All of us have found ourselves, at least once, admiring the exceptional lives of the world’s most famous entrepreneurs or stars, wondering how they managed to become billionaires and if this is not a feasible goal for us too. But then we come back down to earth, remembering that, after all, “one is born rich” and that earning five and six figures every month is not something that everyone can afford.
And yet, the extraordinary successes of people like Leonardo del Vecchio, founder of Luxottica, who was forced to spend his childhood in an orphanage and then to support himself as a shop assistant. Or even the famous fashion designer Ralph Lauren, who grew up in the dangerous Bronx district of New York, show us that it is possible to build substantial assets from the bottom up.
Making money and having a comfortable life are not the prerogatives of a few people, but concrete possibilities open to everyone, requiring the application of targeted strategies and profitable habits. By adopting the right mindset and staying focused on your goals, everyone can aspire to financial prosperity and beyond. So, if you too are wondering how to get rich from scratch and what investments to make today, hesitate no further. With these tips, you can turn your life around and start your journey to wealth.
How to Get Rich: The 5 Winning Moves
Despite the fact that the last few years have challenged almost every sector of the Italian and world economy, becoming rich in Italy is still possible. Wealth, in fact, does not depend so much on circumstances and external contingencies, as on personal choices and attitudes.
As it is clear from the biographies of self-made billionaires and the most influential people in the world, to become rich you need to be strategic and adopt profitable habits right from the start. Simplifying as much as possible, we can list 5 fundamental rules, which, if well applied, can guarantee a brighter economic future for everyone. Here they are laid out below.
Define your goals
The first key move to becoming wealthy is to define your goals. You cannot aspire to get rich without first having a clear idea of what we really mean when we talk about “wealth”. While some people dream of a life of over-the-top earnings and all kinds of luxuries, for others, buying a home and living a financially stable life can be synonymous with prosperity and affluence.
It is therefore necessary to look inside ourselves, clearly define our goals and determine how much money we will need to achieve the ideal of life to which we aspire. All subsequent moves will depend on this.
Create a financial plan
Once you have established your goals, you must move on to the next step: planning. Making a financial plan is not just about putting down on paper how much we hope to earn and what goals we want to achieve, but about making an accurate and thorough analysis of your current condition and what you need to do to get there.
To this end, it may be useful to monitor your income and expenses by creating a detailed monthly budget, which will help us understand which aspects of our financial life need to be improved and which do not. This will help us understand which aspects of our financial life need to be improved and which don’t. With numbers in hand, it will be easier to identify the exact amount of money we need to earn or, for example, the hours of work required to make progress towards our goal.
Find your Ikigai
Defining our goals and creating a financial plan are meaningless unless we find a way to generate income and earn money. This is certainly a sore point at a time when jobs are scarce and the world economy is struggling to recover.
However, if we take a close look at the world around us, we will surely notice that, even in the darkest moments of crisis, the demand for goods and services does not cease, but rather transforms, and it is up to us to know how to use the situation to our advantage. For example, if thousands of people lost their jobs during the pandemic, there are also those who have been able to reinvent themselves, investing in fields that have been less affected by the crisis, as is the case with the e-commerce sector. It’s clear, then, that an essential step in creating revenue lies in looking at what the world needs and what we can get paid for.
But, identifying a profitable area is not enough: if we add skill and passion to profit, we will find what Japanese philosophy calls “Ikigai”, our life purpose. By discovering our strengths and investing in them, even according to what the world requires of us, we will be able to set in motion a powerful money-generating mechanism that will be able to repay us for all our efforts.
Living below your means
Of paramount importance in becoming wealthy is also the ability to maintain a stable cost of living and a sober and balanced lifestyle, always putting our goals first. Even though today’s society pushes us to spend more and more on goods that we don’t really need, it is important to learn to control our emotions and stay firm on our resolutions, so as to allocate our resources in the best possible way.
Generate passive income
The last inevitable step in getting rich is to make money work for us. This is not magic or some absurd invention, but simply the power of compound interest, which is the accrual of interest on interest when a sum of money is committed.
The concept of compound interest is often associated with long-term investment, such as in equity or bond funds. But, in reality, the financial markets offer multiple possibilities of gain that vary according to the time horizon, degree of risk and capital invested, etc.. Depending on your specific objectives you can choose whether to invest in stocks, cryptocurrencies, commodities or CFDs, etc., and for how long to maintain your positions.
And so here we outline the 5 key rules for getting rich. Our tips will not allow you to wake up rich overnight, but we are sure that they will offer valuable insights and help you to set up a winning strategy that with work and perseverance will allow you to reach more and more ambitious goals.