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There Are No Secrets to Becoming Wealthy

by SMD 


Some thoughts to myself, about what it REALLY takes to become wealthy.

Every time I pick up a money magazine or log on to a website to read about personal finance, I see the same type of stuff. People are always talking about money and the “secrets” to getting rich. Like most of you, I have been trying to find this secret for the entirety of my life, but I have yet to see any real, justifiable basis for believing that one exists. To put it frankly, there is no secret formula to accumulating wealth. Becoming rich is about hard work, a clear vision, and the staunch ability to follow through on that vision.

Getting rich isn’t about finding the cure to cancer or creating the next Wal-Mart. You just have to know where you are going and have a plan to get there. That’s the easy part, to say the least. Following through on that can be significantly more difficult. Here are some of the not so secret things that rich people do in order to accumulate their wealth.

Have a Passion for your Work It doesn’t matter if you’re a freelance writer or a pharmacist. If you don’t have a passion for your money making machine, then you are going to have a hard time being successful. Research has shown that more than 80% of millionaires in the United States say that they had a true passion for their line of work. (And half of the rest had a true passion for inheriting their parents’ fortunes!)

Making a Plan This isn’t rocket science, either. You won’t ever become wealthy by sitting in the debt cycle or a spending cycle. If you spend every dollar that comes in, whether that’s ten dollars or $100,000, you are going to struggle to accumulate real wealth. The key is to be honest with yourself about where you, and then try to map out where you’re headed. In order to come up with a good plan, you can’t just consider yourself, though. What about your wife, your family, and your job? Make it realistic, and don’t plan on hitting the lottery.

Pay Yourself What does this mean? It means that every time you make money, you have to pay some to your investment or savings fund. Even if you are starting small, this is the best way to start learning how to save. Don’t put that money in the piggy bank, either. Set it off in a low risk account that will grow at 5% each year. It might not seem like much right now, but remember that you are planning for the long haul. Getting that idea into your mind will help you get better at this whole financial planning thing. The U.S. government has a special section on retirement planning.

Stop Spending!
You might not believe this, but there’s probably a millionaire living in your middle class neighborhood. Sure, he or she might not flaunt their money and buy expensive things, but they’ve got it sitting in the bank if they want to. Most wealthy people are wealthy because they understood from an easy age how to get nice things at a bargain. They don’t have to spend every dime on new, fancy things. Instead, they let their money build upon itself.

Successful people don’t get there by accident. They have a plan and they make themselves stick to it. It might seem difficult at first, but after some time and practice, you can start thinking like a wealthy person, too. To read more about retirement planning, check out the resources provided by CNN’s Retirement Tips and Advice.

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Comments

2 Responses to “There Are No Secrets to Becoming Wealthy”

  1. yeehaa on January 14th, 2008 1:03 am

    Also you need to ensure your significant other understand and agrees to your plan. Getting rich needs commitment and sacrifices…

  2. fathersez on January 19th, 2008 8:02 am

    You are right. Getting rich should be a breeze. The rest of the rules are all frills.

    And the difficult part is in the execution.

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