The Idea

While mostly the word “rich” is associated with material wealth, I would like define rich with a broader view as having not only material wealth, but also good and healthy body, a sound mind and a happy and fulfilling life. This definition will sharply reduce the number of people eligible for being termed as rich.

What you will learn is the lifestyle to get “rich” in life. For accumulating wealth, there are many experts giving free advice.

#1 Aim for Excellence, not money!

Most of the parents teach their child to study hard, get a job and earn money. There is a fundamental flaw in this approach. Don’t ever tell your child to study for getting a job. This will induce mediocrity mindset and your child will grow with the mindset and may end up struggling to meet the ends. Rather parents should encourage kids to aim for excellence in the field they like and not go for a job or earn money.

Success can gained by getting excellence in any field, be it arts, sports, science, technology or what ever the child is good at. Make it a passion and work hard to excel.

If you are in job, aim for completing your job successfully, be good at what ever you do. Once you are successful, wealth will follow you. Note that the best job are given to people who are good at it. So do everything to be good at your job. Stay away from politics, gossips and concentrate on contributing to the growth of the company or organisation you are working for.

If you examine the life of great people, be it Steve Jobs or Elon Musk or Bill Gates, they never went after money. They went after their passion. Money was the out come of their success and not the reason of their success.

#2 Invest in yourself

Most important person for you is yourself. Having a healthy body and sound mind is the first step to success.
Invest in yourself first. If you are in arts, join the best art school and get trained from the best teachers on this planet, if you are in sports, invest in fitness and getting trained. If you are in science or technology, join the best university and get certified in all the required certificate. Don’t give up your study, keep updating yourself even after your college or university studies are over.

#3 Stop Procrastinating

Procrastination is like a restraint and will hinder your journey to success.

People often do not realise that they are procrastinating things. This often happens if you do not plan our life and do not prioritise things.

Without priority every task of the day will seem equally important and naturally, you will defer the difficult task for later and complete the easy tasks. The difficult tasks are often the important one and they keep getting deferred for day after day, You end up, not doing difficult task which may result in failure.

Never ever procrastinate. If you have a task to do, just fold up your sleeve and start with the task.

#4 Save More, Spend Less

“If you buy things you do not need, soon you will have to sell things you need.”

It is observed that the rich, spend less and save more. When ever you get your pay check, put aside a good amount of the money for saving and investment. What ever is necessity to live, spend on that. Do not spoil your saving in buying stuffs you do not need.

Person with mindset of a poor will spend on stuffs to show off, will buy expensive mobile, big car and big houses, much more then they can afford and end up in huge debt. This will deplete the saving and the person will enter into the vicious cycle of loan and instalment payments of the loan.

Person with rich mindset will first save and invest, spend on basic necessity of life and then spend if any other thing is really required.

#5 Create Passive Income

There are two types of income, Active and Passive.
Active income is the one we earn by doing a task. Like working in office or doing some business. We earn as long as we are working. If we stop working, active income will stop. Most of us are having active income.

Passive income is the money we earn while we are not working. This money comes from investment. It is important to invest wisely. Invest in money generating assets. It may be a property, a stock of some company, or any business.

Investment is the key to generate a passive income. And investing wisely will ensure that you are getting returns from your investment.

Never ever invest in something you have no clue about. Your stake will be in very high risk.

Do proper research before investing. Consult the experts, but do not rely on them. Do your own research. Invest in industries you like as it will be easy for you to study them and plan your investment. Generate a income source from where you will get periodical returns. Match the returns to your active income and then go for increasing it by reinvestment.

In India, most people confuse investment with purchasing life insurance linked with market plan. This popular trap is luring people to get both benefit of life insurance and investment. This is WRONG. Do not mix investment with insurance. Keep them separate.

#6 Have a Positive Attitude

People are not born lucky, they just have positive attitude towards life.

People with positive attitude towards life are seen to be more happy with whatever they have. They tend to handle a negative situation more gracefully. So always have a positive outlook towards life.

It is found that consistently negative attitudes and beliefs cropping up among the poor. Poor people are always stressed out and worry a lot. This keeps them from seeing an opportunity and they often miss them as they are busy cursing their life instead of working to improve it.

Attitude matters, to be sure. While it seems a far stretch to say that simply being happy leads to wealth, maintaining a positive outlook and attitude certainly can't hurt.

#7 Give Generously

Rich people not only earn wealth, they earn a lot of blessing and good will by giving generously.

Give your old cloths, house hold stuff you do not need to the poor. Associate yourself with some social service foundations and start donating. No matter how much you earn, you will always have something to donate to some needy people.

Today 23.6% of the worlds population or around 236 million people lives below poverty line. If each one of us start helping even one such person, soon there will be no poor people left on this planet.