Becoming rich : 8 Strategies and 4 Traps to avoid

It takes a combination of luck, skill, and patience to get rich and the most important is you need a good strategy, and to set yourself on a path that leads to a monetarily enriching career, then handle the money you earn wisely by investing it, saving it, and reducing your living expense.
There’s no straightforward way to guarantee yourself a rich future, but with a good strategy, it’s definitely possible.

Here are some get-rich-quick traps you should avoid :

  1. Win the lottery. It’s common knowledge that we all have a better chance of being hit by a meteorite or struck by lightning than paying for a Tesla with an oversized Powerball check. you are targeting that million $ prize and they are targeting that one dollar you pay to get it but the only difference is they always get your 1$ while you only get depression.
  2. Become Instagram famous. At the risk of sounding like a crotchety old man, I remember a time when kids weren’t betting their futures on getting paid for their bad selfies.
  3. Become a pro athlete. Please don’t count on this. Not only are the odds of becoming a pro-athlete incredibly small, but it also requires a lifetime of practice, iteration, and dedication to improvement. Also, who actually likes sports?
  4. Don’t get enticed by day traders who tell you it’s easy to make a quick buck. Buying and selling dozens of stocks every day is essentially gambling. If you make some bad trades — which is unbelievably easy to do — you can lose a lot of money. It’s not a good way to get rich.

However, I promise that if you take any of these steps, you’re setting yourself up for long-term success.

1: Choose the right profession

Look at salary surveys that indicate average annual incomes for specific professions. Your odds of getting rich are diminished if you pursue a career in teaching as opposed to a career in finance. Here are some of the highest-paying jobs in America:

  • Doctors and surgeons. Anesthesiologists make a whopping $200,000+ per year.
  • Petroleum engineers. Engineers who work with gas and oil companies can make a very good living. In most cases, they make upwards of $135,000 per year.
  • Attorneys. Lawyers top out at just above $130,000 per year, making this a lucrative field if you can put in the time.
  • IT managers and software engineers. If you’re good at programming and a whiz at computers, consider this very well-compensated field. IT managers regularly make $125,000 per year.

2: Side Hustle

This is one of the fastest ways to get started in the business. By utilizing your skills and talents, you can start freelancing and generating a steady source of income on the side.
If you choose this option, you can quietly earn an extra thousand dollars a month on the side. And the best part: you don’t even have to quit the job you already have.

3: Online Business

With an online business, you can reach millions of people on the internet every day while scaling your product to help you earn millions online.
To start an online business, you need to choose from 6 different models:

  1. Software (including apps)
  2. Physical products
  3. Advertising
  4. Affiliate marketing
  5. Coaching
  6. Online courses

4: Invest early and often to become rich

The single most crucial thing you can do to ensure your financial future is investing — and the sooner you start, the easier it is to get rich.
Say you’re 25 years old and you decide to invest $500/month in a low-cost, diversified index fund. If you do that until you’re 60, how much money do you think you’d have?

5: Pay down your debt

Before you start saving and investing money, it’s very important to pay down any debts you may have accumulated. Credit card debt, student debt, and even car loans can carry heavy interest rates that drag you down, demanding monthly installments that chip away at your revenue while racking up additional interest and penalties that take away even more money from your future self. Don’t let this eat away at your potential; make it a first-line priority to get rid of your debt as soon as possible.

6: Practice conscious spending like a rich person

I’d never tell you to skip on spending on the things that make you happy. Just do so purposefully, and by avoiding the mindless spending that can come from disorganized finances.
most poor people spend so much to look like rich ones, while the rich people have only one goal is to be rich not look like one

7: automate your finances

8: Start your own business

This is my all-time favorite answer to the question “how to become rich?” I’ve always believed that there’s a limit to how much money you can save — but no limit to how much you can earn. This is especially true if you start your own online business.