Being financially wealthy is something most of us dream about. Having enough money to feel comfortable and to live the life we want. Each person has their own idea of how much money you need to be considered rich. Out of the over 7 billion people on earth, only 15 million people or so are considered millionaires. Are these just the 15 million luckiest people on earth or do they all possess some kind of mindset or skill that helped them get to this millionaire status.
There is no such thing as getting rich quick, unless you win the lottery and lets face it, those odds are slim to none. Getting rich takes more then just hard work, it takes a lot of perseverance and sacrifice. It takes getting in the correct mindset and achieving your goals. To get rich in life you must first become debt free. The average American carries nearly $150,000 in debt. Approximately 20% of that debt is just in credit cards. Some debt is good such as home debt, but 90% of all debt is dragging you down and preventing you from achieving that wealthy status.
Take a look at these shocking numbers. For an average person with $20,000 in credit card debt and a rate of 18%, your average payment would be approximately $500 a month. With that $500 payment (this payment would decrease as your balance dropped), you would pay nearly $30,000 in just interest if you never charged to your card again and would take you 34 years to pay off! That is a huge amount of money. Now what happens if you invest $30,000 initially and keep adding $500 a month for 34 years at a rate of return of 7%. At the end of that 34 years, you would now have $1,155,955.72. You are now a millionaire!
Paying off debt and using that money to fund an investment account is just one way to become wealthy. If you are not at the point in life where you can fully remove your debt and you are working towards paying off debt, then you need to have the correct mindset and focus. To achieve wealth, you need to have a dedicated mindset and set both short and long term goals. Something as simple as skipping your $5 daily coffee and investing that money can be a short term goal. Along with that, maybe you cut back on some of your bills such as a cable package. With less channels, you will have more time to get out and use your time wisely to create the wealth you want.
No matter what anyone tells you, being wealthy is not luck. It is all about hard work, setting goals and taking risk. Almost every single wealthy person has failed not just once or twice, but multiple times. Don’t be afraid to fail. Use failure as a learning tool to improve on what you do next. Pushing through, being dedicated and constantly learning will create the wealth you are looking for.Please comment below what you think of this article.
Make sure we’re connected on Twitter and Instagram: @RyanHintze