Some wealth concepts may be simpler than you think. In this article, we breakdown how you can Become Richer On A Daily Basis.
$5 Per Day Formula
To build wealth you have to do three things:
- Increase your income
- Keep your expenses in check
- Invest the difference
However, what if I told you that you can build wealth on as little as $5 per day?
All you have to do is set aside $5 per day into a separate bank account. Whatever you do, do not take money out of the account to splurge.
This is your wealth building account. Let it build up. If $5 per day is too easy and you’ve been doing it consistently, you should increase the daily amount.
Make sure you are able to set aside the amount consistently. Look at it as your long-term wealth building plan.
To automate the process, you can have your employer [if you have a job] automatically send a portion of your paycheck to that separate account. For example, if your take home income is $2000 every 2 weeks, and you want to set aside $10 per day, you would have your employer send $140 every 2 weeks to that account.
If you run your own business, you can send the amount of money whenever you pay yourself.
Invest The Money
Next, you want to invest the money.
Since this is your long-term wealth building fund, I wouldn’t in assets that carry higher risk such as businesses, stocks, or leveraged real estate.
Instead, I would invest in assets such as bonds, CDs, and mortgage free real estate. Your returns may not be high in comparison to investing in other assets, but the chances of you losing your money is much lower.
You can complement this long-term wealth plan by simultaneously focusing on other assets such as starting businesses and investing in stocks.
This way, you’ll have the best of both worlds:
- Income from higher risk assets
- Stability from lower risk assets
This overall wealth plan will result in you becoming richer every single day and having the lifestyle you desire.
Thanks for reading Become Richer On A Daily Basis. One of the best ways to become rich is through your own business. We’ve put together a FREE guide filled with business ideas, you can download the guide here: 25 Six Figure Businesses You Can Start Today.