I want to be rich. Do you? Of course you might but maybe not more than other top things you want in your life like your health. Maybe others want to purchase a home or place getting out of debt as a higher priority above building savings and investment wealth. There are many avenues if you want to get rich how to get there. Have you thought of how to get there? You could start a business, do a number of side hustles like ride sharing for uber or lyft, baby-sit, mow lawns, (care.com). There is a website called pleio where they pay you to remind the eldery to take their medicine. (you don’t get paid if they don’t pick up the phone), teach English on abcsay or many others, scribie.com and so on.
Some of you might be pursuing F.I.R.E. (financial independence retire early.) That is where you save and invest an obscene percentage of your income, (usually 30%-70%), for about 7-15 years and retire early after investing those monies in that duration. But some of you might not be in the F.I.R.E. mode. Some might be choose to build and spend as a family or be in the publishers clearing house sweepstakes mode of buying lottery tickets. Others give up based on what they’ve heard. Some wonder how can I get rich? I hear them state that they earn at least 50k and more per year with no debt and pursue fire. What about someone on 20k of income pursing F.I.R.E. They might get discouraged with all the podcasts and news reports of people saying of what they earning. There is always slow and steady pacers that are not pursuing F.I.R.E.
In any case, one should start investing if they haven’t already. But what if it goes down? There is always risk of loss that it could go down to zero, so talk to an investment advisor about your investment decisions. Where to go from here? How about a savings rate of 30-70%? Cut out the coffee cream. Use milk. Do you need cheese in your eggs? Remove extras. You don’t have to go full extreme, but those are just a couple of tips. Then there is the popular montra. Pay yourself first. I always say, “Do you pay your bills on time?” Pay yourself on time. Give yourself a bonus even. Then invest it. Investing involves risk of loss. I am not an investment advisor nor acting as one or do I claim to be one. You should seek your own investment advice when pursuing your own investment strategy (including F.I.R.E.) This is for entertainment purposes only.
Written by: Rosette Jones
03/06/2021