Everyone aspires to become rich. Having a lot of money to be able to lead a comfortable and luxurious life is what everyone desires. Whether you are from the United States, the United Kingdom, or anywhere else, you would definitely have a wish to become rich. After all, you work to earn money and so aspiring to get rich is but natural. The million-dollar question is how to get rich? How can you earn plenty of money that allows you to lead a life of comfort with all your desires fulfilled? We look at the answer to this all-important question.
In order to become rich you need money. There are two ways of getting money, one is to inherit it and the other is to do something to get it. You can inherit money if you have rich relatives ready to leave their money to you. Not everyone can get lucky this way. So, we look at the other option, which is to do something so that money would come to you and you can get rich. You can buy a lottery ticket, participate in a sweepstake or go to a casino hoping to strike it rich. Here, you are depending on luck and the probability of becoming rich is pretty less.
You, therefore, need to do something to earn money and not depend on someone to give it to you. We will, of course, restrict ourselves to only considering the legal ways of becoming rich. A question that arises is how much money you need to earn to become rich, a million or ten million? This depends entirely on you. What you want to do with the money will determine how much you need. Whatever may be your target, you need to work systematically towards getting that money.
Here are some of the ways by which you can become rich, irrespective of the country you are from.
- Get a reliable source of income
To get rich, you need to earn money regularly. For this, you need a source of income that is reliable. You need to earn money every month that would take care of all your needs and wants and also allow you to save some money. The primary source of income would be a job. It could be where you work for someone else, or you work for your own business.
- Take up a job: This is the obvious way to earn money and be rich. Work in a job where you can get a lot of money. To get such a job, you need to be qualified and experienced. This calls for study well to gain a good qualification. You then would need to start working to gain experience. Once you gain sufficient experience and pick up skills that make you competent to do work successfully, you can look forward to earning good money. Every organization looks for people who are skilled, experienced, and can add value to the organization. If you can prove that you meet these requirements, there is no reason you cannot get a good job that helps you earn plenty. Working hard always gives you good results. You can look forward to being promoted and earning a higher income, as you progress on your career growth path. There is no shortcut to hard work. Acquire skills, work hard, and prove yourself – money will definitely come your way.
- Work for yourself: If the idea of working for someone else does not appeal to you, then you can work on your own. If you are confident about your abilities and prefer to be independent, start out on your own. You can become a freelancer and work from home in an area in which you are skilled. You can even consider starting your own business. This is when instead of waiting for a paycheck every month, you can write paychecks for your employees. Starting a business requires expertise in your area of work, confidence, preparedness to take risks, ability to manage customers, and business acumen. If you have all these, you can consider starting a new enterprise. Money today is not a major problem. We live in an age where venture capitalists would be happy to fund startups that have a viable idea and a business plan. This is a great way in which you can make big money. You can earn much more than you do at a job. You can take a salary for the work you do, and take home profits from the business. All the billionaires in the world are those who have run a business successfully. There is no reason you can’t follow their path to become rich.
- Try to get multiple sources of income: Getting a job or starting a business are the two ways of earning an income. To become rich, you can look at earning from multiple sources. Apart from your regular job or business, you can look at other ways to earn money. You can work part-time in the mornings or evenings to have a second source of income. You can take up freelance work along with your regular work, so it can help you earn money. Freelancing gives you the liberty of taking up work at your convenience. If you are too busy in your business, you can focus only on that. During lean times, you can take up freelancing as an additional source of income. You can earn money from many innovative sources. Most people use social media. You can use social media to earn money. If you have many followers on social media, you can become an influencer and earn money from companies to promote their products. You can make videos on YouTube in your free time and look forward to earning money from them. You can take up blogging in your free time and look at it as a source of income. If you have products to sell that you can make at home, you can sell them online or tie-up with Amazon and thus get into e-commerce. For those interested to make money and ready to think out of the box, the sky is the limit. The internet connects you to the entire world and has opened up prospects of earning money from different ways. You need to have a skill area/domain expertise. The rest would be easy. Having multiple sources of income ensures that you can make more money and become rich quickly. It also is a backup, in case something happens to your main source of income.
- Develop passive sources of income
Working to earn money is an active source of income. There are many ways by which you can earn money without doing anything actively. You need to put some effort to create an asset that helps you create a source of regular income. Some of the ways this can be done include:
- You can use the money you have saved to buy property on which you earn regular rental every month.
- You can invest money in a bank deposit that would earn you regular interest that would be a passive source of income.
