15 Sacrifices you Need to Make to Become Rich
Here is the hard truth. There’s no smooth road by which you can get rich. If it were that simple, it would be known everywhere by now, and everyone would have made a small or even a vast fortune.
Nevertheless, many offers play with the desire for money and promise precisely that, getting rich, preferably without work. The money comes of its own accord without you having to lift a finger.
If you see such offers, you should keep your hands off them, because in the end, only one person gets rich, the provider who takes advantage of other people’s hope or despair, and only fills his pocket, so be cautious.
It will be difficult in any case, but it’s not entirely impossible. So your dream of getting rich does not necessarily have to remain one, and if you don’t want to make millions right away, but rather approached the project of getting rich a little more realistically and frugally, the chances are not bad at all, and you can earn and save enough money to fill your account and make your wishes come true, but you have to make some sacrifices to get rich.
In summary, the fifteen sacrifices that you need to make to get rich are:
- Change Your Thinking
- Always Think Longterm
- Reduce Your Costs
- Stop Being a People Pleaser
- Do Not Leave Your Finance to Chance
- Excessive Gambling
- Invest More Money
- Invest in Yourself
- Build Up Several Income Sources for Yourself
- Do Not Be Satisfied
- Do What Is Necessary
- Give 120% at Work
Now let’s begin with the most important sacrifices that can change your life:
1. Change Your Thinking
Let me let you in on a little secret. You see, the difference between the rich and the poor is the way that they think. Successful people think differently from people that are less successful.
Let me share with you a little story. One day, a shoe company sent two of their best salesmen to a remote village. Upon getting there, they noticed the villagers do not have shoes. They’re all barefoot. One of the salesmen went back and reported there’s no market available, but the other salesman requested for a truckload of shoes.
You see, the difference between the two marketers is the way they think. One saw a stumbling block while the other saw the opportunity for a fresh new market.
If you really want to be successful in life, you need to think and see an opportunity differently.
2. Always Think Longterm
You won’t get rich overnight unless you’re the one in millions who wins the lottery. Otherwise, you can only get there through patience. No matter which way to more money you decide on, they all take time, usually several years, and your fortune will often not make any leaps but develop slowly.
I’m going to start this with a very controversial statement. Don’t follow your passion. Yes, I know. You must have to hear a lot of people saying, “Oh, find your passion. Do what you love.”, but the truth is sometimes doing what you love doesn’t pay the bills. Doing what it takes pays the bills.
If you want to be rich and successful, then you need to put in extra long hours doing what most people won’t do. Going the extra mile where others dare not go. Those are the sacrifices you will have to make.
The problem with following your passion is most times it limits your potential. It keeps you inside the cocoon of your comfort zone. Frankly speaking, our passion is basically things we do comfortably and with ease, but there are a million people out there who are broken passionate. Do you know why? It’s because they don’t follow the market.
When it comes to economics and money, it’s all about demand and supply, not passion and fantasy, which is an illusion. If what you’re good at is on demand in the market, and it’s also what you’re passionate about, then you just hit the gold mine of all jackpots, my friend. You are among the lucky few.
4. Reduce Your Costs
The first thought about getting rich is make more money. However, it promises just as much success if you reduce your costs, and thus save cash every month.
Cheaper shopping, saving electricity, maybe even moving into a more affordable apartment, leaving the car at home more often, and taking the biker walking instead. Even comparatively small savings quickly add up to many thousands of dollars in the long run, which you’ll have more at your disposal.
5. Stop Being a People Pleaser
The late CEO of Apple, Steve Jobs once said, “If you want to make everyone happy, don’t be a leader. Sell ice cream.”.
If you’re a yes-man, and always feel the urge to please everyone, there’s a high chance you will never be rich. When you are an entrepreneur or a business owner, you are a leader, and being a leader means taking hard decisions. Continually saying “yes” to people’s requests or demands leads them into making more requests and demands because they know you will never say “no”.
If you’re a people pleaser, stop looking for people’s validation. Learn to build your own self-confidence. Note that it is okay to say “no” in life. If you find it difficult saying “no” to people, practice saying “no” in front of a mirror.
Learn to be a little selfish and put yourself first, and remember, no one has made it in life being a people pleaser, that is unless you’re a butler.
6. Do Not Leave Your Finance to Chance
If you want to get rich, you have to take a close look at your financial situation. This is not pleasant and not always an exciting task, but it is necessary.
How much do you earn? What are your running costs? What’s left at the end of the month, and what do you spend most of your money on? Are there any loans or other expenses that decrease over time?
A detailed budget book can be the best solution and a really magic bullet. Only with the complete overview of your finances can you work on getting rich. The key is to start as early as possible.
Getting rich takes many years as already mentioned. Please don’t put your finances on the back burner. Begin as soon as possible to take care of them. Those who only start to deal with the topic in their mid-forties have already wasted many years. They could have been used much more sensibly.
