Surely you want to learn how to get rich in a small town. Surely you are also thinking that to get rich you need a very high salary, one with a lot of zero on the right. However, wealth goes beyond how much money you earn.
Reality shows us that it is your economic habits, those little details that you practice on a daily basis, that differentiate between one full of abundance and prosperity, and one in constant financial stress.
- 1 11 Tips to Get Rich in a Small Town
- 1.1 1. First, change your way of thinking:
- 1.2 2. Learning how to be rich is not about showing it:
- 1.3 3. Know your income and expenses:
- 1.4 4. Get out of all debts:
- 1.5 5. Think of your future as a long-term project:
- 1.6 6. How to get rich requires you to increase your income:
- 1.7 7. Create your own business:
- 1.8 8. Investment, the key to wealth:
- 1.9 9. Build your heritage:
- 1.10 10. Set goals and define where you want to go:
- 1.11 11. Automate decisions regarding money:
11 Tips to Get Rich in a Small Town
We leave you a series of habits that will teach you how to be rich and improve your personal finances.
1. First, change your way of thinking:
One of the first steps to be a millionaire is to change your way of thinking. You must ask yourself how to develop a mindset that contributes to your quest for how to be rich.
2. Learning how to be rich is not about showing it:
In other words, live as if you were a secret millionaire.
This subject is important, since many associate the image of being rich with jewelry, mansions and luxurious cars, when the reality is quite different.
Thomas Stanley reveals in his book The Millionaire Next Door , after interviewing different millionaires for 20 years, that wealth and abundance are commonly generated as a result of hard work, a saving mindset and living below income.
So if you want to learn how to be rich, you should start with something quite simple: Spend less than you earn. If you don’t control your spending, you will never be rich regardless of how much money you earn.
3. Know your income and expenses:
Most people dream of being wealthy and even have good intentions when it comes to improving their finances.
The problem is not that they want to be millionaires, but that they are not clear about the real state of their personal finances; They don’t know how much money is going into their bank account, much less what is going out.
4. Get out of all debts:
Before thinking about how to be rich, you should get out of all your debts, especially those that are considered “negative debts.”
Within the list of negative debts are credit cards, consumer credits, and all those commitments that do not generate income.
On the other hand, good debts are those that leverage you to build assets that generate income or dividends that allow you to pay interest and keep a surplus. For example, business loans that allow you to start or grow your company.
If you currently have loans, we have created a guide where we explain step by step how to get out of debt quickly. This is the first step in your search for how to be rich.
Now, once you learn how to manage your debts, you must learn how to use credit cards, since these are a really useful financing tool if you know how to manage it.
5. Think of your future as a long-term project:
If you are young, you may think that your retirement is a very long-term goal, so for now you do not think about it.
In addition, it is surely not your priority, since you have other plans for weekends, in the payment of your debts and in the money for your holidays.
It is a fact that learning how to be rich implies making difficult decisions, of those that not everyone is willing because of what you must sacrifice.
6. How to get rich requires you to increase your income:
Millionaires are not satisfied with the amount of money they are making, especially when they have not reached their goals.
This does not mean having excessive ambition, and much less that you are not grateful for what you have achieved, not being satisfied means that you must find everyday ways to diversify and increase your income .
7. Create your own business:
How many employees appear on the list of the richest men on the planet? How many entrepreneurs are there? Investors? The point is, a job won’t make you a millionaire.
Find out what you are passionate about and learn how to start a business . Surely you are going to be wrong and fail, like the vast majority of entrepreneurs, but if you enjoy what you are doing you will have the courage to try again and start building your wealth.
While entrepreneurship is not a requirement for learning how to be rich, having an entrepreneurial mindset is. Think of it this way: The more people you impact with your decisions, the more opportunities you will have to earn money.
Ask yourself how many people you are impacting with your actions and you can have an estimate of how much your income will be. The successful entrepreneurs have this very clear idea.
If you do not add value in a unique and differentiated way you will not be rich. It doesn’t matter if you are an entrepreneur, investor or employee, the people you reach must perceive that what you offer is unique and worth their money.
8. Investment, the key to wealth:
Many people do not know where to invest their money . They wonder what are the most successful investments to put their money to work.
The first thing we must make clear on investment issues is that you must invest in those areas that you master.
It is useless to invest in the stock market from home if you do not know how it works, nor is the profitability of real estate if you do not know the cycles in which you must buy and when you must sell.
People who invest in things they don’t master often end up losing their money. Do your homework to research, read, and learn before investing your money. Well hard to get is for you to lose it out of ignorance.
9. Build your heritage:
We have already mentioned that to get rich you must not only save money, but you must generate new sources of income and start investing your money.
That is, it is clear that a job will never make you rich, save money in a piggy bank either, invest in things that you do not understand much less … so, how to be rich? Start accumulating assets, building your wealth.
An asset is nothing more than a resource with an economic value that you own or control with the expectation that it will generate a benefit for you in the future.
An asset can be a profitable business , a portfolio of stocks or investing in the right real estate (not all properties are a good investment, it is your choice and what you do with them).
10. Set goals and define where you want to go:
Like high-performance athletes, who imagine over and over again making their winning shot, knowing what you want to achieve with money increases the likelihood of achieving your financial goals and learning how to be rich.
It would be a good idea to have a 5-year financial plan, where you specify the economic objectives you want to achieve in this period of time, and the way you plan to achieve it.
For example, one of your goals may be to save the money equivalent to 6 months of work in case of emergencies, or to save enough money for a large event, such as the down payment on your home, or for the initial investment of setting up a franchise .
11. Automate decisions regarding money:
The power of the mind plays a fundamental role in learning how to get rich. The more automatic the process is, the less chance you have of making wrong decisions.
For this you can create rules that you can apply in the decisions you have to make every day against your money.
For example, what if the decision to buy that dress you don’t need or that new cell phone was as easy as following a rule that you cannot spend more than $ 300 on a product / service that is not essential to your life. ?
These kinds of rules, tricks, and strategies that we implement for ourselves – like spending no more than $ 15 on a meal, $ 25 on clothing, $ 50 on your cell phone – can go a long way to simplify all the decisions you make every day.
According to some economists, implementing these types of heuristic rules can help you develop good economic habits, and consequently contribute to your quest for how to be rich.
Now, if you think that implementing these rules is a difficult commitment to fulfill, start with something simple, such as eating out only twice a week, using your credit card in certain situations.