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8 Best Ways to become Rich all time | Rich Matter

We manage to assume that if we work hard and save money then one day we will end up rich. This is wishful thinking. We are more likely to finish up with some modest but useful savings.

How to become a millionaire: the 8 way to become rich


If you want to pile up serious wealth then there are some approaches you can use and some are much more effective than others. The best ways are as follows:


1. Begin your own business and sell it.


This is the foremost effective and proven thanks to becoming rich. If you can find a new approach to a real customer need and build a money-making business that addresses that need then you have created real value. It could be a cleaning business, a hairdresser's, a company that helps a business or an investment bank. It will apparently take years of very difficult work to make up the business/plan. Most new businesses fail therefore the risks are high. You need all the skills, energy, (the quality of continuing to do/try something for a long time) and great care of a small business starter. But if you can pull it off the possible rewards are huge. This is how many of the seriously rich people did it.


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2. Join a start-up and get stuck.


If you can pile up equity positions in one or more start-up companies then there is an opportunity for a serious (when something becomes more valuable) if the company grows and does well and either floats or is sold to a larger business/project.


Only a small minority of start-ups succeed in (understanding/making real/achieving) large (when things become more valuable) so the odds are not good. However, you'll use your judgement to ascertain which business idea and which management team are likely to succeed.


3. Fully use your skill as a self-employed expert. 


If you can develop a marketable skill and keep/hold your independence then you can collect (large/relatively large) rewards. This is how sports stars, authors and entertainers become rich. In general, the self-employed expert has greater earnings opportunities than one who works for a corporation. 


There are risks and you've got to possess something special. Your success is in your own hands so this is often a well-liked route for people that have developed a skill and need to strike out on their own.

 

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4. Develop property.


Buying, developing and selling property is a (done or used by many people) way to build a significant capital position. One of the important things is that by borrowing money you can gain power/advantage on your investment.


You have to pick the proper properties within the right areas and develop them smartly. However, over a long time, this remains a proven way to pile up wealth.


5. Build stocks and shares.


If you'll make steady investments in stocks over an extended period and reinvest the dividends then you'll build an outsized store of wealth. (definitely/as one would expect) stocks can go down as well as up and many small (people or businesses who give money to help start businesses) lose heart when their (mix of stocks, (written promises to pay the money back from a loan), etc./document collection) steep drops.


But above the long-term investments are nearly as good an investment as property and far more extra liquid. Stock market crashes represent great buying opportunities for those with cash and powerful nerves.

 

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6. Inherit wealth.


It helps if you were born to successful or rich parents but failing that, you could marry luckily!


7. Work in a steady job, cut back expenses and save in the bank.


This is a cautious and wise practice and reduces your (related to managing money) risk but is not an effective method of becoming rich. You should keep your expense within your income but if you would like to form serious money then you want to significantly boost your income or find ways to multiply your capital. Revisit some of the ideas above.

 

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8. Gamble (Not recommended).


We hear about lottery winners and poker stars so this approach can sometimes work but the numbers are so bad/unhelpful that it represents a lousy plan for becoming rich. You are strongly (gave opinions about what could or should be done about a situation) to avoid this method and use one of the first six above.

There are more important things in life than piled-up wealth. Who wants to finish up rich, unloved, lonely and in poor health? However, if you'll enjoy life and at an equivalent time become rich why not do so? Plan your route and enjoy the trip!

 

Rewritten by: Mr.Thozha