandfather were rich, however, the first generation of rich people became rich on their own.

You can see a lot of common factors in these people. They are extremely talented people and they started early. Becoming rich is also about working hard. The rich people you see have worked extremely hard to be where they are now.

While you might not be a genius and might not be able to create a product or service that could make you very rich but you can of course build your fortune if you learn from successful people.

6 Steps to Build Fortune

If you want to build a fortune and become rich, here is how you can do it. You will find at least one of these ideas useful

Start a business and then sell it: Little bit of research, a little bit of investment, and intense marketing will make your business grow. Once it grows, sell it and get away with your money. Then start again to build another business.

Save and Invest: No matter how much you earn, try to save at least 20 percent of your income. Then use your savings to invest in various markets.

Add Value: If you are in the business line, your business needs to provide value to keep generating revenue. You will also have to add value to yourself by building knowledge, skills, and expertise that can be monetized.

Make Smaller Goals: If you make big goals in life, your goal might be a far cry, and you might drop in the middle, however, if your goals are smaller, they are attainable and you will reach your bigger goal sooner.

Time Management: Don’t waste your time, use your time in the best possible way, and use it for productivity and creativity.

Give up your bad habit: Make a list of your bad habits, and eliminate these from your life. Your bad habits might be laziness, impulsive buying, wasting time, etc. Get rid of these habits.

How to Become Rich According to Robert Kiyosaki

Robert Kiyosaki is an American businessman and author (his famous book is called Rich Dad Poor Dad). Kiyosaki has a company called the Rich Dad Company that provides personal finance and business education.

Once when a reporter asked Kiyosaki, “How to become Rich?” his answer was very simple, “I burrow money and buy assets with the money I burrow.”

According to Kiyosaki, a poor person borrows money and buys liabilities with it such as cars, houses, etc. thus they get poorer and poorer.

Through his videos and books, Kiyosaki teaches how to manage cash flow, how to build assets and become financially free.

You work hard, you save money, and you spend your savings on liabilities. Instead of spending on liabilities, you should be using your money to invest, and buy assets.

Instead of saving money in the banks, you should get a loan, build a business and build your fortune with the burrowed money. Well, you will have to pay back the loan, but you will be paying with the money you made by using the bank’s money.

If you work hard to make money, you will end up paying a lot of taxes, but if you build your income on a business or investment portfolio, you will pay lower taxes.