How To Be Rich Without Actually Having A Fortune In The Bank

Jan 19, 2021 | Lifestyle

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Getting rich is a massive challenge. Not only do you have to have good ideas, but you also need to work hard for a very long time.

Virtually nobody makes serious money via get-rich-quick schemes. It often takes a decade or more of relentless perseverance. 

But what if you want to use your time for something else and don’t want to give up the best years of your life to make money? Can you be rich without actually having a fortune in the bank? 

Well, maybe.

1.  Start Investing Early

The power of investing is quite remarkable. You can put away a small amount of money while you are young and then simply wait for it to grow over the subsequent years. 

If you wait a few decades, you can wind up with a massive pile of cash at the end of it – way more than you ever expected you could make. Small investments of a few thousand in your early twenties can turn into millions by your late sixties when you come to retire.

2.  Focus On Your Health

Being wealthy in terms of health isn’t ever guaranteed in life. You could get sick at any time. However, you can invest in your body and make it less likely that you’ll feel under the weather or acquire a serious illness. And that can improve your quality of life far more than money in the bank ever could. 

Most people don’t realise the extent to which they can build health “wealth.” Choosing the right lifestyle strategies can add years to your life. And that gives you more time to enjoy it and accumulate interest on your investments.

3.  Grab deals online

Many of the world’s wealthiest people live extremely frugal lives. Warren Buffett is a good example. 

But why do they do this? 

As Rich Dad, Poor Dad author Robert Kiyosaki puts it, it’s not about what you earn – it’s about what you keep. You have a very modest income and still build tremendous savings throughout your life. 

The trick here is to cut down on your spending in the present. Look for saving opportunities, like Aliexpress cashback, online. Find coupons, discount codes and bulk buy offers. And, if you know that there’s going to be a sale, wait for it to launch before you start handing over your hard-earned cash.

4.  Cut Back On Big Expenses

Three things cut into your budget more than anything else in life: food, housing costs and transportation. 

Think about how much money you spend on your mortgage or when dining out. It’s often a big chunk of your monthly budget. 

And what does it really add to your quality of life? Not a great deal compared to building wealth, right? 

Being rich often involves making conscious sacrifices that allow you to invest more of your money and increase. 

Ask yourself whether you really need to live in a four-bedroom home if there are only two of you? 

Be honest about whether you need a car or whether you could cycle or take the train?

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– a contributed post

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