9 Things I Wish I Knew About Becoming Seriously Rich Even When You're Broke

Getting rich often seems like a dream reserved for those who inherit wealth or hit the jackpot, but that couldn’t be further from the truth!

Many successful individuals, including myself, have faced significant financial struggles before achieving their six or even seven figure dreams.

If you’re feeling broke but have big aspirations, don’t lose hope!

Here are nine things I wish I knew about becoming rich that can guide you toward building serious wealth, even when starting from scratch.

9 Things I Wish I Knew About Becoming Seriously Rich Even When You’re Broke

1) Mindset is Everything

If I could go back and tell my younger self one thing, it would be this: your mindset is your greatest asset.

Wealth is as much about mental fortitude as it is about money. The moment I shifted my perspective from scarcity to abundance was a game-changer.

How to Shift Your Mindset:

i) Affirmations:

Start each day with positive affirmations. Phrases like “I am capable of achieving my goals” or “Wealth is my birthright” can rewire your subconscious.

Write them down and say them aloud every morning.

ii) Surround Yourself with Positivity:

Engage with people who uplift you, read inspiring books, and listen to motivational podcasts. Your environment can significantly influence your mindset.

Attend local meetups or join online forums where financial growth is the focus.

iii) Visualize Your Goals:

Create a vision board filled with images representing your financial goals—whether it’s your dream home, a successful business, or financial freedom.

Spend a few minutes each day visualizing yourself achieving these goals; this not only motivates but aligns your actions with your aspirations.

2) Multiple Income Streams are Essential

Relying on a single income source is risky. Diverse income streams not only provide financial security but also increase your wealth-building potential.

The more you can earn from different avenues, the faster you can achieve financial independence.

Ways to Create Multiple Income Streams:

i) Passive Income:

Look into creating sources of passive income, such as rental properties, affiliate marketing, or dividend stocks.

Research various investment vehicles that align with your risk tolerance.

ii) Freelancing:

Offer your skills or services on platforms like Fiverr or Upwork. This can provide a flexible and lucrative side income.

Focus on building a portfolio to showcase your work and attract more clients.

iii) Create Digital Products:

If you have expertise in a specific area, consider creating and selling digital products, like eBooks, online courses, or printables.

This not only generates income but also positions you as an authority in your niche.

3) Start Small, Scale Fast

One of the biggest misconceptions I had was that you need a lot of money to start building wealth.

The truth is that small beginnings can lead to significant opportunities. Starting small helps you learn the ropes without risking everything.

Ways to Start Small:

i) Side Hustles:

Consider starting a side gig. Whether it’s freelancing, tutoring, or selling handmade products online, there are plenty of opportunities to earn extra cash.

Identify your skills and explore platforms like Fiverr or Etsy where you can showcase them.

ii) Start a Boring Business:

Boring businesses can make a ton of money!

By boring, I mean the ones you likely don’t think of as money makers e.g. cleaning services, vending machine business, nail technicians, car detailing etc.

The most mundane ideas are often the most overlooked opportunities.

iii) Investing:

You don’t need thousands to start investing. Use platforms like Robinhood or Acorns to begin investing with just a few dollars.

Familiarize yourself with index funds or ETFs, which are less risky and great for beginners.

4) Turn Hobbies into Income Streams

You may already have skills or hobbies that could be monetized. Think about your interests and consider how they could generate income.

Whether it’s photography, crafting, or writing, turning your passions into side gigs can provide extra cash flow.

How to Monetize Hobbies:

i) Freelancing:

Use platforms like Fiverr or Upwork to offer your services. Whether it’s graphic design or social media management, there’s likely a market for your skills.

ii) Create Digital Products:

Consider creating e-books, online courses, or printables related to your hobby. These products can provide passive income once they’re set up.

iii) Start a Blog or YouTube Channel:

Share your knowledge and passion with others. As your audience grows, you can monetize through ads, sponsorships, or affiliate marketing.

5) Practice Gratitude for Financial Growth

While this may sound a bit “out there,” practicing gratitude can shift your mindset and improve your relationship with money.

