How to be richer with millions better than those who are earning more than you?

Do you want to be rich one day?

Who does not want to be? 

What is the only way to be rich?

Earn more, Save more and Invest more.

How you do this and which of these you do more depends on you.

If you are a high earner, focus on earning more.

Cut down costs. Don’t make others millionaires by spending most of your money.  

Learn about personal finance and know how to invest.

Low cost Index funds are the best way to invest.

There is a limit to how much you earn.

If you are a doctor or any other high earning job or business holder, give your simple works to freelancers and focus on earning more from your primary source of income.

Doctors can do extra shifts.

Save more.

Focus on the most important things where you can save money.

Investing early in life gives time advantage.

Invested money makes more money with compound interest.

Avoid high cost expenses early in life like costly vacations, buying costly house, buying costly cars and giving lavish parties.

Even if someone you know is earning more than you, you can end up being richer than them by investing early and delaying high cost life expenses mentioned above.

Take care of your health and your ability to be able to do job for a long time as they are the primary source of your income.

Focus on creating several passive sources of income where money makes more money without you having to work for it.

Buy low cost rental properties.

Do not buy costly townhomes for giving for rent.  

become rich millionaire
Photo by Alexander Mils on Unsplash

The rent to cost ratio diminishes as the property cost increases after about $150,000 to $175,000 in the current market. Of course, it depends on your area.

Diversify your investments. That can be done in stocks by buying Low cost index funds.

Drive cars carefully to avoid costly repairs and accidents.

Keep your credit history in good shape.

May be buy little bit of property back home in India as in some occasions, the appreciation can be more than 10 times.

Out of several investments, you may be lucky in some where you may get huge profits and unlucky in others where you may not do well or even you may lose.

The key point is “Do not feed your ego by buying and spending a lot as soon as you start earning; but Feed your investments by investing early in your life and delaying expenditures as much as possible.”

Do not compare your material things with others’ material things.

We do not need to show off to others what we have.

Do not equate your frugal habits to suffering. It is not suffering but it is a wise thing to do.

One day you will be richer than those who earn more than you.

Message me if  you liked any points mentioned above.

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