Becoming Rich

How To Be Rich? Stay Healthy

March 9, 2012
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“How to be rich” is the central theme on this blog. Check out previous articles about this theme how to be rich. You can be rich in four different ways, each one independent of another. Monetarily Rich – Determined by your monetary assets Spiritually Rich – Very difficult to attend and once reached, monetary richness may seem insignificant. Emotionally Rich – When your soul feels the rich by the way you conduct yourself. We do feel it all the time, but need to sustain the feeling with self-training. Here’s one of my previous take on emotional richness. Socially Rich – When you have significant social influence in the society. Staying healthy is one important aspect which encompasses all four aspects of being rich. Why? Because, a sickness costs you money, a sickness often causes social troubles and a sickness prevents you from enjoying your surroundings. Your sickness deprives your family. It prevents you from living a good life. Remember, if you are unwell, your soul shall remain unwell. Many sicknesses can be cured in exchange of money and care. Most of the sicknesses can be prevented by taking precautions and following good practices of living. Many old age syndromes can be lessened by taking proper care of

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5 Obsessions Towards Financial Freedom and Becoming Rich

January 20, 2012
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5 Obsessions Towards Financial Freedom and Becoming Rich

You may think obsessions can be a very annoying waste of time depending on what you’re obsessing about. You are right, not all obsessions are fun but  they can be, if you have control over them. You need to make sure that they don’t mess up your life or harm other people in the process. Discovering Your Obsession Can Lead to Your Greatness ~ Leo Babauta I noted my take on how to be rich, I talked about creating value first which then you can trade to earn serious money.  This is not a simple thing to do though, or else, many among us would have become rich already. A positive obsession about creating a value is perhaps the only way to create a substantial value. You must be working all the time towards creating that value. If you are not working you need to think about creating value, you got to be thinking about becoming financially free, you got to be thinking about becoming debt free. You got to be thinking about becoming rich. Only obsession can give you the passion, the power and the drive towards your goal, the one you are aspiring for. Talk about any successful person in any

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How to be Rich by Creating Value for Money

November 21, 2011
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How to be Rich by Creating Value for Money

You can be rich by devoting most of your time to a moneymaking venture, or you can wait many years and be rich by saving a percentage of your income with the power of compound interest. Whether you want to be a millionaire, multimillionaire, or billionaire (not that it’s your choice), the first thing to know is that money is what it is – a value of something it can be exchanged for. Money is Value When you make money by working at your job or business, it’s a value you are creating for your employer or your customers. You are earning in exchange of this value. If you want to make a million dollars in X amount of time, ask yourself how to create a value worth a million dollars in X amount of time. Don’t think in terms of how you can get a million dollars all at once. During my early days of investing, I often pondered buying penny stocks, which would grow into a giant corporation rendering me a couple million dollars in profit. That was just ridiculous thinking on my part. It only happens in dreams. People do win lotteries, people do inherit estates, and there are claims of making huge sums

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What is Passive Income and How do I Create It?

October 31, 2011
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What is Passive Income and How do I Create It?

When I first started blogging, I was unaware of the term “passive income”. Since then, I have been reading articles about passive income on various blogs. Almost every blog has at least one article on passive income, so I didn’t want to miss the boat. In the next few sections, you’ll learn about passive income, what can be considered passive income, and what cannot. I’ll also talk about a few passive income ideas at the end. What is passive income? According to Investopedia, “Earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved. As with non-passive income, passive income is usually taxable; however it is often treated differently by the Internal Revenue Service (IRS).” For some people, income from an investment portfolio is equivalent to passive income. It’s generally the accepted criteria in the blogging community to include interest and dividend income as passive income. The definition of passive income I developed: “The money you earn with existing money, without additional work effort or dedicating any time.“ You need to put in a lot of work at the start to build up initial money. But once the money is available,

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I Care About My Money, Do You?

October 10, 2011
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I Care About My Money, Do You?

This is a guest post from Ashley over at Learn Stock Market Basics. If you are interested in learning more about the stock market stop by and see what they have to offer. They are focused on helping you find the best investments for your situation. I like money. That’s no secret. I spend all day every day thinking about money, almost to the exclusion of anything else. I think, live, breathe, write, talk, eat money. And I live the principles I write about here. I return things if they don’t meet my expectations. I adhere to a fairly strict budget. I spend my money consciously and if an opportunity comes up to spend money that doesn’t fit into my goals I decline. Sometimes I get some slack for this. “All you care about is money.” I’ve heard it. Usually it’s because I’ve refused to give someone money. I said “No.” to someone and they are mad about it. They wanted to take advantage of me and I turned them away. The words “It’s not in my budget.” make some people very mad. Especially if they know you could but don’t want to. I’m not saying I can’t do something

