Hey fellow steemit users, would just like some suggestions or any improvements on my how to get rich speech. At first this speech means a lot to me because I've always been very interested in the property and share market so please be free to leave any comment or constructive criticism.
I once asked a good friend how do I get rich? He told me “remember these two words Compound Interest.” What exactly is compound interest? Compound interest is
earning additional interest on interest. Once you receive your first interest payment, it is added into the principal. It will allow your money to earn even more money overtime. One great example is that a savings account at a bank will generally earn compound interest, earning more money over time. But before the money starts rolling in, you have to break these bad common habits. Impulse spending. Impulse spending is where you buy without comparing with other products. Gambling with your money. Spending money on a habit such as smoking. By the time those habits are broken your chances of getting rich is higher.
Now it’s time to start creating new and healthy habits such as saving your money. By living below your standards will help as well for example don't become in debt because debt slows the process of you becoming rich. Another way is to invest into the stock market, by investing in the stock market you practically gambling your money. But I have friend who earns 80,000 dollars alone from the stock market and average worker earns approximately 60,000 dollars a year. But he didn't just go in a starting buying shares first he sat down learnt basics and did his research and know he passes his knowledge onto me.
But there are downfalls to the Stock Market such as you have to monitor it everyday because prices of shares change everyday and don't always stay consistent for example a company could be worth 50 dollars and then suddenly drop to 25 in the next hour. But there are ways of increasing those odds by actually reading books, learning the basics and ask people who know the stock market because it's always good to see from a different perspective.
Property can also be a great way but you going to need to do a lot of things to actually invest into property. You are going to have get money from the bank in order to buy a property but the only way you could get money from the bank is that you have to prove
that you have a stable income to pay back the loan. By the time you buy a property there a lot of things to learn such as capital gains, depreciation, negatively and positively geared properties but I won't go into too much detail. But don’t be afraid to read book about property
investment. Right now I am reading a book about property investment I still don't understand but I've been studying the book and try to understand the book, just remember successful,
wealthy people don’t suddenly become rich and successful. Success is a process that takes place over many years. Long before people become rich they go through many challenges that are overcome. Bill Gates once said “If you’re born poor. It’s not your mistake. But if you die poor. It’s your mistake.” From the quote we get that success is an option that is accessible by all who try and achieve their goals. Their many men have done this and succeeded, but this person you may never heard of Peter Buck but you may heard of his company, his net worth is $3.6 billion and he is aged 85. His main income is Subway, so how did he actually do this? Well he created a profitable business from a need which were sandwiches and now he is a billionaire. See it is simple but he built this enterprise through hard work and dedication.
Another good of way of getting rich Is by creating a business off a person's need. Right now I could easily create dancing business, I have the skill to teach and if I make one customer happy they can go around to their friends and talk about and from there i’ve created business or you can use the resources that you have to create a profitable business such as a cleaning business, hairdressing and many more. By creating a profitable business you can enterprise and have your company around the world working and generating wealth for you but you have to work hard and by working hard everything will pay off in the end. And of course their are simpler ways of getting rich Inheriting or marry it. As you can see there are ways of getting rich but without the hard work and dedication there is nothing, but
if you do work hard it is worthwhile, everything does pay off in the end. As Vince Lombardi once said “The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.”
don't you first have to get and stay rich before you can tell others how to?
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