Work Hard, Play Hard: Five Tips on Staying Wealthy

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Being wealthy is the dream of many and while money isn’t everything, it sure helps. The ultimate goal of become rich for most is to be able to enjoy their retirement. There is no sure-fire way to get rich quick but with determination and adaptation anyone can become wealthy to the point where money is no longer an issue for them. Many people have taken a small idea and become rich just by following their vision. In this article, five ways to become rich that has worked for many people will be looked at.

1. Investing and stock trading

One way to become wealthy is to go to where all of the money is – the stock market. For some people the road to financial success lies in stock trading and contrary to popular belief, you do not have to be an expert to be able to invest. A person earning a basic wage can put just 20% of their income each month into investments using websites such as CMC Markets.

Using extra income that a person does not need every month can become a large amount of money over time. You do not need to be rich to be an investor and the earlier you start the better off you will be. The key to smart investments and stock trading is looking at it in the long-term. Choose stocks and safe bets that will pan out over time, growing your retirement fund. There is a wealth of knowledge available that can help on the road to understand what the best long-term investments are. Reinvest your dividends as time goes by to help build your riches.

2. Real estate

Many people such as Donald Trump, the President Elect, started their empire by investing in real estate. Land will always be a precious commodity as populations in all countries continue to grow. Renting property can give you a stable source of income and by investing in up-and-coming areas, the value of your property will continue to grow over time. Real estate is often viewed as a solid investment for long-term gains. Once you believe the property has reached its peak or close to it, you can sell your investment and often make much more than your initial investment.

3. Save your money and change your lifestyle

The problem that many people have with money is that when they get an increase in their income, they tend to want to spend more on luxuries. This process results in people never having any real money left over. To become rich even if you do not earn a fortune, start saving and change your lifestyle. By not wasting money on a new car when your current car is perfectly fine is the key to becoming rich. Over time with each lump sum of money saved, you will become rich and have enough money for your future.

4. Make Viral Videos on YouTube

While it may seem like a difficult task, many people from all walks of life have made millions from YouTube’s advertising just by entertaining people. A simple video that goes viral can have millions of views and generate substantial ad revenue. The video can be anything from you singing your favorite song, even if you can’t sing, or posting a cute video of your pet doing something special. Continue to make videos and post them to your channel. With enough videos and subscribers, a YouTube channel can become a goldmine.

Design a Unique Product

If you have an idea for a product or service that fills a unique need that has yet to be filled, then you could have a million dollar idea. You do not need to have huge amounts of capital either with the many ways to crowd-source the investment you need to get your idea off the ground. These crowdsourcing websites have people waiting to get behind a great idea and want you to succeed. Ensure that you have an effective business plan that can allow you to reach your goals, and follow it. If you need help to run the business once the capital and initial product testing is complete, then hire someone who can help you.

Written by Worthly


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