How to Get Rich With Hard Work
- 1). Commit to your job. Most rich people earn their wealth, in part, by putting more time into their work. According to The Wall Street Journal, research by Nobel Prize-winning psychologist Daniel Kahneman shows that people who make more than $100,000 annually spend less than a fifth of their time engaged in "passive leisure" activities, such as watching television. Additionally, The Wall Street Journal reports that many first-generation rich people today are "always working on the next project" and consider their long working hours each day to be a form of leisure.
- 2). Start a business. In his best-selling book, "The Millionaire Next Door," Thomas J. Stanley says, "about two-thirds of America's millionaires are self-employed." Brainstorm ways to meet a need or solve a problem. Decide on a product or service you can make and sell, and start working from home. A local course on small business development might help you get started.
- 3). Save money everyday. Seek discounts and pay cash for items that go down in value over time, including most clothing, furniture, appliances, tools, equipment and vehicles. Thomas J. Stanley found in his research that most self-made millionaires are extremely frugal, preferring to buy these types of items outright, and only when necessary. Develop wise spending habits, like always buying used rather than new, shopping wholesale when possible, making bulk purchases, using coupons at the supermarket and getting the most use out of things you buy.
- 4). Study and practice investing. Studying is a constant part of investing. Take time everyday to educate yourself about stocks, bonds, real estate, mutual funds, art, precious metals, antiques or any other legitimate investment avenues that appeal to you. Invest a portion of your income, so that your money is working for you. That way, your wealth isn't limited to what you can earn on the job.
- 5). Celebrate without overspending. Create memories with your friends and family at home, instead of going out. Reward yourself with inexpensive pleasures. One millionaire interviewed by MSN Money admits she "makes or bakes gifts for the holidays," and that her parties "are potlucks." The occasional splurge is fine, but daily happiness for you and your family doesn't have to be tied to net worth.