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4 Steps in the Pursuit of Being Rich

October 3, 2011
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We have all embarked on the pursuit of making money. The essential ingredients of making more money include setting goals, focusing, and working relentlessly toward the goals. If you concentrate on your goals every day, you will eventually make a lot of money. A question might be raised – the world’s resources are finite; so if you get more for yourself, aren’t you making others poorer? As the proverb goes, “The rich become richer while the poor become poorer.” Is making more money equal to being greedy? I don’t think that is the case. Today, increasing numbers of people are shifting toward a simpler lifestyle. We know if we consume more than $10,000 worth of resources every year we are actually taking more than our fair share. But you cannot make more money until you stop thinking money is the root of all evil. Here I am taking a shot at communism and its principles. Greed and money As a child, I used to think about the super rich, wondering why they still wanted to make money. I am talking about people who regularly appear on the Forbes list. To me, initially, they were greedy – until I discovered the

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What Makes You Feel Rich And Wealthy?

September 20, 2011
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On my Google Analytics report, I see a few search terms that contain “how to become rich” in one form or another. Basically, they all go to these two posts: How to become rich by saving 1 hr of your daily wage and How to become rich, find time to be rich. I don’t know if those readers get the inherent message that, to become rich, we need to be disciplined and use our limited time effectively. There’s no shortcut, my friend. Unless you inherit a fortune by some means, the only way to become rich instantly is by stealing or gambling. What you can easily do instead is just feel that you are rich and wealthy, and always remember that ‘being wealthy’ or ‘rich’ is a relative measure. The money I have accumulated in just 6 years of living in America is enough for me to go back to India and live a happy retired life. I would be known as a rich man in my neighborhood. When I see myself around fellow Americans, I am a middle class non-homeowner. No one can say I am rich. If you ask me whether I feel rich? I would say ‘yes’,

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Taking Risk, Entrepreneurship Or Building A Safety Net

September 7, 2011
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It is no secret that I am a mega fan of Get Rich Slowly and I read the articles over there almost every day. One of their weekend articles was a story from a reader who won a $1M jackpot and how she went on to invest the money prudently. Tina (the winner’s wife) explained how they sought help from a financial planner, and how they ultimately invested the money in a way that paid off, per the planner’s recommendations. She must have hired a really good planner; I couldn’t find anything wrong with their decisions. Giving money to charity, raising their insurance safety net, buying a dream house (non-extravagant) and saving for retirement in an 80/20 stock to bond ratio. Just perfect! Then I thought, What? Wait a minute. Is this the only way to spend $1M? Money that appeared out of nowhere? Since my childhood, I have aspired to become an entrepreneur one day. I’m always looking for ways to start a venture. The only thing preventing me from doing so right now is some legal matters (you don’t need to know) and lack of startup capital. I don’t want to invest my savings in something that might

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How to Become Rich: Save 1hr Of Wage Per Day, Easy

August 8, 2011
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How to Become Rich: Save 1hr Of Wage Per Day, Easy

There are two reasons people take up blogging, first, to educate others and second to educate themselves. My reader can tell how successful I am towards first point; I can tell you that my knowledge is growing by leaps and bounds. Since I took up writing a few months ago, I read numerous web sites and blogs; now a day I am reading books. I pick good reads from library to get self-educated on few things I am still unaware of. Today I had an amazing discovery that I want to share with you. This post is second in my ‘How to become rich’ series after the first post “Best way to become rich is by finding time to be rich“. What to do to become rich Easily You can be rich by just saving 1 hr of your wage every day. Spend rest of wage as per your wish. I want to thank David Bach for guiding me towards this simple calculation. Average hourly wage in America is $18.5 and by all means I will assume your hourly wage is more than $20. For calculation sake I will assume your wage to be $20 per hour. $20 per day by

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Best Way To Be Rich: Find Time To Be Rich

June 24, 2011
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Best Way To Be Rich: Find Time To Be Rich

You must have heard the phrase a thousand times. “Time is Money”. I grew up in a family where every one was busy doing their stuff, all day, till they went sleeping. When ever I wanted to spend time with them, I was always told to concentrate on my studies and not to waste time, because..”Time is money”. Now if I see my family and their financial situation, they didn’t really make a lot of money. While living after-retirement life, they are always under pressure to cut on spending. What went wrong? If I quiz my dad or my uncle, they will probably say they didn’t invest and save their money wisely. Although we were not raised in an affluent life style. We never wore designer cloths, we had below average toys compared to our friends. We never took more than one vacation in a year. To me, the cause was lack of financial planning, or lack of time to plan for future. Time is money, even though, was the buzz word, it was not interpreted or implemented the way it should have been. Time should be devoted not only to earn it, but also, to plan for its use

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