Who doesn’t want the freedom of becoming rich? Building financial freedom is the dream, the ultimate goal, for lots of us when we start working. Have you ever thought of what you want do with your money once you’ve amassed some wealth?
You need to have an action plan not only to get rich but also to stay rich. It is easy to spend all of your money – sometimes, faster than you earned it. Getting rich is the easy part, staying rich is the challenge. Here are a few tips on dealing with the aftermath of success.
- Do Not Put All Your Eggs in One Basket: One of the skills rich people develop is being able to make money work for them. If you want to invest in shares, stocks and so on, you can DIY. Start with small investments to learn the basics. Otherwise, use the services of a good financial planner. You can also be an investor in start-ups – think of Shark Tank! Always be surrounded by people who are smarter than you.
- Invest in yourself: Have you ever attended a self-development course and come back with so much energy and the belief that you can conquer the world? Remember, how you were pumped up and your self-confidence went up a notch? Or have you ever upskilled, only to find that dream job land in your lap? The world is changing so rapidly and you do need to be on top of your game. Don’t hesitate to spend money to buy self-development books/videos or spend time to watch some amazing TED talks that will help you develop as a person.
- Invest in Real Property: Most Australians want to become property investors because they are one of the low risk, long term investments. If you are a novice, join forums and groups that teach you how to invest in property. Again, don’t be shy to pay someone to help you build your property portfolio as there is more than one strategy to suit your risk profile and help you build wealth.
- Know Your Taxes: As you earn more, you will want to save tax. If you have been doing your tax yourself, then it is time to look for a smart accountant. Do you really have the time to read the rules or are you better off paying top dollars to a professional who can help you become wealthier?
- Contribute to your favourite causes: You’ve always heard of what goes around comes around. Most rich people have more than one cause or charity they are passionate about. Now that you have more than what you need, you can either look for your favourite causes to contribute to or start your own charity. Not only does this help the less fortunate, but it will give you immense satisfaction.
- Enjoy Your Life!: You have worked very hard to earn all that money and what better use than to enjoy the fruits of your labour. Money is just a tool; so there is no point just holding onto it. Travel, meet new people, fall in love, or treat your family to an unforgettable holiday! Whatever you choose to spend your on, make sure you enjoy it.
If you are at square one and want to become rich, then write down your goals and visualise them every day, because that is the first step to making a lot of money.