You have no money in your pocket right now. Yet, you want to become rich from nothing. We’re not talking about just having cash in your pocket. No, you want to become filthy stinking rich.
If this describes you, it’s essential to realize that you’re not alone. It doesn’t matter why you’re sitting there with nothing in your pocket; the most essential thing to recognize is that you have the desire to become rich.
When you match that intense desire with the right plan, you too can become rich from nothing.
How do you get started? Let’s find out.
Table of Contents
11 steps on how to become rich from nothing
1. Fix your mindset, it’s okay to want to be rich
Some people reading this right now will feel guilty about wanting to have money. There’s nothing wrong with wanting to be wealthy and taking care of your family. If anything, your desire to become rich is healthy.
Different people have different reasons for wanting to be rich. Most likely, you want to share in the abundance of others. You want to see other people happy and have their problems solved by you.
It’s okay to crave financial freedom and want to provide for yourself and your family. However, the people who judge you negatively for wanting to become rich will probably never be wealthy themselves.
2. Above all else, educate yourself
You’re going to need some education to amass the type of wealth required to become rich. You’ll need to either go to college or learn a trade that can help you make more than the minimum wage.
What kind of education you pursue is entirely up to you. Obviously, college will be the more traditional route and can help elevate your chances for future employment. However, even a trade school can land you a high-paying career in today’s job market.
3. Then, control your spending
Most people have no concept of personal finance. You’ll need to learn this sooner or later. As you learn to spend less, you’ll begin to see a difference in your life and how much money you’ll have in the future.
Many people learn this the hard way. When they get their first job, they splurge on a bunch of expensive things. Then, when they get laid off, they are stuck paying rent for a long time and have nothing left over for savings or investments.
4. This is the critical time when you develop your mindset
Your mind must be focused on not only saving as much money as possible but earning as much as you can as well. You need to look at saving and investing as opportunities, not chores that will keep you from spending.
Just by developing this mindset, you’ll have a chance to become rich. Of course, it won’t happen overnight, but your future is very bright.
5. Plan what you’ll do with your money when you have it
The only way you can plan for a future is by beginning to build your future today. You need to begin to form an idea of how you’re going to invest your money.
As soon as your debts are paid off, that’s when you begin to invest as much money as you can. When you have a few thousand dollars saved, it’s time to start investing in something that you’ve spent quite a bit of time doing your due diligence researching.
You should begin to research what you want to invest in long before you have the money to do so. Then, you need to look for investments that will pay you the most money in the future that you can in on the ground level.
6. Invest your money, don’t let it sit in the bank
Even if you have $250, you should be investing it. Put that money into something that’s going to last. Then, start looking for ways to create passive income streams as well.
If you just begin to develop this mindset, the rest will come over time. You must be hungry for wealth, or it’s not going to happen. No one becomes rich because an apple fell on their head, and now they have the best idea in the world.
The critical thing to realize is, you’re putting your plan in motion. Your confidence needs to see your plans in motion. So you’re going to take action, and that’s a good thing.
7. Celebrate your financial accomplishments
Every time you do something with your money, be sure to reward yourself. You may set a goal to pay down a credit card in three months. When that happens, you need to celebrate that victory and act accordingly.
No one is saying that you should take your saved up money and go blow it on an expensive bottle of champagne. You do need to acknowledge your financial achievements, and taking yourself out for a burger or giving yourself a pep talk in the mirror is well deserved at this point.
If you don’t celebrate your achievements, you’ll never have the motivation to keep saving and growing your wealth. If you can’t celebrate your achievements, you’re going to lose sight of what it is that motivates you and why you want to be rich in the first place.
8. Further your education if it’s necessary
If you went to college, great, but you may need to take more classes or get another degree to achieve your financial goals. You need to see if you’re achieving your goals. If you’re falling short, then you need to go back to school.
Going back to school will help you earn more money. As a result, you’ll continue to grow your wealth while simultaneously advancing your career as well.
If you’re taking a career path, then do everything in your power to advance within your company or industry. If you don’t, you could pass up future opportunities that can help you achieve more wealth.
9. Seek out ways of earning passive income
Passive income isn’t a unicorn, and it’s something that everyone can achieve. You just need to find ways of creating your own passive income stream.
Passive income will help you in more ways than one. You’ll begin to see more money flow into your accounts. This will help you become comfortable and begin to achieve financial success sooner than later.
Traditional passive income sources are investments like the stock market or real estate. There are tons of opportunities to earn a passive income online. You can build up sites or start an online business that you allow others to run for you.
While it is possible to become rich without passive income, it’s going to be exceptionally difficult. It’s much easier to save and invest your money when you have passive income coming in.
10. Quit your job and devote your time to growing wealth
After all this work, it sounds almost crazy to educate yourself and save money that you would quit your job. However, there will come a time when you realize that your job is costing you money because it doesn’t pay as well as your investments or your passive income does.
The problem you’ll eventually discover is, your time is precious. No job will ever pay you what you’re worth. So it’s okay to look at your financial situation and say that you can make more money on your own than working for someone else.
You’ll know when the time is right to quit your job. It’s not going to happen overnight, but it will happen over time. Then, it’s time for you to take control of your fate and start living the life you always wanted.
11. Never work or invest for today
If you are working or investing for today, you’ve already lost the battle. Everything you do now should have been thought out and planned years ago. If you’re living off the money you earned this past week or from investments you made this month, you’ve failed yourself.
You should be enjoying the fruits of the decisions you made in the past today. It’s a strange way of thinking about it, but it’s true. You’ll often find that you’ll fail to plan for it when you don’t put your future at the forefront of your mind.
If you find yourself living off money today that you earned recently, you’ve just failed yourself. You’re never going to become rich because you’re not correctly thinking through your financial situation. Instead, you should be living off money in your bank that you made months, or hopefully years ago.
How to become rich from nothing: The bottom line
If you choose to become rich today, you must begin to set into motion your plans today. If you’re going to live the life you’ve always dreamed of, it’s time for you to start putting your plans into motion today.
Set an ambitious goal and work towards achieving it. It’s easy to dream about being rich but rarely do people achieve their dreams.
It starts with accepting that you want to be rich and then putting in the work to make it happen. The rest will follow over time. First, however, never lose sight of the fact that what you’re trying to do above all else is to become wealthy enough to achieve your financial goals.
Becoming rich isn’t easy, so most people never accumulate the type of wealth that makes a difference in a person’s life. Of course, you’ll need to put in the work, but it’s worth it in the end.
You may even find some unexpected benefits of becoming wealthy. You’ll live a more fulfilled life than you ever did before, and you might even become happier as well. Your family will live better lives, and for that alone, you’ll be grateful.
