Updated: Nov 28, 2022
Did you know good money habits are what create most of the wealth in the world? Seriously. You may think all wealth is achieved through a "golden egg" idea or maybe even "lucky" inheritance but statistically only 1/3 of millionaires inherited their money while the other 2/3's have multiple streams of income, meaning: its not a single idea or business that keeps them rich! Saving, spending wisely, and investing are amongst top things that people do on the road to riches while also continually scrutinizing their own spending and money making once they've achieved this status.
So what are the things we need to do to get ourselves to where they are?
Spend within your means
This sounds simple but really is harder than it seems isn't it? The problems we have is being ultra consumers and keeping up with the Jones', but we don't need to spend nearly as much as most people assume. Here are some things you can do to save money and immediately start getting richer:
Cook your own food!
Fast food is no longer cheap and it's never been good for you. Go grocery shopping and start burning your own food for a change. Eventually you'll have something that can be passed off as not only edible but also nutritious.
2. Don't but that new car and or phone!
You don't need it. If you do end up buying something buy used and buy an older year's model. It just has to get the job done, but the less you spend then the more time in between payments you have to invest or pay off debt (which by the way is item # 3)
3. Don't rely on credit and don't go into debt! Although both things are unavoidable at times throughout your life, don't turn bad habits into life-long misery. You can't think to yourself "if I can only make the extra $3000 dollars from this business venture then I can pay off my debt and then I can start to become rich". It's a trap, it will never happen and if it does you'll soon find yourself paying off that same debt again and again unless you change your mindset. Develop the good habit now and start paying off your debt regularly and do everything you can to keep from adding to it. There are many ways to do this (look up "debt snowball"
Now that we are all living well within our means what do we do now? We are already having better days and sleeping easier at night now that our bank accounts aren't completely starving, and it feels great but what now?
Multiple streams of income
Let me start this one off by saying one of my core beliefs which is: We can ALWAYS do more. We can. It's only our own limitations, usually mental ones, that convince us we can't do any more than we already do. We convince ourselves that "I don't have time", I'll do it later I'm not in the mood right now", or "I need a break so im going to take some time off". There's always time to be found somewhere, just like there's always more money to be found if you desire it enough. So do more! By this I mean start your side hustle or other stream of income. It could be anything. Anything that you know you can give good honest service to. If you're just out trying to make money then this side hustle will quickly fail. The only way to start and grow a successful side hustle is to offer real service, to real people and love doing it. They key to this side hustle, once you meet the other three criteria is, you have to give it 100%. This is where the doing more part comes in because I know you're thinking " sure, a side hustle, I can manage that.. I'll start a blog that will only take me maybe 10 minutes a day to write a bunch of stuff down and then CHA-CHING" Sorry but it won't work. I mean... that blog idea will work but there won't be much of a "CHA-CHING" at the end of the month. The Strifecoach specializes in micro marketing for life coaches, life coaching which is a fantastic field with many opportunities to help others as well as make an additional stream of income, but if you think you'll just certify as a life coach, start a twitter to get your name out and start raking in the cash well, I'm sorry but you have another thing coming. To be a successful life coach means a second full time job if it isn't already your primary one. Additionally, "full time" job doesn't necessarily equate to "full time" income. Why? Because that's one of the best parts about being your own boss... you often work for free! Okay that's not true because as the owner of a company everything an owner does is to benefit that company, even if those benefits aren't realized immediately, hard work always pays off. The point is that how much time you put into your side hustle is exactly what you'll get back in revenue so when you get ready to start, whatever it is you start make sure you're always striving to do more. You need to consistently hustle and promote and create, ESPECIALLY when you find yourself saying "I don't want to" or "I don't have enough time".
Not seeing any results from all of your hard work? Don't give up, keep pushing and keep going. Eventually signs of progress will start making themselves evident to you.
These couple of things are a great way to get started realizing your way to riches with basically nothing, all you need to do to get started is show up every day.