7 Tricks on How to Get Rich at a Young Age

A report released this week indicates that Kenya has added 180 people to the class of dollar millionaires. According to data provided by the Wealth-X for the Knight Frank Wealth Report 2018, the number of people with US$5 million (approx. Ksh 500 million) in net assets rose to 1,290 in 2017, a 16.2% increase from 1,110 in 2016.

Out of the 1,290 individuals, 90 are worth US$50 million ( Ksh 5 billion) or more. However, the number of those worth US$500 million (Ksh 50 billion) or more is less than 10. The report adds that Kenya’s dollar millionaires worth at least US$5 million is expected to grow by 60.5% over the next five years to 2,070 in 2022.

It is every individual’s dream to become rich. Popular musician 50 Cent debuted in 2003 with an album titled Get rich or diè tryin. He was right. Though one does not necessary need to have US$50 million to be considered rich, it is still worth trying.

But without the correct mindset and mentality, such a dream can only remain that – a dream. It is important for one to be focused and to strive to reach those goals not by just sitting down.

The following are the steps on how to get rich and fast;

You must invest in you.

Improve yourself in various different ways. Invest in money, energy and time to make yourself better. When you are able to invest yourself and help yourself out, then even helping others out will not be difficult.

Save money for retirement.

As you work, slowly save money for your old age when you will not be able to work again. This will help you not to be so dependent on others and makes you like the old person to be able to provide for yourself and your family. Though if you are in employment, you can rely on your pension.

Go to places rich people frequent.

Visit places like golf clubs, high-class pubs and luxury hotels and restaurants. This will give you the determination to get rich quickly since it will act as a source of motivation to live the life of luxury of rich people. You will get a picture of how the rich live and the reason they behave the way they do.

You are the company you keep.

The more you hang out with millionaires and billionaires, the more it will start to shape you to the person you ought to be. You can even get business ideas or assistance such as securing contacts and even business deals from these people and they can act as a source of motivation for you as an individual. Their friendship will give you the drive to be like them because of the mentality you will start having. Sooner rather than later you will find the way you dress changing, the way you do your business changing and starting to rise

Learn to spend consciously like a rich person.

In order to become rich quickly, you should know where your money goes and how you use it. There are people who do not know how they spent their money because they do not keep a record of their expenditure. Start being a miser and not a spendthrift. It will give you the motivation to stick to a particular budget.

Start a business.

A good way to become rich quickly is to start your own business, as you wait to get employed start your own business into a unique field that has no one has entered in order to attract customers and before you know it, you will be richer than you imagined.

Online businesses also pay a lot since the internet is able to reach more people faster and in a short period of time. Advertise your products and services there and you will see your business rising from the ashes. Entrepreneurship is on the rise and can enable one to make money quickly before they get employed.

Side hustle.

Getting a side hustle is also a good way to get rich by utilizing the skills you go from school or by your God-given talent, for example, one can be a journalist and still have a beauty parlour business. This will act as your back up source of income when the original job you have will be no more.

Most people do not remain poor because they want to but it’s because they do not know the ways of getting rich or no one has told them. Hence, they sit and wait for a miracle after they have tried all their ways.

Some who are not well educated are not even sure on how to get a job neither do they have any skills but with these tips, there is a light at the end of the tunnel.

(Source: David Okundi for Business Daily)