Almost everyone wishes to be rich or wealthy at some point in their lifetime. Whether the wish is to be filthy rich or just have everything one needs and wants, the baseline is a wish with no action is useless for you cannot achieve that which you wish for. If you listen or read about the richest people, there is always something common amongst them and that is; working hard, investing, taking risks, spending wisely and self development. Having read some books and listened to different people narrating how they became rich from a poor background, I have realized I can also be rich one day but it takes today to do the right things.
I have therefore compiled a few things I want to avoid and what to do to achieve my dream:
- Financial illiteracy: You do need to have a BCom in Finance, Economics or Business studies to be financial literate. You just have to read and learn the basic mechanics of managing your finances like budgeting, saving and investing. Financial illiterate people usually spend all their income to the point borrowing more than they can afford just to cover their lavish lifestyles. I believe being financial literate opens your mind to opportunities of investing and saving for the future. So I have started getting my self acquainted with practical knowledge of budgeting, investing on stocks and cryptocurrencies and always open to learn about any investment platform available.
- Spending unnecessarily: Sometimes we waste money on things we do not need and we never intended to buy(budgeting). That money you spent on the unnecessary things would have gone to a savings account or invested on something. So always try stick to your budget!
- Not investing earlier: I have seen people enjoying their lavish lifestyles but invested at all. Once they retire that's when they start running around and invest on anything comes around. That is stupid and risky. You can't work for 40 years and not invest at all then want to invest your retirement package; that's dangerous because most investments do not make profits in 1 day. So start investing today so when you retire you enjoy your stress-free life.
- Not building new come streams: Man must NOT live on one source of income! You cannot build your whole life on one source of income. Diversify your income streams. Have your main income or salary and supplemented with other passive incomes, dividends from stocks and other activities like affiliate marketing, blogging, cryptocurrencies etc. When those little incomes come in, do not squander it rather invest more!
I am not a financial advisor but just a Biotechnology student with interest in financial matters and looking to building my own empire!