- You can write books that can help you earn royalty on their sale.
- You can buy stocks that give you a dividend every year.
- You can create a blog, website or YouTube channel where you can earn from advertisements.
- Cut expenses to save money and become rich
To become rich you need to save money. Saving money is possible by cutting down frivolous expenses. If you have a burning desire to become rich, you need to make some sacrifices. The sacrifice you make now will help you lead a life of comfort later. You can cut down on expenses on entertainment, dining out, luxury vacations, buying designer clothes, etc. These expenses are not really needed. You can also reduce your bills by spending only on essentials and looking for savings when you shop. All these will help you save more money every month. This is a good way of accumulating money to become rich.
- Invest the money you have saved
Savings is the money left over after spending the income you earn. The more you save, the more the wealth you can generate. Savings by themselves are not sufficient to get the money you need to become rich. You need to invest your savings to earn returns that will make you rich. Some of the ways you can do this are:
Invest in the stock market
One of the proven methods of earning a lot of money is from the stock market. This is where you buy stocks or invest in mutual funds. Stocks of companies would rise in value and help you to earn a lot of money. The stock market is a risky proposition, but if you are ready to accept risk and are ready to stay invested for a long term, you can look forward to becoming rich easily. The stories of legends like Warren Buffet act as an inspiration for many who want to become rich through the stock market.f
A systematic approach, by which you invest money every month to buy stocks/mutual funds, can help you create wealth. Assuming a conservative return on your investment, if you invest 5000 every month, you can easily become a millionaire within 20 years. The more money you invest, you can accumulate more wealth. This is the best way of becoming rich. To do this, you need to save money every month and invest it wisely
- Invest on property
Property or real estate would appreciate in value over time. If you have money, you can invest it to create an asset like real estate. You can buy land or buildings and then wait for some years until its price increases. You can then sell the property to make money. Investing in the right property after doing a proper study of the real estate market can help you earn a lot of money. This is a good way to become rich.
- Retirement plans can make you rich
Most employed persons would have a retirement plan offered by their employer. Even otherwise, you can open a retirement account, where you invest money monthly or annually. This money would be invested in safe options like bonds or in the stock market (as per your preference). When you invest in this way in your 20s when you start working, by the time you retire you would have earned quite a lot of money. Creating a retirement fund is one of becoming rich by the time you retire. This can help you lead a comfortable post-retired life.
- Invest in commodities
One more way of earning money is to invest in commodities like gold, silver, platinum, and so on. You can buy gold physically or even invest in the futures market, where you can speculate on the future price of a commodity and make money. This is a good way to earn money. It requires specialized knowledge and a thorough understanding of the market. If you have such knowledge, this is yet another good investment option to become rich.
- Invest on yourself to become rich
Since it is you who want to become rich, you need to invest on yourself. You can gain the skills needed to succeed in your work by undergoing courses or training programs. This is money worth investing in. You can also attend courses on self-improvement to help you in your career. This is a good way to grow in your career. Investing on your health in terms of being fit ensures you are healthy enough to be able to spend money when you finally become rich. This is one of the best investments to make in your quest to become rich.
You can become rich by following the ideas mentioned in this article. It is not difficult; all it needs is having an action plan and focusing on achieving the plan.
Egypt wants to register millions of gig workers for state insurance, aid
By Menna A. Farouk
CAIRO (Thomson Reuters Foundation) – Egypt will start registering millions of gig workers in order to offer them health insurance and emergency state aid during the coronavirus pandemic, which has taken a particularly heavy toll on the nation’s ad-hoc employees, officials said.
There are at least 14 million gig workers in Egypt, and while some workers and campaigners welcomed the government’s drive, others warned that many workers could be reluctant to sign up – fearing tax and social security payment demands.
The government said it plans to identify and support 2 million gig workers in the country of 100 million people by the end of this year, labour ministry spokesman Haitham Saad El-Din said on Saturday.
“It is part of a government plan to give assistance to this segment of the society which has been majorly affected by the pandemic,” he said, adding that officials were focusing first on identifying casual construction labourers.
Gig workers who have their employment status registered on their national identity cards under a new “irregular employment” category will be given free social security insurance and be eligible for state welfare programmes.
Egypt’s state-run insurance plan includes life insurance and disability cover, as well as covering healthcare costs.
The announcement is the latest in a series of government measures aimed at shielding vulnerable groups from the economic fallout of the pandemic.
