Beware of the risks of trying to become filthy rich
Your ability to recognise how you will turn your ordinary income into wealth — if at all possible — through legitimate ways can help you stay on track, and also recognise many perilous shortcuts that can either derail your efforts or set you back at the starting point.
In many societies being rich is admirable, but saying that you want to be rich is somehow frowned upon.
Indeed, this may not be the most humble thing to express, but let’s face it money matters more to some people than others, and there is nothing wrong in wanting to live comfortably, or even be well-off. The means to do so are what matters, and so is what you sacrifice along the road of building your wealth. But overall, if you do recognise money as an important aspect of your life goals and a key to your happiness, you must have a plan that takes you there safely. That is mostly because trying to grow money unwisely can be a risky business that attracts scammers and poor decision making.
Your ability to recognise how you will turn your ordinary income into a wealth — if at all possible — through legitimate ways can help you stay on track, and also recognise many perilous shortcuts that can either derail your efforts or set you back to the starting point.
Here are a few ideas to keep in mind.
Where are you starting?
Money is your goal. So you will need to be prepared to put this goal ahead of some other dreams. For example, you need to pursue better-paying jobs, look for more return on your investments, etc. With all such actions, you will take risks on aspects of life that also may be factors to your life quality. That is a balance that you will need to strike on almost every major decision. So if you’re after the money, then find out ways to increase your income and investment yields with acceptable compromises.
All of this can’t be achieved, however, if you’re not in a position to have sufficient income to cover your expenditures and channel into savings to start with. That is why you need to have a realistic view of where you stand before making any plans. Review you financial status — alone or with a financial adviser — to recognise how much you must set aside for investment, start a business or invest in your education and career.
Avoid shortcuts
It may be easy to pin your hopes of living comfortably on a quick shortcut solution like landing a rich spouse or winning a risky investment. Although these solutions may seem legitimate, the time and effort you place in them — and the fact that they are uncontrollable — make them unsustainable.
Conversely, you can ensure that you have a solid foundation for a sustained income and growing wealth if you go slow and steady in building your career, investments or business. For example, spot jobs in your industry that are more lucrative and work your way to score these jobs. If you have an entrepreneurial spirit, you can start your own business based on a thorough research and knowledge or the market need. Find an overlook niche and do your due diligence before you leap in.
Such suggestions may take more time and money initially and throughout your life, but you will be sure that your success and money are yours, and you have as much control as you can get over them. Once you learn how to make money out of your knowledge and hard work, the sky is the limit.
Think outside the box
Instead of thinking of what others can provide, consider your advantages and capabilities. What are your strength points? What is it that you do that can be valuable not as a product but as a creator of products, services or ideas? That could be your ability to sell, your problemsolving instinct, your distinct education, your businessdevelopment mentality, etc.
Once you’ve identified your tools, get to work and make money — whether through excelling at a job and climbing the ranks relatively quickly or starting a thriving business that yields significant returns. Being creative and taking some risks are both part of the process. But if your foundation is based on solid studies and feasible plans, you’re set to make money.