Check out now 15 ways to get rich being poor.
1. Have an Online Business That Works for You
The first way I’m going to mention how to get rich being poor is by setting up an online business that works for you.
That’s right, with an internet business you’ll work to assemble and apply marketing strategies to your online business and put it to work.
Having a business on the internet gives you numerous advantages, such as worldwide reach, geographic and time freedom, scalability, in addition to the earning potential , which surpasses any other, especially if you are going to work with infoproducts, which needs very little investment and which you can start from scratch even without money to invest .
In addition, with an online business you will have a passive income and you can use your time to apply new strategies to get rich.
2. Start saving
To get rich being poor you need to start saving. No one gets rich by spending more than they earn.
To start saving, you need to know how much you earn and what your fixed and variable expenses are.
To be able to save, you need a change in mindset and behavior.
It may seem difficult at first, but you’ll see that it’s worth it and that it’s a matter of habit.
Here are some tips to get you started saving:
- Avoid buying with a credit card
- Prefer cash payments
- Avoid impulse buying
- Use bank accounts that do not charge fees
- Take the calculator to the supermarket and compare prices
- Gather friends at home instead of going to a bar or club
- Carpool to work
- Cancel subscriptions you don’t use
3. Make assertive choices
Contrary to what many people think, saving money does not mean going through hardships, but it does mean not spending money on unnecessary things to reach a goal in the future.
Making assertive choices means consuming consciously , avoiding those temptations of selling out of stock, Black Friday and commemorative dates and avoiding buying on impulse.
4. Study about personal finance
To start saving, make assertive choices and become rich while being poor, you need to study personal finance.
Learn how to handle money, create multiple sources of income, create an emergency reserve and make good investments.
With a good financial education you can organize yourself and find the way to become rich being poor.
5. Organize your bills
In order to organize yourself financially and become rich, you need to organize your accounts.
Use a spreadsheet or application to record all your expenses and earnings to be able to have control and be able to save to invest.
When you write it all down, it becomes easier to identify where your money is going.
A lot of people are surprised to see the amount of money spent on coffee and some nonsense bought throughout the month and that make a big difference in their budget.
6. Beware of promotions
Avoid visiting stores in times of out-of-stocks and big sales such as Black Friday, Christmas and Mother’s Day, for example.
These dates represent a danger for those who want to become rich while being poor, as commerce focuses on impulse consumption, driven by emotions.
You also need to be careful with those “unmissable promotions”, which usually have a catch behind them.
7. Set goals
Just wanting to get rich won’t motivate you enough to save and look for ways to make more money .
It is necessary to set clear goals, because that way you can be motivated to continue saving.
In addition to setting goals, you also need to set a deadline for each of them.
8. Create an emergency reserve
Anyone who wants to get rich while being poor needs to build up an emergency fund.
Creating a reserve will give you security in the face of unforeseen events and give you more peace of mind to save and invest for the future.
To do this, you need to write down all your monthly expenses and multiply them by six (which represents six months). The total will be the amount you need to put away as an emergency reserve.
9. Pay your debts
Once you’ve built up your emergency fund, it’s time to pay off your debts.
The interest charged on debts is far greater than the yield on virtually any investment.
Therefore, it is smarter to pay off debt first and then start investing.
10. Study about investments
Get to know the financial market and learn to invest.
On YouTube you can find many finance channels where you can learn, for free, how to invest the money you manage to save.
If you want to go deeper into this universe, there are several trainings where you can learn how to get rich being poor by investing a percentage of everything you earn.
11. Invest part of your money
Investing is the secret to getting rich while being poor.
After studying about investments, it’s time to start getting your hands dirty and investing part of the money you receive.
Whenever you get some money, “pay yourself” first. Separate at least 10% of all the money you receive and invest, to make that money yield.
Remember that you will first create your emergency reserve and pay off your debts (if you have any), and then start investing.
12. Always round income down and expenses up
I’ll explain: When you’re going to make your financial notes and have a bill of R$ 170 to pay, round it up to R$ 200. If you’re going out with friends and you have R$ 170, take R$ 100.00.
If you do this, you’ll see the difference it makes at the end of the month and you’ll create the habit of saving to invest.
13. Choose adequate financial solutions for your reality
First think about your day-to-day needs and goals for the future, then think about the solutions that best suit you.
If you don’t like to travel, instead of taking out a credit card that offers miles, choose one that offers other benefits, such as discounts on purchases, for example.
If you have a streaming subscription, but you barely watch anything, you might wonder if it’s worth keeping the service.
14. Use the 50/35/15 system
Personal finance experts recommend that you use the 50/35/15 system to get your spending under control.
The system consists of separating 50% of your income for expenses that are essential (health, education, housing, food…), 35% for non-essential expenses, but that you want to maintain (gym, bar, gifts…) and 15% to invest.
15. Be patient
To finish the 15 ways to get rich being poor, the tip is to be patient.
First you need to understand that being rich is something particular, in which each person has their goal of wealth.
Also, getting rich is a process that takes a while and requires patience and persistence.
Generally, wealth that comes with speed, goes away the same way, especially if it comes from something dishonest, it’s the law of life.
Therefore, if you want to get rich, put into practice all the tips left here and be patient, because you will get there!