7. Excessive Gambling
Gambling is an insidious financial ruin. It occurs in so many forms, such as card games, buying a lottery ticket, betting, and so on. Most of all these activities involve the gambler making a risky investment with the hopes of winning a large chunk of money.
Do you know that according to the American Psychiatric Association, APS Diagnostic and Statistical manual, gambling has now turned to mental illness due to the fact that it stimulates the brain rewards mechanism just like when you ingest drugs? The gambling world is filled up with more losers than winners, turning into an unprofitable venture, but why do so many people still gamble?
A research carried out by Nottingham University has shown that gamblers get high off of their losses, even while they lose, their body still produces endorphins and adrenaline. These two hormones create a feeling of anxiety that stimulates your brain almost in the same way as getting high.
Gambling creates a temporary feeling of happiness and fulfillment. Also, money made from gambling is short-lived and usually doesn’t last.
8. Invest More Money
You won’t get rich just by putting money on the high side. Please let it work for you because what Jeff Bezos can do, you could do on a much smaller scale.
Shares are a particularly attractive investment that can pay for itself in the long term if you have the right risk management. The rule of thumb is “never put all your eggs in one basket” but look for a broadly diversified secure block of shares.
In addition to shares, you should also invest in other forms of investment. Real estate is popular and also a suitable means of becoming rich, however, these usually require a higher initial capital to be able to invest it all.
When it comes to investments, it is always advisable to seek expert advice in case of doubt. They can help you to develop the right investment strategy, answer questions, and help you to overcome uncertainties.
Generally speaking, one of the keys to a healthy lifestyle is having a good night rest. A lack of sleep will have negative consequences to one’s day to day routine, but then also sleeping too much will make you lazy.
For a healthy adult, a 6 to 7 hours sleep is required daily, and this figure is further emphasized by tech billionaire Elon Musk, who said he gets a decent 7-hour sleep daily. The same routine is also reiterated by Oprah Winfrey, Richard Branson, and Barack Obama.
All these very successful people do not sleep like a sloth, though they make sure they get the required hours of sleep needed for them to function the next day. So if you definitely want to be successful in the future, try cutting back on the number of hours you sleep if you oversleep.
10. Invest in Yourself
You become wealthy through your achievements, successes, and skills. If you’re good at what you do, you get more money for it. If you develop your skills, you become a valuable employee and can become a son after expert in your field.
The more you invest in yourself, the more likely you are to become rich. This is not only about financial investment, but also about time. Take the time for further education and training. Use your free time to deal with essential topics and deepen your knowledge. They are your most magnificent capital. Learn to use it to become rich.
Evan Almighty hates this one. In the Bible, pride has led to the downfall of so many people. They say, “Pride goes before a fall”. If you’re a religious person, then you’ve probably been told that being proud is a sin, but if you’re not, you need to know that pride is in itself counterproductive.
People who were proud or arrogant, and when you start thinking you do not need anyone else apart from your own wits, then you are heading for self-destruction. No one is to know it all, and even if you think you are, you cannot do it all. Pride is something that will destroy you, if not taken care of properly.
12. Build Up Several Income Sources for Yourself
A secure job with a good income is essential, and the first step if you want to get rich. It is even better if you create additional revenue, and thus succeed in making money from various sources. This can be a second job that you take on or self-employment that you pursue alongside your job.
This is certainly not easy and involves a lot of stress and effort, but if you want to become rich, it is precisely this extra effort that is needed. To have more than everyone else, you must also be willing to do more than everyone else.
13. Do Not Be Satisfied
Gratitude is essential, but you will only become rich if you are not happy with what you’ve already achieved. You can accept your salary, take that it will hardly grow for the next 10 or even 20 years, or you can keep your ambition, also, if you already earn well and want to go higher.
14. Do What Is Necessary
This sounds very vague at first, but it is a serious tip to get rich. It doesn’t mean, of course, that you should rob a bank or find a wealthy partner, but that you recognize what is necessary on your path to becoming wealthy.
This may mean, for example, that you have to change the center of your life, so that you can use your talents when they’re needed. You may also have to change employers to climb the career ladder and get a pay raise with each change. This may not always be easy, but it can be a necessary sacrifice to make.
15. Give 120% at Work
Apart from winning the lottery or becoming a superstar, the best way to get rich is not a real secret. Work hard, give your best in the job, and don’t let it get you down.
There are other tips or additional ways to save money or increase your earnings, but the foundation is laid by your work. To get rich from your job, it also depends on the industry. Even the highest salaries in some areas are just about as high as the starting salaries of other sectors.
Here too, it is clear that long-term planning is essential. If you want to get rich, your schooling, courses, study or training, and especially your choice of career is decisive.
Hard work may not be the bright and glorious path that many who want to get rich imagine, but it’s still the one that you’re most likely to be able to influence yourself, unless, of course, you want to continue betting on the one in 140 million chance of winning the lottery, instead of trying with continued excellent performance and sacrifice.