Question of the Day

The Advice Column

Today’s Question: How do I become rich?

Well, we all dream of being rich one day but one thing we should realize is the difference between rich and wealthy before we dive into this topic. Being rich can be temporary but being wealthy is usually long-lasting. So let’s not try to be rich but rather wealthy and here is how

• The best way to get started is to study up on how money works. Learn about investing, learn about debt, learn about demand and supply. This knowledge will help you in the long run.

• The next thing you need to know is that there is no such thing as quick money. So give yourself time to earn your riches rather than going for something that is high-risk high reward. Medium risks are always better than high risks.

• You can try researching about boring industries and find market gaps there. Boring industries like concrete, lighting, etc are often overlooked by everyone but possess huge opportunities if structured properly.

• Try to find places where you can leverage debt. In this era, the idea is more important than the capital. Find a great idea and then you will always have investors to invest in you.

• Finally, accept that things happen at their own pace and there is always a bit of luck involved, so don’t get overwhelmed by short-term failures and rather try to see the bigger picture.

Follow these steps and try out new ideas. Always remember that Execution is more important than Ideas

Image Credits: https://dribbble.com/shots/11366082-Jumpman

If you aren't subscribed to this newsletter you are missing out on Wisdom that will help you become the best version of yourself.