How To Become Rich By Doing What You Love
1- Invest & save your money
Most of us have some kind of money saved on the side. If you want to be rich, the smart thing to do is to keep that money on the side and absolutely refrain from spending it. Furthermore, invest that money into stocks and bonds or else a savings account, depending on where you live and which option seems more appealing to you. I personally have a decent amount of money saved in my savings account with a monthly interest rate of 7%. This means that if you put in $1,000,000, you’ll get around $70,000 / year. The risk also is very minimal and the rewards are decent.
If you don’t have money saved up on the side, well you’re just going to have to save some from your income. We all know it’s hard to save up when you don’t make a lot of money. Sometimes all you want to do is to enjoy your life with the money that you make. According to Will Rogers, once the highest paid Hollywood movie star in the United States, “too many people spend money they earned to buy things they don’t want to impress people that they don’t like.”
Long-term thinking and planning will help you become a better saver. Keep an expense sheet, write everything that you spend and try to save at least 10% of your income on a monthly basis.
2- Choose a career that motivates you
Julia Cameron once said: “What we really want to do is what we are really meant to do. When we do what we are meant to do, money comes to us, doors open for us, we feel useful, and the work we do feels like play to us.”
When I finally made the shift from a conventional office job to becoming an entrepreneur and working on my own terms, I eventually started to make much more money than I used to and I am so glad I made these changes to my life. Why am I talking about passion instead of “lucrative” career choices? Here’s why: For the past few years, and throughout my many careers, I kept climbing the salary ladder higher and higher thinking “I want to be rich”, until I reached a breaking point, I was unhappy to a point where I could no longer continue my work in that field, I had finally reached my limit of putting up with work that I hated and that did not fulfill my needs just for the sake of making more money! The money, even though it was quite good, was not enough to keep me down that career path. As Ralph Waldo Emerson once said: “Money often costs too much.”
According to Maya Angelou: “You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.”
I was finally convinced that in order to make more money in the long run, I had to do something that kept me excited and thus motivated as the few extra bucks I was getting from my old job was not enough of a motivator to keep me excited about my job. Ever since I started doing something that I was passionate about, I’ve been making double the money that I was making in my other jobs because I’m just that much more passionate about it! The rate at which my income has been increasing would have not been the same had I stayed in my previous career.
So what’s the first step to finding a career that motivates you to become richer?
I once read a book called the 4-hour workweek by Tim Ferris, which explained how to best find your passion. It talked about putting together your thoughts on a piece of paper in a table format and assessing the likelihood of success of each. I soon enough created my own version of this. It might have taken a bit of brainstorming and trial and error but at the end, I was closer than ever to my dream career.
Thus the key to making money by doing what you love is to give up a little bit of short-term income for more long-term income. The key is thus also not to think about the money at first and thus remove this “I want to be rich” thought from the front and put it in the back of your thoughts for a while, and let it come later on by doing what you love. It’s been said that “if you do what you love, you’ll never have to work a day in your life”, that right there is the key to making money, focusing on creating a career that doesn’t make you count the hours, so that you can work without getting exhausted and overdoing yourself like I did in my previous careers before I gave them up!
3- Be patient & persistent
“It’s how you deal with failure that determines how you achieve success.”
David Feherty – who’s combined career earnings exceeded $3 million – once said “It’s how you deal with failure that determines how you achieve success.”
The truth is, you will go through a lot of ups and downs. That’s when it pays to be patient and persistent. If you are going to give up at every bad turn, you will rarely make it to your goal. The truth is that the more you aim for a goal that excites you and that you are passionate about, consequently the more motivated you will be to achieve it and to reach fortune. On the other hand, when you aim for something safe and dull, you might not have the needed motivation and courage to follow it through. Once you become persistent about reaching your goals, nothing can stop you from getting rich.
Becoming rich takes a lot of patience and you can’t expect it to happen over night. I cannot insist enough on how much persistence – but patience as well – play a huge role on your journey towards success. Being rich is not a day-to-day process. You cannot put in efforts and wake up the next day with more. Most of the time, it’s a long-term process. Naturally, if you are an ambitious person, patience will be something that will not come naturally to you, especially when you are at a young age. This only means that you will have to work hard and go through several failures in order to understand that some things simply require a bit of time. Putting a plan into place helps. Having a vision and a timeline for your vision will help you be patient because you will be aware of the time required to reach your goals and thus will be ready for what’s to come. Remember that most of the world’s richest people worked hard for years continuously while earning peanuts, only to achieve their career goals and start making millions!
4- Seek financial advice
Don’t be afraid to ask for help. Who should you ask? It’s always good to listen to what the people who are the most close to you have got to say. They probably know you the best and thus might give you advice based on their knowledge of your character. Then again, if you are seeking a specific type of money advice or else you are not content with the advice of those around you, a mentor or else a life coach might be a perfect idea. There is nothing more noble and modest than admitting to yourself or to others that you need help, and nobility is a worthwhile virtue to have, especially when you are aiming for fortune!
Finally, becoming rich is not an easy task nor is it a quick one. It can involve a great deal of risk, as well as hard work, persistence, a great deal of patience and finally it requires believing in yourself. On the other hand, if you truly decide to go down that road and succeed, the rewards will dazzle you and make all of your efforts worth your while, naturally. I’m emphasizing once again Confucius’s words when he said “Choose a job you love, and you will never have to work a day in your life” as I found this to be one of the best advice an ambitious person could ever receive and a sure way to become rich!
Action steps to take: Invest your money, save money from your income, choose a career that motivates you, keep an expense sheet, put a plan in place and follow it through, have a grand vision to guide you, be persistent regardless of the ups and downs, be patient regardless of your excitement, and you can achieve the level of fortune that you are aiming to achieve!