Most of us define success as having a good job or making it big in business, being rich and owning fancy cars and luxury apartments with a couple of world tours thrown in off and on. Everybody is in the rat race to make money. Making money and being rich is everyone’s end goal or destination in life. We tend to think that all our money problems would go away once we are rich! But think about it…imagine you make a lot of money, cracked a great business deal, won a lottery or received an inheritance. But what then? Will you drop down and die the immediate next minute after getting rich? Highly unlikely, right?
So even if you live for a day, a month, a year or for some time after getting rich, don’t you think ‘staying rich’ is also equally important once you have reached your goal? How will it feel if you won the lottery and then lost all your money in a couple of months? Shattered dreams and broken hearts? But guess what…this is not uncommon at all! Many millionaires go broke simply because they cannot manage their money once they become rich in life. The fact that we all hanker after money makes us ignore the more important aspect of learning what to do with money once we have it.
So how to stay rich once you are there?
Step 1: Invest time in financial education
The first and foremost step is to understand the nuisances of money and its various aspects like savings, investments, expenses, etc and how to go about all of it and in what amount in order to meet your own personal financial goals. WE run after money so much that we never pay attention to learning about it. Hence, when it actually comes to us, we lose it simply because we do not know wghat exactly to do with it. Getting financial education, taking advise from a few financial advisors regarding money management, is crucial in order to keep staying rich.
Step 2: Curb the tendency to overspend
When you suddenly have money, childhood dreams and adulthood aspirations all come flooding in together. You want to buy that fancy car, the gold watch, the luxury villa, want to go on a world tour. In all this, you might feel to be at the top of the world but the feeling would soon vanish along with all your money. You need to keep in mind that all these are money-eating elements which would not generate more money for you in the future. Hence, all of these are expenses. Of course you will do some but not over-do it.
Step 3: Make money work for you
We always work for money but once you have money, the best thing to do in order to keep being rich is to make money work for you. Invest in yourself, in businesses and in anything that would generate more money. This is the only way that you can stay rich consistently once you are already there.
Once you have the right financial education, are not overspending and investing intelligently to make more money, trust me, nothing can stop you from keep being rich in life! Best luck!