Wednesday, 25 May 2016

3 Facts You Don't Know that Can Make You Rich

Guest post by Okon Joseph

Passive income, make money, financial freedom


I thought long and hard enough about sharing some fact on making money or becoming rich because I see so many people in their day to day life still running around struggling to make money through a system that they were told would make them financially free.

I know millions of people have lost their jobs, happiness and even money on the ground of trying to get rich using an old system that once worked in the past.

We are experiencing one of the most financial crisis and economic changes in history. What works 3 years ago, has changed today. What may be true about the principles of getting rich has also changed today.

I decided to write about 3 common facts that were once true decades ago but false now due to the changes in the financial sector. I want us to get informed and understand that these 3 facts about making money can make you rich faster in this present economy.

Years ago, I was once with the majority who believed that to become rich one need to;

  1. Work in a high paying job. 
  2. Save 10% of your income monthly. 
  3. Invest in shares of a good company.
Yes, these principles may have worked with our fore-fathers and dead mentors, but it does not work these days. It did not work for me because as far as I know, it is the slowest means to getting rich.

I struggled for years until I found out these true facts, applied it into my life and business and within 6 months my income and net worth increase 5X.

Here are the 3 facts that made me move from being an average Joe to a rich Joe

 

Fact #1: You don't get Rich by Saving

Like I earlier wrote, we were once told to save our way to financial freedom. But let me ask you, how many people do you know that became rich by saving 10% of his/her income monthly in this 21st century?

I don't know of any. I do read books written by millionaires and none of them attributed a rule of making money to saving 10% monthly.

Who Really Saves 10% Monthly?


I don't!

Do you? I don't think so or maybe you do. I give 10% of my income to God. 
 
Brethren, saving 10% monthly won't make you rich. That's old school. Stop reading those motivational books written by people who also read same motivational books written in the 80's when money still had value.

Imagine how much you make a month. Remove 10% from it. How long would you have to save 10% to acquire that asset or invest in that investment plan?

In today's economy, you can't save 10% monthly to a millionaire status. You want to be a millionaire by 50 does not mean you have to wait till you hit 50.

When I want to save to acquire an item (asset or luxury). I first seek to know how much it cost. Then I will fix a deadline and then plan how much I need to remove from my income so as to meet that set date.

The journey to become a millionaire begins with a step doesn't mean I will trek to get there.


Will you continue to save 10% monthly or you will be aggressive towards hitting your goals?

The best formula is, save for investment, and don't save to save. Save your money because you want to invest not because you just want to keep it in a saving account. People don't get rich with savings account.

 

Fact #2: If You're not Making Enough Money, You're not Adding Enough Value

Surprise? I bet you're!

But the fact is, nothing can change it. Okay, let me make it easy for you. If you're not making enough money, you're not helping enough people.

Successful people are those who can find ways to add value in some way to a person or create something of value for others. A dentist who takes away pain is adding value.

Always ask yourself this question, "why should someone give me money?" and give yourself a candid answer to that question. The bigger your value the more money you will attract to yourself.

You make money from the help you provide other people with. As a freelance writer, I make more money when I write more. The more articles or blog post I write, the more money I make. I am helping busy online entrepreneurs create content so they can focus on more important stuffs. I add value by giving them informative content on their blogs so their audience benefit and also help increase subscription list.

What value are you adding? Who are you helping to make his life, business, and relationship, health better with your service or product?

 

Fact #3: There is no Secret Formula to Making Money

Making money is no longer a secret because it's all over goggle. So how is it a secret? Making money is very easy depending on how you want to make it all the rest of your life.

I repeat again, there is no secret of making money. Buy a product for $10, sell it for $15, you have made money. Help someone with writing an article for $5, you have made money. Sell an handmade product to as many people that you can sell to, you have made money.

These are the facts that I have kept within me which elevated me and my business. Write the fact down on a paper, read it to yourself every morning before going out and at night before you sleep. I promise it will make wonders in your life and bank account.

See you at the bank!

Okon Joseph is the CEO of Word Inspired International. He is a Freelance Writer on Finance and business topics. He can be reach on www.okonjoseph.com where he shares his thought and experience on becoming a freelance writer.

6 comments:

Promise Excel said...

When I saw the link to this post, I thought it was one of those boring over-rehearsed listicles. When I saw it was coming from one of my favourite blog I decided to give it a read.

How wrong I was! I've been blown away by this post.

I couldn't agree more on the points you raised especially, point 1 and 2."If you're not making enough money, you're not helping enough people". That's just the simple truth. You can't give nothing and expect something. It is a wrong mindset to expect gold in exchange for dirt. People will go to any length just to reward anyone that makes life easier for them.

And the third point which says that there's no secret to making money is just what it is. In fact that applies to every human endeavors. Even Solomon said that there's nothing new under the sun. It's only called a secret because you don't know it.

Such a great post! Okon Joseph, Thanks for sharing. I'm sharing it on Facebook now.

okon joseph said...

Thanks Promise for stopping by!

I am really happy you found it inspiring. I know you must have learnt something today and thanks for sharing the post on with your friends on Facebook.

Ikechi Awazie said...

Hi Okon

You have revealed some great truths about making money in the 21st century.

It is strange that people hold on to principles that don't work anymore. If there is one thing that the world shows us about making money, it is that we should learn to be open minded.

As you shared, the richest people in the world discarded old beliefs and took risks to try out new ways to make money.

Your tops are spot on. Thanks for sharing.

Hi Abraham. Thank you so much for inviting OK on to share his insight.

Abraham Ologundudu said...

Hello Ikechi!

Thanks for your contribution. Indeed, Okon shared some striking truths with us. The world is evolving and we must do well not to be left behind with old traditions.

Cheers.

Abraham Ologundudu said...

Hello Okon!

Thank you for contributing such great insight with us here on Seasoned Life Journal.

Cheers!

Abraham Ologundudu said...

Hello Promise!

It's great to have you hear again!

Thank you for flattering me with "...my favourite blog"

Money is a very interesting topic. It all boils down to the value we are offering to others in this world. As you said, people would do anything to reward those who make life easier for them.

So let's get busy making life easier for others!