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How to Get Rich and Stay rich
An 8-step Mini Guide on Building wealth
Getting rich and staying rich are two different things. Getting rich is relatively easy. But staying rich is hard. There is a thin line called financial literacy between the two.
Anyone can get rich. But staying rich requires some financial education.
People became an overnight success and gain millions. But lose everything in a couple of months. How many such stories we’ve heard of sportsmen, rappers, and lottery winners. They are not ready to handle such an amount of wealth yet.
You will handle the million dollars the same way you handle the 100 dollars. Therefore it is essential for anyone to have basic financial literacy.
1. Multiple streams of income
Show me a millionaire who has only one source of income.
Millionaires having multiple streams of revenue is no accident. They know the right strategy. Having only one source of income is like sleeping with a snake. You have to be awake all the time.
“Your first $1000 is your hard work. Your first $100K is smart work.”
Your first few hundred dollars come from specialization or focused hard work. But if you want to achieve financial freedom, you should diversify your income.
The good thing is that earning $100 million is easier than your first $100K.
2. Control your emotions
Emotions are powerful drivers of human potential. If you didn’t take control of them, they will take control of you.
Emotions can lead you to make terrible decisions — be it financial, professional, or personal.
Taking financial decisions using your emotional hunches is very dangerous. More than 80% of the millionaires have agreed that emotions led them to arrive at terrible financial decisions.
3. Embrace failure
When you set out on your path to richness, there will be failures along the way. But every failure will bring an equivalent lesson with it. You have to have the right mindset to embrace failure. And absorb…
