1. Excellent expertise

Most of the time, as employees, we have similar salaries, and if there is a slight increase, it is just a little. Therefore, getting rich is not easy with the meager income of a mid-level employee. That’s why people say that only by becoming a boss can you help yourself get rich. However, it must be said that starting a business always comes with certain risks because the success rate is very low. Statistics show that after the first year, 80% of people give up, not to mention the high risk of bankruptcy in the following years. So, there is an easier way: become a master in your field.

Don’t just remain an ordinary employee; strive to be the best in your field. Once you set a financial goal, you must truly get to work and start earning money. The best way to earn a lot is to start with a skill you are proficient in. When you excel in a certain area, you will be paid a high amount for your knowledge and expertise. You may be very good at helping someone plan, providing financial advice, or selling real estate. Find a skill you are truly good at, focus on it, and improve until you become an expert. Because at that point, you can increase your income by 10 or even 100 times.

2. Learn from millionaires

We always have the opportunity to interact with many wealthy people, whether they are relatives, friends, or your boss. Instead of being envious, take note of what you observe to learn from them. Starting today, you can spend more time observing how they talk, how they treat others, how they share information about shopping and family care, and recognize the beautiful moments that you can remember and learn from. Or if you don’t have the opportunity to interact, gather information from newspapers, books, television, and interviews with these millionaires; they are very open and do not hesitate to share their experiences with everyone.

In fact, there are currently too many people spending time researching self-made millionaires and writing books about them. You can read to enhance your understanding. Then, learn and follow their examples; however, you don’t need to strictly follow them 100%. You can adjust according to your circumstances to feel comfortable, while still adhering to certain principles they have outlined. You will learn a lot from this, and one thing you will soon realize is that the spending habits of office workers often involve spending money first and paying later, prioritizing enjoyment and shopping, so by the end of the month, they run out of money.

However, the ultra-rich are different; they spend very frugally. As Warren Buffett once said: If you buy something you don’t need, you will soon have to sell something you need. To escape the situation like the majority above, you can learn from the minimalist lifestyle of the rich, as billionaire Mark Cuban once shared. Live like a student, don’t overspend, and only spend money on essential needs. Don’t waste money on expensive luxury brands just to impress others.

Pride means nothing if you are broke. This means that when you do well in the first point above, becoming an expert with a high income, you should still maintain a student-like lifestyle, avoiding wasteful spending. The truth is that the mistake most of us make is that as income increases, shopping needs also increase. We often fall into the psychological trap of thinking that we have worked hard, so we deserve to enjoy ourselves. The right thing is to always save and invest, and only occasionally treat yourself a little.

3. Remind yourself of future goals

The most important thing in getting rich is that you must have clear goals from the beginning. Only then can they help you avoid getting lost, avoiding the habit of keeping up with others, wanting to shop just to match your friends. For example, if your friend buys a new house, a new car, or luxury items, that doesn’t mean you have to do the same. When you struggle with your mindset, just remind yourself of your long-term goals for the future. Focus on your goals every day because you can easily be tempted by shiny, attractive things out there.

If you have a family, both of you should remind each other of your shared future desires, to remember what you need to do. From there, don’t let the shopping habits of others affect your marriage; some people may criticize how you spend, or you may refuse invitations to go out, and some may not like it. This is when you automatically cut off relationships that no longer suit you; if they do not serve your long-term goals, ending certain relationships is also necessary. Surely, going through this phase, you will feel uncomfortable, but ignoring those who negatively influence your life is also a way to build wealth.

Because if you only go out with people who love to go to bars, buy luxury items indiscriminately, and spend money without a plan, you are likely to adopt similar spending habits. Prioritize upgrading your life in the future by mingling with outstanding people, spending more time with those who are more successful than you. Build close relationships with these people so that their habits can positively influence you as much as possible. Additionally, the wealth secret of the ultra-rich is not just money but also health; therefore, your future goals must also include a health plan because most of us tend to overlook it. If not, when physical strength declines and illness strikes, you will have to spend a large amount of money just to treat the illness.

4. Saving - investing is a habit

The path of saving and investing is considered safer compared to pursuing business dreams or artistic passions, but it is the common formula for most people who are not born with a silver spoon, helping self-made millionaires achieve long-term financial success. However, not everyone is good at saving. Self-made millionaire Tanner Chidester once shared with the press that "saving is a slow way to get rich; making money is much easier than saving." These words reaffirm that saving is extremely difficult for most of us.

Even those who are millionaires face similar obstacles in the early stages of practicing saving. But the common point of self-made billionaires is that regardless of the job, they always consider saving and investing as part of their daily habits. They constantly think of smart ways to grow their wealth; self-made billionaire Mark Cuban once advised to save enough for living expenses for a year, then start using earned money to invest. Once you have saved enough for living expenses for a year, you can invest in something profitable, such as a low-cost mutual fund or an index fund.

This process is not something that happens overnight; it can take 10 to 30 years, which is normal. On the journey to becoming a millionaire, they are willing to save 20% or more of their net income each time they get paid. What about you? How much do you think you can reasonably save from your monthly income? Only you can find the right answer for yourself.

5. Automatic savings deposits

To avoid the whims of emotions, many self-made millionaires have automated their savings through bank accounts. You can follow suit by setting a certain amount to be automatically transferred to your savings account, investing monthly before you even see it. At the same time, this method also helps you save time and mental energy, avoiding the effort of trying to spend and then save, and also not wasting time preparing transfer information.

Most people save about 20% of their income, but this number is flexible for each individual; typically, they will allocate 10% to a retirement account and the remaining 10% is automatically transferred to a separate savings account. If 20% is too high for you at this time, you can save at a smaller rate, and consistently saving at a smaller rate can still help you achieve your financial goals for the future. It may start as a small amount, but in 10, 20, or 30 years, you will accumulate a significant wealth.

6. Profit from a panic market

The familiar saying of billionaire Warren Buffett, "be fearful when others are greedy and greedy when others are fearful," is often misapplied by many. However, profiting from a panic market is exactly how Warren Buffett and other skilled investors get rich; billionaires often become wealthier when investing at times no one else thinks of.

When unemployment rates are high and the market is crashing, people are scared, and the situation is nothing but instability and suffering. Therefore, determining when to invest and when to sell is the most crucial moment; no one will reveal this to you except for you to find out for yourself. To have that golden moment, self-made millionaires have had to invest time and effort into improving their knowledge long before and patiently wait.