Proven Techniques on How to Become Rich

Dr. Purushothaman
September 7, 2013

Getting to know the ways and strategies on how to become rich will help you gain the ability to create wealth and enjoy financial success. Just what are these ways and strategies? People tend to assume that if they work hard and save money they are going to end up wealthy.

But this is wishful thinking. If working hard and saving money is all we know, we are more likely to end up with some modest but useful savings. If you want to accumulate serious wealth then there are number of proven techniques you can use and some are much more effective than the others. You just have to see for yourself and decide which among these techniques you are adept with. After seeing that for yourself, you can start on following your very own proven techniques on how to become rich.

Create an original idea, make a business out of it and eventually sell it. By far, this is the most effective and proven way to be rich. If you can find a new approach to satisfy a determined need that is not currently met, than you can build a profitable business by addressing that need. You have created real value by doing that and that value translates into opportunity for creating wealth. It could be as simple as a cleaning business, a hairdresser’s, a consultancy or an investment bank. It may take years of determination to build up the enterprise.You need to be patient and skillful, dynamic, persevering, and intelligent. Pull out your entrepreneurial spirit and your reward will be great.

Exploit your skill as a self-employed expert. It has been proven time and again that those who are self employed and independent are more likely to get rich than those who are working for companies. To reap considerable financial reward, develop your marketable skill and retain your independence. This is how celebrities, authors, sports stars and entertainers become rich.

Build a portfolio of stocks and shares. Investment is one among the proven techniques on how to become rich. You can start investing in small amounts and gradually increase your portfolio over time. Exercise prudence in making your investments. When you get a dividend, reinvest so you can increase the amount of your shares. While stock has its ups and downs, over the long run it is a liquid form of investment. Stock market crashes represent great buying opportunities for those with cash and strong nerves.

Multiply your streams of income. Did you ever wonder why the rich seem to get richer and richer? Well, its because the rich are somewhat afraid to lose their wealth, so they do everything in their power to maintain it. But maintaining one’s wealth is not enough. Millionaires actually increase their wealth more and more by looking for opportunities to earn an income even when they already have plenty of it. That is the real secret to their financial success. They don’t stop taking every opportunity and every means to earn money and create wealth. For example, in terms of investments, they go about spreading their portfolio on different assets. That way, if any of the assets goes down, the other assets are there to count on. The same principle applies with work.

If, for example, you have part time job, then you are making use of your free time well as well as you are giving an opportunity to yourself to earn extra income.

Think positive. One of the most neglected principle on how to become rich is positive thinking. Research shows that positive thinker tend to succeed more than those who are not.

Some of the methods discussed above may be difficult, but with patience and determination, those techniques can be your very own method on how to become rich.

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