Becoming Wealthy Isn’t Always Comfortable, But It’s Possible!

(Image Courtesy of Pixabay)

We all want to become wealthy, that’s no secret. With wealth comes financial freedom, the knowledge that should income stop for a week or two, the world continues to move forward, and a level of comfort that those in the rat race just won’t experience. While just about everyone wants to be wealthy, the truth of the matter is that very few ever actually attain wealth. After all, it’s not easy. Nonetheless, as T. Harv Eker put it,

“If you are willing to do only what’s easy, life will be hard. But if you are willing to do what’s hard, life will be easy.”

Today, we’ll talk about lifestyle changes that you can make that, while some may be difficult to get used to, can help you on your path to find wealth.

Start Investing NOW!

Even if you don’t have a ton of money to invest, investing a small amount of money every month can pay off big in the long run. More importantly, the sooner you start, the better chances you have of attaining wealth. That’s because investing comes with compounding gains. Every time your investments gain in value, they start to work harder, leading to even larger gains. While having an emergency savings account is important, savings accounts are offered very small interest rates and little return on investment. However, investing will make your money work for you and the sooner it starts, the more money it makes you!

Pay Off Your Debts

Today’s society largely lives on debt. If we can’t afford it, we charge it or get a loan for it. Unfortunately, this leads to interest expenses that greatly increase the price we pay for these products. Wealthy people got there by thinking about things in a different way. They knew that debt would cost them in the long run, so if they couldn’t afford it, they didn’t buy it. While this is a smart habit to take on, if you’ve already got debt, it’s important to pay it off as quickly as possible. Doing so will remove the ceiling that’s keeping your financial stability from growing.

Become Ultra-Frugal

Frugality is an important key to finding wealth. At the end of the day, if you spend money that you don’t need to, you’ll have less money to invest and build wealth with. Instead of looking money as a means to a commodity, it’s important to look at money as a commodity as well. After all, money is a utilitarian commodity when it is used to invest as it yields a return! So, moving forward, before you make any purchase outside of necessities, it’s important to ask yourself a single question:

“Is it worth delaying my financial stability to have this product right now?”

Sure, it’s important to reward yourself once in a while. However, when you think about the effect that buying products has on your ability to attain wealth, chances are that you will start spending less and saving more, a habit that the wealthy have mastered.

Consider A Side Hustle

Working 8 hours per day can be tough, and working any additional hours, well that may be unthought of. However, many millionaire entrepreneurs got their start by working a few hours per day building a side hustle after working their full time jobs. Finding ways to work from home and then building these into businesses has been the path that many have taken to quit their day jobs and become their own bosses. Sure, it may be tough, but as mentioned above, becoming wealthy isn’t necessarily easy!

Set The Alarm A Bit Earlier

Interestingly enough, there have been various studies that have found that the most wealthy people tend to wake up early. In fact, a 5-year study of 100 self-made millionaires recently found that more than half of these self-made millionaireswake up at least 3 hours before their workday starts.

While there is no proof that waking up will help you become wealthy, it is believed by many that waking up early gives your brain the time it needs to fully awaken and become productive before starting work. As a result, you are at your best throughout your entire work day.

Final Thoughts

While becoming wealthy isn’t necessarily going to be easy, it’s clearly not impossible. In fact, in the United States alone, there are more than 11 million millionaires that are living proof that attaining wealth is possible. Following the tips above will give you a better chance of joining the millionaire club.