Become Rich: Practical Steps to Achieve Financial Success - The Formula Part 2

Welcome back to another quick self-help article! Today, I'm going to give you some practical steps you need to follow to become rich. If you haven't already, I recommend you go read my first article about this topic. It's important to do that before you read this episode, as the previous article helps you build your foundation by explaining the inner game you need to master to become wealthy.

Building a Wealthy Mindset

As we previously discussed, to become rich, you need to create a new identity for yourself. You need to change your limiting beliefs and have clarity about why you want to become rich by creating a life purpose. While the previous content focused on the inner game, this episode will approach the topic by giving you practical steps that will help you become wealthy.

Before we start discussing these steps, I must tell you that this is not a formula nor a get-rich-quick scheme. What I'm going to share are principles I believe most people need to actualize to get rich. You should prioritize these steps depending on your current life situation. You need to be able to identify where you need to improve the most and work on that.

Step 1: Invest in Yourself

To become rich, you need to invest in yourself. You must become a valuable person. Here's how it works: as a general truth, people pay in exchange for what you have to offer. Let's assume you have a regular job, and you are the department manager of a decent clothing store. In that case, you will be paid in exchange for your services and your time. Your salary is higher than that of one of your cashiers because you have a leading position that demands more responsibilities, more stress, and more knowledge. You get paid for what you know, your ability to manage, and your performance.

People who are closer to the top of the hierarchy get a better salary than those at the bottom. This logic is simple: if you invest in yourself, you can offer more, and therefore you get a better paycheck in exchange for your knowledge and abilities.

When I say invest in yourself, I refer to both time and money. One must invest time before anything else because it takes time to develop a new skill or improve an existing ability. You need to be willing to invest your time. Only after you become good at something will people start to pay for your services.

Attending seminars, reading books, and watching self-help YouTube videos are just a few ways you can become more valuable. Strive to improve your skills and deliver great products or services to others. Personal development plays a vital role in this process because it helps you improve yourself, offer more value to people around you, and, as a result, become a wealthier individual.

Step 2: Run Your Own Business

The definition of richness varies for everyone depending on desires, needs, ambitions, and background. However, assuming most of you believe that being rich means becoming a millionaire, a regular job will not satisfy your desire. To illustrate this, consider that you are the department manager of a clothing store. There are a limited number of hours you can work per month, and your earnings are tied to the amount of time you work. Unless you have a high-paying job, you won't become rich this way.

The only solution left is to become an entrepreneur. Running your own business allows you to create a passive income, so you are not limited by the number of hours you can work each day. Passive income generates profit regardless of where you are or what you are doing.

However, being an entrepreneur is not as easy as it sounds. It requires taking risks, tapping into infinite intelligence, and becoming more creative. If you want to learn more about becoming an entrepreneur, make sure you subscribe to this channel. I will release a video in the future that will explain everything you need to know about becoming a successful entrepreneur.

Step 3: Understand How Money Works

To become rich, you need to understand how money works, become better at managing your finances, and learn how to invest your money properly. Mastering your emotions is mandatory in this equation. Imagine someone who earns a nice amount of money but is not good at mastering their emotions. That person could earn over $20,000 a month but easily waste that money on the latest gadgets due to their inability to resist their desires.

Learning how to manage your finances properly is crucial. If you waste your money on gambling or unnecessary purchases, that money is not an asset anymore. Making sacrifices is essential, but remember, these sacrifices are for the big picture and are future-oriented.

Step 4: Change Your Environment

Lastly, to become rich, you need to change your environment and spend time with quality people. This is important, no matter what you might think. Some people argue that money will never change them, but the truth is you don't have to change because of money. Instead, you need to change before you make the money.

Spending time with people who inspire you and have something to teach you brings massive benefits. You can learn from their mistakes and successes, and then come up with your formula for success. Getting out of your comfort zone and immersing yourself in a quality environment is crucial. If you're an introvert, reading biographies of people you admire can provide valuable insights.

To sum up, here are the practical steps to becoming rich:

1. Invest in Yourself: Develop your skills and become a valuable person.

2. Run Your Own Business: Create passive income and break free from the time-for-money exchange.

3. Understand How Money Works: Master your finances and control your emotions.

4. Change Your Environment: Surround yourself with inspiring, successful people.

Identify where you need to improve the most and work on that. Deepen your understanding, become your greatest version, and stick with me because I can help you achieve that.

Subscribe to this channel for more insightful articles, and if you have any questions or thoughts, please leave them in the comments below. Don't forget to like and share this article if you find value in it. Follow our social pages for daily inspiration. Stay well, stay focused, and happy wealth-building!