Soon after the coronavirus outbreak began, it launched a programme that supports irregular workers with monthly aid, and Egyptian President Abdel Fattah el-Sisi called for financial support to be boosted when a second virus wave took hold.
State welfare spending surged 36% in the first half of the current fiscal year, Finance Minister Mohamed Maait said recently.
ON THE BOOKS
Some daily labourers hailed the registration drive as a positive step, saying it would help bring them into the formal economy and recognise their economic contribution.
“Millions of Egyptians have been affected by this pandemic but it’s really good that the government is not leaving us behind,” said Farouk Mahmoud, 35, a temporary worker from the city of Sohag.
Still, while the latest data puts the number of gig workers at 14 million, the real number may be much higher – making registering them a daunting administrative task, said Bassant Fahmi, a member of parliament’s economic affairs committee.
Some workers may also be wary about being on the books.
“Many of them may fear being asked afterwards to pay taxes or insurance. That could mean a lot of gig workers avoiding being identified by the government,” she told the Thomson Reuters Foundation.
But besides any misgivings about being under the government’s radar, many gig workers in Egypt are more concerned about the dearth of permanent job opportunities – especially for young people – and the health of the wider economy.
“It isn’t crucial for me to have a job on my ID,” said Abanoub Lotfi, a 26-year-old driver for ride-hailing service Uber, who has a degree in commerce.
“What really matters is that the government offers me a stable job that suits my academic background and helps me afford my needs and those of my family.”
(Reporting by Menna A. Farouk; Editing by Helen Popper; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)
Women finance firm directors earn 66% less than men in UK, study finds
By Lin Taylor
LONDON (Thomson Reuters Foundation) – Female directors at Britain’s biggest financial services firms earn 66% less than their male counterparts on average, research showed on Monday, despite a rise in the number of women on company boards in recent years.
Women board members made 247,100 pounds ($349,720) on average per year while men earned 722,300 pounds, said the study by law firm Fox & Partners, which examined pay gaps in financial firms that are among the nation’s 350 largest listed companies.
“Despite having greater levels of diversity at more junior levels, financial services firms are still struggling to reflect that shift at the senior executive level,” said Catriona Watt, partner at Fox & Partners.
“In order to see long-term change, firms must be committed to taking steps that will lead to more women progressing through the ranks, getting into senior executive positions and closing the pay gap,” she said in a statement.
The number of women on FTSE 350 company boards has jumped by 50% in the last five years, reaching 1,026 in 2020, according to the Hampton-Alexander Review, an independent body aiming to boost gender diversity on FTSE boards.
More than a third of board positions are now held by women too, the Review said last week, hitting a target that it had set for the end of 2020.
Yet disparities exist, even at the top. The Fox & Partners study said female directors in FTSE 350 financial services firms were mostly in non-executive roles, which meant they were paid less and had fewer responsibilities than men.
“These shocking figures prove the gender pay gap is thriving,” said Felicia Willow, head of women’s rights group the Fawcett Society, which was not involved with the report.
“There are not enough women in top roles and those who have made it are all too often paid less than men.”
A year ago, Britain suspended the need for companies to report on the gender pay gap in their workforces due to the coronavirus pandemic, a step the government said would not derail attempts to pay men and women fairly.
Since 2017 the government has required employers with more than 250 employees to submit gender pay gap figures every year in a bid to reduce pay disparities.
The gap narrowed last year, with men earning 15.5% more than women on average, down from 17.4% in 2019, according to official data.
Companies will now have until Oct. 5 to report on pay gaps, according to the Equality and Human Rights Commission.
($1 = 0.7066 pounds)
(Reporting by Lin Taylor @linnytayls; Editing by Helen Popper. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. )
UK consumer credit slumped as new lockdown hit in Jan – BoE
LONDON (Reuters) – British consumer borrowing fell at its fastest pace in January since May last year as the country went back into a coronavirus lockdown, Bank of England data showed on Monday.
Unsecured lending to consumers fell by 2.4 billion pounds ($3.35 billion), the biggest fall since last May’s 4.6 billion-pound drop and more than a median forecast for a 1.9 billion-pound fall in a Reuters poll of economists.
That took the year-on-year fall to 8.9%, the biggest decline since monthly records began in 1994, the BoE said.
British lenders approved 98,994 mortgages in January, down by about 4,000 from December.
The Reuters poll of economists had seen approvals falling more sharply, to 96,000.
($1 = 0.7174 pounds)
(Reporting by William Schomberg and Andy Bruce, editing by David Milliken)
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