Everyone wants to become rich or at the very least, live a life without financial worries. We dream of having lots of money so we can buy all the things we need and most specially, all the things we want.
Being rich also means having the ability to become more charitable to the less fortunate.
If becoming rich is our destination, then we must first learn how to get there. We should have a map that we can follow and prepare ourselves adequately for the journey. There are many roads that lead to the finish line and there are many ways to tread these paths. I advise you to choose wisely, travel safe and enjoy the trip.
1. Win the lottery
This is perhaps the fastest but the most difficult way to become rich. Why the most difficult? Because you don’t have any control over your destiny. Although you can find ways to increase your chances of winning, this path to fortune is almost impossible to achieve. No harm in trying though, just be sure that you use part of your entertainment budget to play.
2. Inherit a fortune
This one’s almost as difficult to achieve as winning the lottery. Simply because not many of us have the prerequisite to walk this path – a dying rich relative. Moreover, after seeing how dramatic these situations can become in movies and soap operas, I’d rather conserve my time and energy to other ways of becoming rich. It’s better to simply hope but not expect.
3. Marry someone rich
Unfortunately, some Filipina women consider this path as their only hope of becoming rich. They’d spend much of their time chatting online and logging on to dating websites just to find themselves a rich husband. Call me a hopeless romantic, but I still believe that one should marry for love and not for the money. Don’t gamble with your happiness and find your true ever after.
4. Work your way up the corporate ladder
My father found success in this path and I honor him for doing so. For more than 30 years, he went to the office and worked relentlessly for us, his family. For most young urban professionals, this will also be their destiny. I salute them for having the patience and industry to excel in the corporate world. This is a good way to become rich but it does require patience, hardwork and continuous motivation.
5. Establish a professional career
This is how doctors, lawyers, probloggers, interior designers and many others become rich. Discover your passion, unlock your talents, hone your skills and market yourself. Be an actor, be a sports celebrity or be a leading expert in your field. This is the road of the self-employed. Get paid for doing what you love. Continuously improve yourself, network like crazy, specialize and build your reputation.
6. Work, save and live frugally
The reality of the corporate world is that positions are often limited and promotions are unpredictable and tainted with office politics. Moreover, not everyone is cut out to become a highly-paid professional. So what chance do you have in becoming rich as an ordinary person? The answer is to become The Millionaire Next Door.
In this best-selling book by Thomas J. Stanley and William D. Danko, it’s stated that a large percentage of America’s millionaires share seven basic traits which contributed to their extraordinary accumulation of wealth. These are:
- They live well below their means.
- They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
- They believe that financial independence is more important than displaying high social status.
- Their parents did not provide economic outpatient care.
- Their adult children are economically self-sufficient.
- They are proficient in targeting market opportunities.
- They chose the right occupation.
7. Be an entrepreneur and start a business
This is the path that I’ve chosen. My reason for taking this road is simple – passive income. By building a successful self-sustaining business, I’ve come to enjoy more time freedom to do the things I want. Moreover, I believe that entrepreneurship gives the most value to my life because I know I’m helping others by creating jobs and providing opportunities. If you think that you have the focus, determination and discipline to succeed in this path, then don’t hesitate and take the risk.
8. Invest in financial instruments and businesses
A friend of mine became acquainted with the Philippine Stock Market during the turn of the millennium. After almost eight years, he has already quit his day job, bought a house and now lives as a full-time trader and part-time venture capitalist. He is well on his way to becoming rich and financially free. Like the path of entrepreneurship, it takes focus, determination and discipline to succeed. If you’re willing to learn and have a high tolerance for risks, then I suggest you consider exploring this path.
I guess that’s it. My eight proven (and legal) ways of becoming rich. Which paths are you currently on?
To receive more articles on how to become truly rich, subscribe to Ready To Be Rich.