How You Can Get Rich - The Only 3 Ways

There are only 3 ways you can get rich. While actually getting rich is different for everyone, everything boils down to these three wealth producing principles. The 3 wealth builders ways all involve the 3 legs of your personal finance triangle. While it may not happen overnight, if you sufficiently strengthen any or all of those three legs, you'll eventually get rich. To get rich more quickly, you must rely on maximizing the effects of all three financial legs.

To maximize the three legs you can increase your income, spend less money, or make your existing money work harder. Spending less will allow you to use your existing income for investing, savings, and expenses you'd otherwise have to borrow for. There are many things you can do to spend less money, but in order to get started strengthening this leg, you need a baseline of how much you are spending now. Make a budget and include all your current monthly expenses. After you've done this, you'll be able to see where you can cut spending and where you can't.

To increase you income, you have a few options. You can earn more at your current job, change jobs to one with higher pay, or get an additional job to augment your existing income. Part time jobs are great for this. You can start your own part time business, or pick up one working for someone else. If you try to earn ore at your current job, you'll need to find out what comparable positions pay elsewhere, so you know where to start. If you're of a mind to change jobs, you can choose to switch to a different position within your field, or change careers entirely.

The third leg of the personal finance triangle involves making the money you already have work harder for you. You can do this by investing it if you don't really invest now, or by earning a greater return if you are an investor already. You can also take advantage of the principle of leverage to multiply your money's growth power. A great example of this is investing in real estate. Real estate, or any other leveraged investment, allows you to control, and profit from, a relatively large amount of capital with a comparatively small amount of money.

There are many ways to strengthen the three legs of the triangle. Between creative ways to save money, places to find employment, getting more money where you work now, and investing to earn greater returns, you'll be able to grow a nest egg that will really make you rich, just don't expect it to happen overnight.