How to Become Wealthy & Successful: You may think that people that are rich and successful must have had a lucky break along the way? Maybe they inherited their wealth and assets? Well think again, as out of the Forbes rich list of billionaires, more than 60% are self-made. So, let’s have a look at some of the secrets to becoming rich at any age.
1. How to Become Wealthy: It’s All About Investing
Investing in real estate is a tried and tested method on how to become wealthy for many. Although the price of housing can fluctuate with market influences, people needing somewhere to live is a demand that will never cease. Choose the location wisely, and calculate the rental yield the property can command before purchasing, and the returns will be well worth it in the long-term.
2. Forget About Loyalties
That may sound pretty harsh, but this isn’t about throwing your friends and family out, but about frequently changing your financial providers. By annually reviewing who you take out your car insurance, phone plan, utilities, and mortgage with when they come up for renewal; you can save thousands of dollars and will help you to become wealthy. Don’t be afraid to ditch the company you’re with and take advantage of the best deal on the market.
3. Fund a Fixed Rate Bond
Fixed Rate Bonds are like savings accounts, but they have a fixed interest rate for their duration, and you can only access the money once they mature. The period until they mature can be anything from a few months to several years. Get into the habit of searching the banks own websites for their latest Fixed Rate Bond offers and get on the phone and invest before they run out!
4. Set Up a Side Hustle
Being self-employed on the side of your main job is a great way to earn extra bucks. Earning extra money as a side hustle is one of the most effective ways on how to become wealthy. Think of the skills you have, or the need for a service in your area; and see if you can fill the gap. Teaching music or sports, writing, consulting, crafting, and caring for pets, are all self-employed opportunities that can be undertaken without any seed money. So reflect on what you can do and where and start making some more money.
Recommended reading: How Can I Work From Home Online?
5. Further Your Education
Continuing to study even after you have left school is a fantastic way to stay at the top of your game. Whether it’s going to night school, long distance online learning, or even just buying a textbook and taking an exam in a location near you; you are keeping your skills up to date and are sure to stay ahead of the pack and get that promotion or be chosen at interview for your next position.