GIVEAWAY: Silver Membership – The Keys to Become Wealthy

Introduction

A lot of people want to become wealthy. They think that they will finally feel financially secure when they do. They think about how it will feel to never worry about money again. And yes, they do think about some perks, like fun trips and nights out.

Many people think that “being rich” means making more money. Or, they believe that a big house and a nice car are signs of wealth.

Here’s the thing, though!

You won’t be rich just because you make a lot of money. If the bank owns your car and your house, no matter how big or nice they are, you are not rich. You are just like everyone else, in debt and living above their means.

To be wealthy, you have to save up money. It means that your wealth grows. It means you own your things (rather than having bank-owned assets with huge payments that leave you struggling every month).

3 Keys to Become Wealthy

If you want to be that rich, pay attention to these three things. Even though they are simple, don’t dismiss them. There is more to their simplicity.

Key #1: Earn

So this is probably the easiest key to find. To start saving and investing, you need to get some income. It could be from work, which is often the initial source of income for most people. It could be from a business. It could even come from a mix of the two.

But the point is that you need a steady way to make money. The most important thing is that this stable source of income needs to bring in more money than you need for basic living costs. 

Now let’s talk about the second key.

Key #2: Save

Many people who start making money act like they can’t keep it in their pockets. In other words, they must use it. And sometimes, they spend like there is no tomorrow.

For example, buying coffee and muffins from Starbucks twice a day can quickly add up to a couple of thousand dollars a year.

Going out for a “night on the town” four or five times a month is another way to quickly take a lot of money out of your bank account.

Or how about some of the bills you pay without thinking, like your cable bill? Many spend more than $100 monthly for hundreds of channels they never watch. Those are the bills where you can cut back quickly without feeling like you’re giving up a lot.

It brings us to an important question.

How much do you have to give up, anyway?

The answer depends on how rich you want to get, how much money you are saving, and how much you are spending now.

But there is good news: it’s about finding the right balance.

You don’t have to eat cheap soup packets that cost only 10 cents for every meal. You don’t have to get rid of your car and take the bus. You don’t have to live in a box on the street to save money on your mortgage or rent.

After all, nothing is sure about the future. So it won’t help much if you work hard all your life to have a few million dollars in the bank when you die.

So, if you want to be smart about your money, you need to plan ahead. And the way to do that is to set some goals for yourself.

First of all, you should put some money away for emergencies. Most of the time, this means putting about six months’ worth of living costs in an easy-to-get-to savings account. So, if you lose your job, your business goes under, you get sick, or your other regular source of income stops coming in, you’ll still be fine. You’ll have a cushion of six months.

Second, you probably want to save money for some short-term goals. For instance, you might want to save a few thousand dollars for a trip next year. Or, you might have another big purchase coming up, like home repairs or renovations, a wedding, or something else.

In every case, you need to figure out how much money you need and when you need it. Then you can figure out how much money you need to save each month.

What about saving for retirement and other long-term goals?

Every month, you need to put money away for your retirement. If you are a beginner and don’t have much to save, don’t overthink the amount. It is crucial to develop the habit of saving more than the amount.

But you don’t want just to save all of this money in a bank account. Instead, you should put it to work to make it grow. It leads us to the third key.

Key #3: Invest

The last key to getting wealthy is putting your money to work. And that means you have to invest it.

The good news is that there are many different ways to invest your money, so you’re sure to find a balance that works for you. Here are a few of the most common:

• Stocks
• Bonds
• Currencies
• Mutual funds
• Investing directly in business (your own or someone else’s business)
• Artwork, antiques, precious metals
• Real estate

2 Keys to Choose Suitable Investments

How do you choose a suitable investment tool for you? Here are two keys to consider: 

Risk Tolerance

You need to figure out how much risk you are willing to take and then choose investments that match that level. Your risk tolerance depends on how long you have to save for a goal and how comfortable you are with certain types of investments.

As a general rule, investments that could bring in a lot of money also come with a lot of risks. And in the same way, investments with low returns tend to be less risky.

For example, young people saving for retirement may choose a portfolio with riskier stocks because they have decades to recover if one or more of them loses money. On the other hand, someone who is getting close to retirement will invest their money in much safer ways. 

However, neither group should put all of their money into one type of investment, which brings us to my next point.

Diversification

You need to do different things. Diversifying is a natural way to spread the risk. You can invest in various investment alternatives, like stocks, real estate, businesses, etc. You can also spread out your investments within each type. For example, if you want to buy stocks, you should purchase shares in various companies in different industries, some of which are already well-known.

Conclusion

So there you have it, the three simple keys to growing your money:

• Make Money
• Save Money
• Grow your Money

These keys look easy on paper but are harder to follow in real life. Most people struggle. They have trouble bringing in enough extra money to save. Then, when they make more money, they usually spend it instead of saving it. A lot of people don’t even think about investing.

Giveaway

Since you’ve gotten this far, you must be different. You want to find out more about how to make money, save money, and invest. You want to be sure of your money. You want the peace of mind that comes with having a big nest egg in your bank account.

The good news is that you can take a big step toward your goals right now. All you have to do is join the Wealth Upgrade Club today to find out what the best investors in the world know about making, saving, and investing money. Join right now while it is still FREE by clicking here. Do it right now because now is the best time to start planning for the future.

If you’re interested in this topic, follow us on our social media channels (FB and Twitter). We will post more about this topic in the future.