They say that money doesn’t grow on trees and with the decline of print media and the rise of the internet and internet marketing that’s probably true!
However, there are many ways to build more wealth in 2020 but many of them will, no doubt, mean that you will have to make some major lifestyle changes.
Here we list some of the lifestyle traits which have been adopted by the rich and wealthy and all those self-made millionaires. If these tips and tricks have worked for them, there is no reason why they will not work for you in 2020!
Tip 1: Create multiple sources of income
The first tip is to create multiple sources of income. The richest people want to earn money and they are generally not content with just one source of income. More often than not rich people have two or three sources of income. Real estate sales and rentals may be one source of income but usually the rich and wealthy have a side hustle which keeps them busy the rest of the time.
If you are able to bring home two or more paychecks, try living on just one of them and saving the others. This will enable you to put cash aside for the long-term and it ensures that you don’t live beyond your means and inflate your lifestyle to a point where the cost spirals out of control.
Tip 2: Save to invest
Saving and investing your money is how you get rich. The amount you save and invest is actually more important than the amount you bring home in your paycheck. Think about it. If you bring home a thousand but spend a thousand and one you will never make progress in your quest to become rich! Living hand to mouth will never make you wealthy which is why most millionaires save at least 20% of their income and re-invest it in something which will generate them more wealth.
Tip 3: Surround yourself with successful people
The company you enjoy is important. It can be a key influence in your net worth. If you keep company with low net worth individuals the chances are you will remain a low net worth person. Wealthy people usually have one goal and that is to surround themselves by other wealthy people. In doing so, they are also surrounded by like-minded individuals who are likely to be highly motivated to breed more success.
Tip 4: Think big
If you set yourself high goals then you have more chance to achieve great things. If, on the other hand, you sit back in your comfort zone, it’s unlikely that success will come your way. No one ever strikes it rich without huge dreams, high expectations, and hard work.
Tip 5: Automate. Automate. Automate.
The easiest way to generate money is to automate the process. Set up regular transfers to savings accounts. Set up regular amounts to invest in stocks, shares, real estate, or other worthwhile investment instruments.
Work out what disposable income you have and set aside an amount to put away for a rainy day. Save as much as you can and automate the process to ensure that you don’t falter.
Successful people have one thing in common. That is, they start! The single most important factor to becoming rich and being a success is not how smart you are, but rather how hard you work. And the first step to incredible success is to get started.