Focusing on the Process: How To Get Rich Quick
Have you seen the billionaires and wondered How Lucky Are They? How lucky are they to amass so much fortune while the larger population struggles to pay their bills? If any such thought ever comes to your mind, you are making the same mistakes as everybody else. You are not focusing on the process they underwent to be where they are today.
An article from CNBC in 2019 laid out the truth, which said that only 13% of billionaires made were through inheritance. That number speaks sufficiently; about how much work goes behind becoming a self-made billionaire.
But why, then, do we label it as only luck? And on top of it, when we learn about them, we also want to be like them. Become rich and wealthy, and that too very quickly.
In this article, we will explain how you can become rich quickly. If you have not read our previous article, “Get Rich Quick Vs. Get Rich Easy” I suggest you check it out. It lays the foundation for this article.
When you heard the story behind the success of Nike or Tesla, slightly of you knew their real struggle at that time, and primarily people were drooling over their wealth.
People were witnessing an event (of increased wealth) rather than focusing on the process that made the event ( How the company came into existence and reached the event)
Like, when the Founder of Nike, when Nike was a small company, was persuading the shoe manufacturer in Japan to give him the sole license of The US market, how another big player was ready to steal it from him.
People don’t remember how, after even getting listed on the exchange, the company faced stiff competition from Adidas, plummeting its profits.
What kind of struggle did they go through to sign Michael Jordan?
The story of Tesla is not so different either.
Sure, he is leading the list of billionaires, but the story has not always been that cheerful.
You might have heard on numerous platforms how Tesla and SpaceX were bound to go bankrupt in December 2008 and how they nearly saved themselves.
Well, they did become rich, and because of the process they underwent, they have become capable of that much money.
Their richness came quickly because they were busy focusing on the process.
These people were not bothered by the final event but did every bit of things here and there to improve, to become better.
The event is always the by-product of the process.
Another benefit when receiving while going through the ups and downs is it makes them capable of holding the money whatever comes their way. Because as you earn from your hard work, you realize the pain and hard work behind it and take proper care of it. You think twice before letting it go.
For instance, think about the lottery winners.
According to a Wolf Street analysis, about one-third of lottery winners in the United States file for bankruptcy, frequently not long after they get a significant payout.
Some of the reasons are:
1) Lack of Financial Literacy: Many lottery winners don’t have the essential financial expertise to handle their winnings. They might not have prior experience managing large sums of money, investing, or setting up budgets. As a result, individuals could make bad financial choices or become a target of fraud and poor management.
2) Overspending and Lifestyle Inflation: Winners may indulge in lavish purchases, luxury products, and excessive spending, which can result from sudden windfall. Without taking the long view, they may spend lavishly on fancy homes, vehicles, or trips.
3) Lack of Support and Guidance: Sudden Notoriety and Attention are Common among Lottery Winners, which Can Be Overwhelming. They might experience pressure from relatives, friends, or acquaintances looking for financial support or who have other agendas. Winners find it hard to make prudent financial decisions without a strong support network or qualified advice.
4)Emotional and psychological factors: A person’s emotional and psychological well-being may be significantly impacted by the sudden inflow of cash. Some prize winners could experience feelings of awe, worry, or guilt. They could indulge in impulsive spending or dangerous investments to cope with these emotions, which can result in financial ruin.
5) Misplaced Trust and Exploitation: Lottery winners may draw dishonest people looking to profit from their windfall. Their susceptibility or lack of financial knowledge may be used by friends, family members, or financial advisors, resulting in poor investments or losses.
All of this happens because the individual does not go through the process of building a system of cash flow. Otherwise, all of these issues get resolved as one’s journey takes the course.
Focussing On The Process: The Recipe for Wealth
Following are some suggestive guidelines that can be adopted for building a better future ahead:
1)Knowledge Investment: Lifelong Learning for Financial Development
Investing in knowledge is one of the essential cornerstones of the wealth-building process. Wealthy people are aware of the importance of lifelong learning and actively work to increase their level of financial literacy. They keep their mind to focusing on the process of remaining wealthy by researching investing methods, gain knowledge of different asset classes, and follow market movements. People may make knowledgeable decisions and confidently negotiate the complex world of investments by learning about money matters and developing their financial abilities.
2) Using Compounding's Power: Long-Term Growth and Patience
Compounding is one of the most powerful drivers in wealth building. It involves the process of reinvesting profits, gaining returns on those investments, and letting the cycle continue for a long time. Patience is essential for utilizing compounding’s full potential. Individuals can profit from the compounding effect and experience exponential development over time by starting early and continually investing in things like stocks, bonds, or mutual funds.
3) Spreading Risks and Increasing Returns through Diversification
Wealthy people are aware of the value of diversification, an investing strategy that entails spreading investments across many asset classes and industries. By lessening the impact of any one investment’s performance on the portfolio as a whole, diversification serves to reduce risks. Individuals can increase their prospects of long-term financial success and safeguard themselves against the volatility of particular markets or industries by diversifying their holdings.
4) Developing an Attitude of Abundance: Viewing Wealth as More Than Money
The accumulation of tangible possessions and financial resources is only one aspect of riches. It includes an abundance mentality or the conviction that there are plenty of prospects for achievement and riches. This way of thinking promotes people to be open to new ideas, see problems as opportunities for learning, and think creatively. One can attract money in many forms and get a holistic feeling of fulfillment by developing an abundant mindset.
Being affluent is a journey that calls for dedication, tolerance, and a long-term outlook. It entails building a solid financial foundation, making educational investments, utilizing compound interest, embracing diversification, developing an abundance attitude, and leaving a lasting legacy. True wealth is a constant process that goes beyond monetary gains; it is neither an event nor a destination. Individuals can engage on a fulfilling road towards sustainable, long-term financial success by comprehending and putting these concepts and ideas into practice, assuring a better future for themselves and those they have an impact on.