IT’s MUCH EASIER than what we all think and small steps with the help of compounding over time gives unimaginable results. I have very similar lifestyle like everyone else, I am working in similar job like everyone else, I have similar responsibilities of family and kids like every one else but I understood some PROVEN concepts and I am doing few small things which made me MILLIONAIRE in a very short time. My only regret is that WHY I DIDN’T START EARLY
I like to share 7 PROVEN Mindset changes which I did to GROW RICH.
1. UNDERSTAND COMPOUNDING
START EARLY, START SMALL, Compounding can even turn SMALL AMOUNT into MILLION DOLLAR if we give enough TIME. If you are young then you have best thing ever by your side which is TIME.
$150 invested per month in Index fund for 40 years at 10% return gives you $1 million dollars and this is not something very difficult to ACHIEVE. So, Just imagine what can be done with little bit more money.
I helped my friend setup small investment when she was just 23, she already increased the deposits to $200 per month with in 2 years, she has time her side and no one can stop her creating HUGE WEALTH.
2. INVEST IN YOUR BUSINESS, NOT IN YOUR HOUSE
BUYING A HOME is the biggest decision we make and it has tremendous effect on our lives and lot of people think that it’s their biggest investment and biggest Achievement of their lives. Actually,
It is the biggest RAT RACE ever, it has been sold as our LIFE DREAM by banks to make us slaves for life. Imagine how would you invest if all your money going for monthly payments, property taxes and home maintenance. We left with no money to our disposal for investing after buying home and it never ends, we want to get to bigger house over time and even more bigger house eventually, we just keep increasing our mortgage payments over time as our income grows.
I did just this one DECISION DIFFERENTLY and it made me MILLIONAIRE already within 6 years, I invested and reinvested all my money into RENTAL PROPERTIES which probably the BEST decision of my life. I had enough money to buy any kind of home but I decided to INVEST all that money into a rental property and I am currently living in one of the Unit at my first rental property. The rental property generates enough money that it covers all the expenses and I live there for free without paying any rent or mortgage from my personal account and doing this leaves me more money to invest in more rental units.
3. SETTING GOALS AND PLANNING
WE are directionless without GOALS, we have to tell our brain what we want, so it can figure out how to get it.
SET BIGGER GOALS and break it down to small GOALS over time.
Life is just a long journey in which we are taking small trips daily and doing all the small tasks to earn food and other necessities. SETTING GOALS AND PLANNING like knowing what exactly you want to get or achieve in your life.
Life without goals is like living life without any direction, where do you think life is leading you in 1 YEAR or 5 YEARS or 20 YEARS? WHERE DO YOUR SEE YOURSELF ?
Setting a goal can be something like Starting a BLOG, BUSINESS, buying a CAR, buying a HOME, committing to RELATIONSHIPS, getting PROMOTION, higher EDUCATION or even GETTING RICH etc within a certain TIME FRAME.
TIME FRAME, It’s very important to put a time limit on each GOAL, otherwise it’s always, next month or next year or we will see and we never get to work on our GOAL. There has to be SHORT Term and LONG Term goals, some goals you like to Achieve in 1-3 years and others would take 10 or more years. It’s important to break down LONG Term goals into SHORT Term GOALS to keep achieving them in small steps and to keep track.
Setting Goals is the starting point if you want to be successful in a certain area of your life or want to get rich
4. THINKING BIG
WHAT are your BIGGEST GOALS ?
Do you know that we tend to sell ourselves SHORT?
How some people are BETTER at everything? it always feels like they are probably GETTING LUCKY.
How some people make FIVE times the MONEY compare to average salaries?
How some build so much WEALTH?
It’s because they think FIVE TIMES BIGGER.
“The MAGIC of THINKING BIG” book makes me realize that I need to think bigger and plan to achieve bigger things in my life.
We can achieve much more than what we think, big thinkers believes in expansion, SET HIGH GOALS, figures way to increase income instead of cutting down, thinks about the long term and focus their attention on BIG objectives.
How we suppose to get Rich if we are just thinking to get an average JOB, average HOUSE, cheapest CAR, cutting COUPONS to save on groceries. We will keep on living an average life of MIDDLE CLASS unless we change our mindset to want bigger things.
Our mind doesn’t like extra work and it gives you what you ask, Put your mind to work and set bigger goals, so your mind can figure out the way to achieve it.
5. BELIEVE IN YOURSELF
I BELIEVE IN MYSELF more than anything, I BELIEVE IF I work hard and I can ACHIEVE anything. I don’t give myself any other option, We always find a way to succeed when we believe that it’s possible. If other people are able to do then why I can’t, it’s just matter of learning and working hard.
You need to strongly believe anything you ask or determined to do, you have to be believed that you will definitely can do it then there is not way that it can’t be done.
While growing up in India, we didn’t have much money but my Mom asked her son to become Engineer and she believed it so strongly that there was not any other option even though we didn’t have any resources. It came true and I went on to become a software engineer which changed our lives.
I BELIEVE to run a successful blog and build a business worth $50 million during my lifetime. I strongly believe in this and I can’t imagine anything else and I believe that there is no way IT”S NOT POSSIBLE.
6. WHY ?
IF YOU are reading this BLOG till this point then you are surely want to GROW RICH, so of course, BUT WHY?
GETTING RICH needs setting GOALS and giving your 100% for a LONG PERIOD of time. Most of the people quit after some time as soon as it gets a little harder. What you think will STOP you to QUIT when it gets harder? Does Idea of getting RICH is enough to put your body and mind through hard work. I don’t think so.
I have very good job paying nice money and I don’t need to deal with all the problems dealing with rental properties, I don’t need to sit long nights to write this blog . But my WHY is so strong and it tells me it’s not going to be enough to working 9-5 job, I won’t be able to achieve what I want if I don’t do other investments. I still remember HOW my family struggled to pay for anything while growing up, we have to ask money from our family and friends all the time to help me going through studies. I have decided long time ago that money will the last thing my family ever lack. I just remind myself every time I want to QUIT.
IT WILL HELP you going long way when you know WHY you are doing this. Your WHY need to be strong enough that it never LETS YOU QUIT.
7. STOP PROCRASTINATING AND TAKE ACTION
WE UNDERSTOOD Compounding, Setting Goals, Thinking BIG and we totally BELIEVE in ourselves. Is that all the knowledge worth it if we don’t take any ACTION to PLAN and ACHIEVE our Goals.
It’s important to some analysis before getting into something but it’s important to make sure you don’t get into ANALYSIS PARALYSIS. There is lot of things you don’t until you try it out. I have seen people being successful and others not while working on exact same thing.
I like Rental Properties instead of Construction and some one who like Construction won’t invest in Rental Properties and can tell me 10 reason not to do so. It’s important who do you listen while doing your analysis. There is more people who complain and you have to very careful. People who don’t want to do anything will give you reason just prove their point.
I bought my first 8 units rental property when I never owned any kind of real estate earlier, I had no idea how to manage it and no idea how I will be able to do Maintenance but I believed in my self and this is how I started my construction business and this is how I started this blog by changing my mindset and by believing in myself.
ANYTHING IS POSSIBLE WHEN YOU CHANGE YOUR MINDSET TO GROW RICH.
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