Most of us are so much obsessed with making money, that we don’t even give a second thought before risking out hard earned money.
Risking money to make huge money is perhaps the most popular method of trying to become rich. Other popular methods are lottery tickets, network marketing etc.
But do you know what? Trying these methods will make you more miserable than you actually are.
You don’t need the stock market to become rich
In fact, I would suggest you to stay away from it. There are more reasons for you to lose money in the stock market, than there are stars in the universe.
I don’t say that no one can make good money from the market, because I actually know people who are making a living from the stock market and some of them are even filthy rich.
However, the chances of the common man becoming a millionaire from the stock market are extremely slim.
I don’t want to discourage you.
I actually want to save you from spoiling your life.
In fact, life will be far better off if you stay away from the stock market. Because, there are other ways to make money that are safer and more satisfying from the stock market route.
Nevertheless, if you insist upon the stock market route then be prepared for the following things:
- Building huge debts
- Strained relationships
- Frustrated days and nights
- Becoming broke
- Hating yourself
- Feeling like a loser
- Feeling as if you are following a mirage
So what should you do if you want to become rich
The first thing that you should do if try not be become poor.
What does that mean?
A poor man does not have money. So try, never to be in a situation when you do not have money.
In other words, always keep some money aside. As long as you have kept some money aside you’ll never be poor.
The second step is to ensure that you never get under debt.
We usually come under debt when we are not prepared for certain circumstances:
- Medical emergency
- Marriage or some other occasion
- Fees, etc.
Always keep some money aside for meeting financial emergencies.
One other reason why we come under debt is our lifestyle. We buy things which we are not able to afford. With the advent of EMI, most of us find it easier to buy expensive phones, cars, bikes etc.
But on the long run, these add up and build huge debt.
In short, don’t buy things that you do not need. Understand one thing very clearly – you needs and your wants are totally different things. Don’t confuse your needs with your wants.
You need a phone. But you want an iPhone. But, actually, you don’t need an iPhone. You just need a phone.
See, what’s the difference between needs and wants.
Once you have mastered over your wants and needs, you need to focus on the third step.
The third step is to build upon your savings. Add some money to your savings each and every day.
A moneyless man is of no use to anyone.
If you have money with you, then you’ll be able to help not only yourself, but also your family members, friends and society at large.
But for that you need to have money in your account. And, the best way to make money is to save money.
You might think that saving money is never going to make you rich. But you know what? If you don’t know how to take save money, you’re never going to get rich.
The art of saving money is critical to becoming rich. This is a habit that you’ll have to develop and master if you are serious about becoming financially independent.
Don’t even think about investing money yet. Your aim is to just save money. Don’t fall for the trap of making money from money. It will ruin you.
Once, you have mastered the art of saving money and made it an addiction, you’re ready for the fourth step,which is actually the final step.
The fourth step is to generate other income streams that would trickle money into your bank account.
You can start an income stream by using any of the following methods:
- Start a blog
- Start a YouTube Channel
- Take tutitions
- Become a freelancer
- Grow organic food in your backyard and sell them
- Provide services, etc.
The fact is that you’ll need multiple streams of income to become financially independent. Don’t expect any one source to make you a millionaire. And most importantly, don’t expect a miracle to make you rich.
Making money in the stock market is one such miracle in which people have always believed and will continue to believe. Do you know why? Because, once in a while the stock market gives good money to each and everyone who participates in it. But, in the long run, it sucks each and every drop of blood from its victims.
Don’t fall for its enchanting trap.