Let me first start off with the fact that there’s not only one way to become wealthy when you have no money.
How to become wealthy with no money is usually a combination of actions taken over a period of time. The period of time in which these actions are taken can be pretty long (years or even longer).
It’s best that you realize that it’s going to take action and time in order for any change to occur. Your habits are an important factor in going from nothing to something. If you’re willing to put in the action and be patient, you’ll be wealthy before you know it.
Also note that most people will lack the patience to make it to the wealthy or rich stage. It takes a lot of time and patience to get there from any financial position. This is why there aren’t that many wealthy people.
Your Habits
In general, your current situation is due to how you act and what you do in certain situations. Basically,
Your habits are probably the biggest factor in determining where you are currently and where you will be going in the future.
Spending
One big factor than can be an impediment to getting wealthy is how you spend. If you’re living paycheck to paycheck and you have a brand new car, odds are that you’re not spending very well. When it comes to not being wealthy, it’s usually how you spend and now how much money you make.
For example, if Johnny B makes $15,000,000 a year, he makes a lot of money compared to most. However, if Johnny B spends $20,000,000 a year, he theoretically increases his debt by $5,000,000 a year.
On the other hand, if Sammy B makes $50,000 a year and only spends about $20,000, Sammy B will have more money than Johnny B at the end of the year. This is an illustration on how much you make versus how much you spend. NOTE: The above example doesn’t take taxes, etc. into account.
What You Do With Your Time
Another factor that can help (or hinder) is how you manage your time. If you never have enough time to do anything, it’s usually due to a lack of focus. Here’s a quote that speaks to excuses versus what you really want to do:
If you really want to do something, you’ll find a way. If you don’t, you’ll find an excuse.
Time management comes down to that mindset (actually the whole process of how to become wealthy with no money comes down to that quote).
For example, if you spend a lot of your time watching TV or binge watching various shows, you’re not likely to get wealthy. In terms of getting wealthy, watching TV doesn’t usually produce results. If you’re watching educational shows or videos that have to do with what you’re trying to get better at, that’s a different story (I tend to watch “Nightly Business Report” on PBS quite often – You can even watch it on Youtube).
Focus
As I stated above, focus is a key to becoming wealthy. Without staying focused on what you’re trying to accomplish, there’s nothing anybody else can do to help you. The same is true on the other end of the spectrum.
If you’re super focused on what you’re trying to accomplish, there’s nothing anybody can do to stop you.
Practical Ways To Get Ahead
Once you have your mindset in order and you’re fully aware that becoming wealthy will take a considerable about of action and time, you can start being proactive with learning.
One of the keys to getting ahead is learning, and if you’re able to self-educate, there’s nothing that can stop you.
If You Have High-Interest Debt, Pay It Off As Soon As You Can
One of the first things you should is pay off high-interest debt. When you have high-interest debt, it is basically putting a wall in front of ever getting wealthy. Once you remove that wall, it’s a lot easier to move forward. You’ll learn more about this as you continue your financial education.
Financial Education
One thing that is missing in a lot of today’s well-rounded educations is an understanding of personal finance. One really great program I’ve used is Financial Peace University.
The program is extremely insightful and informative on personal finance and can help get you jump started. There is A LOT of information in this program and like anything of this nature, you will only get out of it what you put in.
Arbitrage (arbi-traZH)
Let’s say you have little or no money. One thing you can look into is “flipping items.” This is arbitrage (arbi-traZH), which is the buying and selling of commodities in different markets in order to take advantage of differing prices for the same asset.
This can be as simple as buying something at the local garage sale for $5, then selling it online for $10. You will have doubled your money.
At its most fundamental level, arbitrage is basically how all money is made. If you’re able to learn how to use arbitrage in your favor, it can pay off quite handsomely.
Stretch What Little Money You Have
Make your money count. You can do this by following simple tips for stretching your money here and there. Again, once you know that you want to be wealthy, you have to start somewhere. It starts with using your brain and thinking ahead.
It’s Going To Take Time And Patience To Become Wealthy, So Continue To Learn
One of the first things to do when attempting to become wealthy is to change your mindset. Everything starts after that. If you’re going to stick to you current habits which cause you to have no money, you’re going to continue to stay in your current situation.
Once your mindset changes, you’ll notice that everything else changes. The way you look at the world will change and that’s when the wealth will be attracted to you. Wealthy people are always learning something new and as such you should be too. Learning is essential to getting ahead.
Continue learning new things and don’t lose focus on what your goals are (in this case, becoming wealthy – a good financial starting point is Financial Peace University). Also, keep in mind that “Rome wasn’t build in a day” and that this process is going to take some time to achieve results. “It’s a marathon, not a sprint.”
All the best in your endeavors!
Have any thoughts or feedback? Please leave it below.
