Money can bring happiness to our life! Well, you heard it right. Middle-class people can realize this fact very much. Yes, I know that you can't just buy love and respect by spending money. But it is also true that people with more money get more respect.
Look at Jeff Bezos, Elon Musk, or Warren Buffet! They didn't help you directly in any way; still, you adore them.
However, we can keep this argument aside for another time, and that's not our topic today. Today I want to write some tips on - how to be rich at a young age. I am writing this for myself so that when I feel depressed and down, I can look back to this article and boost myself. I will also be happy if this helps you.
There are thousands of examples of young people who became rich at such a young age. Most of the time, the most common dialogue that we say is, "I have similar knowledge, and I could have done the same as that guy did. I didn't work on that, so I didn't earn."
But believe me, you can't make money with just knowledge. To become rich, of course you need to work hard, and you need a solid plan. And you have to search for what people want!
Set Your Goals & Stay Motivated
You have to keep in mind that your journey isn't going to be easy. You will face a lot of obstacles throughout the journey. The most common bad habit is that we leave the journey in the middle when it seems hard to us. Stay motivated so that you have that mental power to move forward when a bad time comes. And you can reach your goal.
Just keep in your head where you want to see yourself after one or two years. Don't be afraid to see big dreams. Suppose, if you earn $50 a day, don't be afraid to make a dream to earn $10,000 a day. When your target is big, the ideas in your head will be bigger.
Split Your Goals
To fulfill your dreams, you need to walk slowly. Not everyone has a billionaire father, nor anyone has Aladin's lamp. If you earn $100 today, try to make it $110 tomorrow and $170 by a week.
If you work like this, believe me after a week, you'll get a plan how to make $120 a day. In this way, slowly you will go to that stage where you will think about earning 1000 bucks a day.
Let the brain work smoothly. Do not rush to become rich within a day. It's not possible until you get a lottery.
Study the Life of Successful People
I won't suggest anyone follow the exact paths of prosperous people. But you can take lessons from their life to make your footsteps. You don't have to read the life story of Warren Buffet, I didn't mean that, honestly.
You must have friends and anyone from your locality who became wealthy from scratch. Look for this type of person and try to talk about how they did it. Get motivation to move forward.
Increase Your Income Streams
Slowly, I understand the meaning of the famous quote - Do not put all eggs in one basket!
I am blogging, doing affiliate marketing, crypto trading, and simultaneously. As I know single income source can't give me enough money. If I face any problem at affiliate income, I now have other income options.
So never depend on one income stream. If you have spare time, you can look for part-time job. Or you can look for freelance works at various outsourcing platforms for extra money. The target is money should be coming in any way. Don't let the flow stop.
Look for Passive Income
Make some investments from where you can get some passive income. From where you don't have to do work all the time. Just work hard for a certain time and get the fruits of a lifetime.
You can make some investments as well for passive income. For example, you can buy Hive and keep your Hive in Saving at Hive wallet. Your savings will give 12% APR currently which is far better than the bank's saving account. Moreover, the price of Hive is increasing day by day, so the value of your bag will be increased as well.
You can also look at Earnhub for passive income. They have a staking platform that pays generous APY. They have "Anyflect" as well, which means you can choose your reflection token according to your choice. It's worth having a look!
Don't Spend All of Your Money
At present day, it's tough to save money as the price of everything's going up. And new gadgets and things are developing daily, and we can't help ourselves from buying them. Suppose you love apple products. Now they introduced the new iPhone 13 pro max. And you are very interested in buying that, even if you already have a good phone.
Satisfy your hunger later; there'll be iPhone 14, 15, 16, and so on. But you need the money now to fulfill your target. So stay away from spending on unnecessary things and save them. Minimum 25% of your total income should be saved!
I believe I was able to provide some tips that will motivate you to your journey to become a billionaire! Keep your target big, and then you'll be big!
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Thanks SK much for this.. Very helpful.
I have a question tho, does the hive savings APY of 12% also apply to the Hive or just the HBD.
I should also look up earnhub right away.
As long I know 12% APY will be paid just on HBD that are in Savings, not Hive.
Ok.. Thanks
I may have thought but a bit more clarity on that should be available If hive being saved and on lock for 3 days after releasing may have some benefits.
Thanks again.