When you focus on what you have instead of what you lack, it can lead to better financial decisions and increased wealth.

How to Practice Gratitude:

i) Keep a Gratitude Journal:

Write down three things you’re grateful for each day, including financial aspects like your job, savings, or financial opportunities.

This helps reinforce a positive mindset.

ii) Reflect on Financial Wins:

Regularly review your financial accomplishments, no matter how small.

Acknowledging your successes can motivate you to continue working toward your financial goals.

iii) Create a Gratitude Ritual:

Spend a few minutes each week reflecting on the abundance in your life.

This could be through meditation, prayer, or simply a quiet moment to appreciate what you have.

6) Learn to Budget Like a Pro

When I first started managing my finances, I thought budgeting was a restrictive process. However, it’s actually a tool for financial freedom.

A well-planned budget allows you to allocate your resources effectively and helps you identify areas where you can save or invest.

Budgeting Tips:

i) Track Your Spending:

Use apps like Mint or YNAB (You Need A Budget) to keep tabs on your spending habits.

Understanding where your money goes is crucial. Regularly review your transactions to identify patterns and areas for improvement.

ii) The 50/30/20 Rule:

Allocate 50% of your income for needs, 30% for wants, and 20% for savings and investments.

This simple rule can help you maintain balance while allowing some room for discretionary spending.

iii) Adjust as Needed:

Your budget should be a living document. Review it regularly and make adjustments based on your financial goals.

If you find you’re consistently overspending in one area, consider cutting back or finding alternatives.

7) Invest in Yourself First

It may sound cliché, but investing in yourself is one of the best ways to build wealth.

Whether it’s through education, health, or personal development, putting time and money into yourself pays off in the long run.

Ways to Invest in Yourself:

i) Skills Development:

Learn new skills that can enhance your employability or help you start a business.

Online courses or workshops can be beneficial. Explore topics like digital marketing, coding, or graphic design to expand your skill set.

ii) Health and Well-being:

Physical and mental health are crucial. Invest in your fitness and mental well-being to maintain the energy and focus needed to pursue your goals.

Consider yoga, meditation, or regular exercise as part of your daily routine.

iii) Personal Branding:

Build a strong online presence through social media or a personal website. This can open doors to new opportunities and showcase your expertise.

Share your journey and insights to attract potential clients or employers.

8) Networking is Your Secret Weapon (But Not in the Way That You Think!)

I cannot stress enough how vital networking is in the journey to wealth.

The people you surround yourself with can significantly impact your opportunities, knowledge, and motivation.

But regular networking is ineffective – attending ‘networking events’ are often scammy and dare I say it, sleazy.

Instead look for like-minded, passion based events where connections are more real e.g. if you’re in the car detailing business, look for car shows where enthusiasts meet up.

How to Network Effectively:

i) Attend Events:

This is a great way to meet like-minded individuals and potential mentors. Don’t hesitate to introduce yourself and engage in meaningful conversations.

ii) Use Social Media:

Platforms like LinkedIn/Instagram are excellent for professional networking. Connect with people in your industry and engage with their content.

iii) Offer Value:

Networking is a two-way street. Be willing to help others and share your knowledge.

Building genuine relationships often leads to unexpected opportunities, such as collaborations or job offers.

9) Embrace Failure as a Learning Opportunity

I used to fear failure, thinking it was the end of my journey. However, failure is often the best teacher you can have.

Each setback carries valuable lessons that can propel you toward success.

How to Embrace Failure:

i) Change Your Perspective:

View failure as a stepping stone rather than a setback. Analyze what went wrong and how you can improve.

Consider journaling your experiences to track your growth and learning.

ii) Learn from Others:

Read about successful people who faced failures before achieving their goals.

Their stories can inspire and motivate you. Attend talks or read biographies to gain insight into their journeys.

iii) Keep Going:

Don’t let fear of failure hold you back. The most successful individuals are those who continue to push forward despite setbacks.

Develop resilience by focusing on your long-term goals rather than immediate failures.