In Enterpreneurship by Oluwaseun Samuel on the 04th, September, 2017

6 Facts You Have to Face If You Want to Be Rich

There is no sure-fire way to become rich. (If there was, I wouldn’t be writing this article — or at the very least, I’d be writing it from an island retreat, not a coffee shop.) But there are things you can do to increase your chances of accumulating wealth. These things aren’t all sexy, ride-around-in-a-convertible fun. But if you want to have a bank account that’s full to the brim, here’s what you need to know.

1. You Need to Invest

Investing intimidates many of us. And yes, there are ways to get rich other than investing. But on the 2013 Forbes Billionaires List, the largest section of billionaires — 148 folks total — made their wealth through investments. Whether they’re in stocks or something like real estate, not only do investments give you an opportunity to make a large amount of money, but they also help you generate passive income — money that comes in without you doing any direct work. After all, there are only so many hours in the day that you can actively earn money — so it makes sense to put your money to work for you.

2. You Need to Start Now

When you save and invest, you earn interest. And while that interest is great, what really helps your money grow is compound interest. Basically, the interest you earn also earns interest, and so on. Over the course of your lifetime, this can make thousands — or even millions — of dollars of difference. Basically, the earlier you put money to work, the more work it can do for you.

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And starting now doesn’t just apply to investing — you should start working early, too. Many rich people are talented, but they also work very, very hard to develop their skills. The sooner you start developing your skills, the more prepared you’ll be when an amazing opportunity comes your way.

3. Making Money Is Hard Work

I know — I’ve already brought up hard work a few times. But wealthy people do a lot of work. Wall Street Journal writer Rob Frank cites a study noting that people who earn over $100,000 a year spend less than a fifth of their time on leisure. And according to Tom Corley, the author of the site Rich Habits, most wealthy people also wake up three hours before their day jobs start to — yup — do more work.

4. You’re Probably Spending Too Much

Every dollar you spend is a dollar that you could have put to work earning that sweet compound interest. I’m not saying that you shouldn’t spend some of your money now — I believe that money is a tool that helps us do things that make us happy. But if you’re serious about becoming wealthy, remember, once again, the magic of compound interest — the more money you put to work, the more it can do.

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