Wednesday, June 23, 2021

13 Ways to Make More Money and Become Rich Quick

Who doesn’t want to become rich? Surely, everyone does.

To prove this for instance, take a sample of any ten people and ask them about any three wishes that they would like to be fulfilled.

Out of these ten people, there are extreme chances that at least 7 to 8 people will have a wish about becoming rich.

And the rest who didn’t directly say that they desired to become rich, will at least have some other desire that is related to becoming rich.

Hence the conclusion is that directly or indirectly, becoming rich is every person’s desire.

However, if you think that becoming rich is only applicable to poor people or those who have less money, you are totally wrong.

Again almost every single person wants to become rich. Money is something that seems less to everyone no matter how much they already have.

Poor people want to make money to become rich and rich people are always looking for better ways to expand their existing wealth and become richer.

Hence, there probably seems no end to this craze.

In this article, we look at 13 ways by which you too can start to make more money and quickly become rich or richer.

But before we do that, let us first look at some basic things related to money making that apply in each of the ways to make more money and become rich.

Basic things related to money making

Basic things related to money making

Below are the four fundamental things that you need to clearly decide about, understand and adopt in order to pursue the ways to make more money.

1. It’s the whole mentality thing

To start with, change your mentality. Start believing in the fact that you too can become rich or richer.

Read and learn more about how rich people live, behave, their attitude towards money and how they reflect their rich status.

Reflecting a rich status has nothing to do with having actual money. Rather, it is more about being confident when talking about it.

Of course, no one would like to see you take out a stack of cash every time you talk about money.

Some things just need to reflect from the way you look, the way you talk and the way you respond to other people.

In simple words, it is sometimes more about practically applying concepts like ‘You need to fake it, till you make it’.

But remember that faking at extreme levels or too much could probably make you end in trouble. So understand the situation in which you are and act accordingly.

2. Understand that it will take more than your thoughts

This is perhaps the biggest hurdle in becoming rich. In fact, this is something that clearly separates poor and rich people.

While everyone wants to become rich, very few are willing to do whatever it takes to become rich.

Have you ever thought why poor people stay poor while the rich become richer?

This is because the poor people don’t actually understand what it takes to become rich. They aren’t willing to change themselves at all.

Their main issue is the desire to have more without having to work more for it. They are unwilling to change their ways, lifestyle and work patterns.

3. It’s about smart work rather than hard work

Many people you come across will emphasize on how hard work is an important factor in becoming rich.

Well this is not true, at least for the whole part of becoming rich.

While you do need to start off by doing hard work and putting in extra effort than most other people would do to get better results, it is not just about hard work.

In the long run, you will have to shift towards doing smart work rather than solely relying upon hard work.

This is because as you start making money through more than one channel, you will have to assign lesser important duties to other people in order to focus more on the top and core management issues.

Read our article on 15 SMART Goal Examples to Practice for Self-Improvement to gain an insight on what really SMART work is and how can you apply it in your daily life.

4. Getting rich means making money and not earning money

Now if you have been reading this article carefully till this point, you might be wondering why every time we use the words make money instead of earn money.

This is because there is a very important difference between making money and earning money and you need to understand it thoroughly.

The concept of earning money applies to having money that can help you to spend your entire life while fulfilling all the basic necessities of it.

It’s the amount of money that is sometimes enough or more than enough to live an average lifestyle.

To become rich, you need to focus on ways that make money.

As we look further on details in the next section of this article, you will understand how the amount of money that you save extra or which you couldn’t spend is actually what you are making.

So the amount of money which equals your monthly expenditure plus any provisional or contingency need funds equates to your earnings.

This doesn’t add any real value to your wealth as it is just a kind of money routing mechanism. You only receive it to pass it further to someone else.

One important thing about making money is that it doesn’t involve any shortcuts or depriving others of their rightful share in your success.

13 Ways on how to become rich quickly by making more money

13 Ways on how to become rich quickly by making more money

Now let’s see the 13 ways to make more money and become rich quick.

1. Start adding value to yourself

The foremost thing to do to make more money is to find out what you are best at doing and what you can easily and passionately excel at.

When you know the thing that you are most capable of doing, you can add value to it by becoming better at it.

Learn more about it and find ways to have an edge with it over other people.

Another important thing here is to beat your own previous performance and strive to become a better version of yourself.

Discover, learn, train, test, apply and re-evaluate that one thing which you want to become an expert on.

2. Discard or reduce habits that deplete your resources without adding value

Side by side to adding value to your passion, you also need to focus on things that aren’t adding value to you or are taking too much of your available resources without any real rewards.

For example, excess sleeping. If you think that your body and mind can work well with a 6 hour sleep per day then why sleep for more hours than that.

Similarly, don’t delay important actions in life, especially the ones that involve money, by wasting time in staying within your comfort zone.

If anything is bothering you, do not wait for it to vanish on its own. Take action and fix it as soon as possible.

