Here’s some advice for you based on the experience of traders - let’s see all the dos and don’ts you need to mind to avoid trouble.
Define ‘rich’
And set achievable goals. Sure, the more you get - the better, but setting a realistic goal will help you plan your activities and set the pace at which you need to work to achieve it. Plan the amount of money you want to make according to your needs and wants - and make it rational.
Theory is a must
Don’t forget to study different concepts and theories you can consider to enhance your investment. Trading is a skill that you can develop - and as much as every skill needs practice, first and foremost, it demands knowledge.
Study the basics, check out the common things people do in trading, but don’t be afraid to make research on more unorthodox ways.
Basic rules
There are a few rules you might want to follow to make sure your goal will be reached - of course, you can change and bend them depending on your situation.
Choose your spouse based on their financial goals - it would be better if you both see your financial future the same way
- Get rid of your debt - it only brings you down
- Be modest with money you spend - try to save up and think about the future rather than about the immediate pleasures
Seek your independence
Being a casual office worker or an employee is fine, but if you ever aim to be rich, you must become your own boss and not depend on anybody. Pro-tip for all you future entrepreneurs: learn as much as you can about taxes to make sure this vital step won’t mess up your business.
Passive income
Make your money work for you! Invest, buy real estate - work smarter, not harder. Rest assured - you can make money without even getting out of bed, but don’t get too immersed in that plan. You still have goals to achieve!
Retirement plan
Remember, we can’t all work forever, and, honestly, not all of us would like to do so. It’s nice to have some rest when you are older, and it’s great if you are sure about your future and rely on your current efforts (help from your kids is an option, but it would be more helpful to take care of your future yourself).
Make your plans with keeping the thoughts on your retirement in mind.
Study the others
Success stories, failure stories - they all are equally important. Make sure you read about those super-successful rich people who have built their legacies - but don’t forget the stories of those who are less lucky. There is a lot to learn from them as well!
Make your own plan and act accordingly. Remember, your journey to wealth is your own and only you define the speed at which you move towards your goal, but you can always learn from those you meet along the way.