3. Start out by setting small targets

Becoming a millionaire or a billionaire is an ultimate objective and something that won’t happen quickly or all at once.

So believe in this fact and set smaller targets for yourself.

Let’s say you start with a target of saving $5000 in the first month. For the next month, see if you can be consistent with saving another $5000 or not.

Once this seems all good, increase your target for the third month for example by doubling the amount.

While it might seem a lot to double your targets, remember that you have a long journey ahead to cover. And speed is the only thing that will help you do it quickly.

4. Start a side hustle

It is a well-established thought that being on a 9 to 5 job doesn’t make you rich. It is simply a way to pay for your basic needs and contingencies in life.

So start some side hustle to add another revenue stream to your income.

Look for opportunities around you and see which empty spots you can fill in.

In the beginning, doing a side hustle with a full time job will definitely exhaust you but once you get used to it and you start reaping the benefits, your motivation will definitely increase.

5. Start investing in stocks

Once you have saved a reasonable amount, say for example a few thousand dollars, start making some investments.

For instance, invest some of your savings in stocks, shares and commodity markets. But never invest all of it in one place.

The reason behind this is stocks, shares and commodity exchanges pose high risk and volatility besides being a great way to make a handsome amount of profits in a short period of time.

6. Add more side hustles

There are many people who despite being working a full time job, started a side hustle, made it successful and then started another side hustle and another one and so on.

How did they get to do it? Well, they hired some person to manage it for them.

This way they got the chance to start another side hustle and go through the same process of making it successful and hiring other people to manage it for them.

And they did all this while still working themselves for someone else.

Even though this may sound crazy, in reality it is not.

Making money is all about not letting any opportunity go unutilized whether it is your job or a business opportunity.

And this is just one example of doing it.

7. Start taking risks

Making money is also about taking risks but calculated ones only.

Remember that money making requires rational decision making and not emotionally thinking.

So whatever opportunity comes your way or whatever decision you are about to take, be willing to take some risks.

Just make sure you have carefully, closely and broadly understood and analyzed the benefits and consequences of it.

In short it is just about taking the risk or losing the chance.

8. Invest in property

Property investment doesn’t have to be always about buying big pieces of land to build houses or buying apartments and condos in expensive districts of your city to rent out or sell later.

In fact, you can always start small.

Look around your city and explore the options that can be availed within what you have saved so far.

If needed, borrow a loan or look for some like-minded friends and form a pool of money.

Start by buying some old build-up property whose useful life can be extended and which might return a reasonable premium once it is renovated and enhanced.

9. Do not rely on the savings option only

One highly misunderstood thought which most people actually practice is thinking that saving money makes you rich.

Well this is completely wrong.

Saved money, no matter how much it is, always loses its value or purchasing power in the long run.

A $100 note that was able to buy more than enough of anything a year before, is now able to buy enough of it but in the future just after one year, won’t even buy this much.

So save but up to a certain point. Once that point has reached, start rolling that amount in various investments.

10. Sell the businesses you have established

Remember how we talked about starting a side hustle and then adding some more.

Well aside from being a revenue stream, your side hustle can itself be sold as a product that you manufactured or built from scratch.

Whereas the primary purpose of all businesses is to sell products and services to make money, the whole of any successful business can also be sold for handsome cash to rake in the future anticipated profits in one transaction.

This is also called as ‘Asset Flipping’.

But do not stop over here. Reinvest the proceeds from selling one business to start another.

11. Reduce your unnecessary expenses

Again another misconception that people highly believe to become rich is reducing or cutting down their expenses.

In the pursuit of this misconception, many people cut their expenses related to basic necessities in life which is something that is never advisable.

Always look for reducing the expenses which won’t hinder your performance.

For example if you need new clothes, rely on buying from an inexpensive little known brand or your supermarket and that too during the sale season instead of buying high-end fashionable clothes.

12. Always keep on thinking about making more money

One simple and easy to follow advice to make more money is to always seek ways to make more money and increase your income.

The more you think of doing anything, whether it is about making money or becoming better at anything, the more it will start to reflect in your actions.

13. Invest for short term and long term both

Do not follow a single form of investment pattern. Split your investments into short term and long term ventures.

This again has to do with the purchasing power of your money.

Some long term investments with high returns might have lost their value when they mature.

Similarly until they mature, you won’t have any spare funds to invest in other opportunities.

So make some investments in short term ventures as well so that you always have some funds coming in to reinvest and do not miss any short term opportunities.

Bottom line

Our list of 13 ways to make more money and become rich quick is just to help you find a starting point.

But once you become experienced and wise, you will definitely have more ideas and lessons of your own to further enhance your growth.

There will also come a point that we haven’t discussed here and which involves knowing when to leave your job and become a full time entrepreneur.

We believe that to be called an entrepreneur or a real money maker, this is something that you need to realize on your own.

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