Money: How to Be Richer, Now

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1. Stop procrastinating.

As a financial planner, I hear this question or some variation of it almost every day. Very few people actually get proactive with their finances and take initiative and responsibility. Very few focus on what they can control and get in action.

Ask for a raise — or change jobs

The truth is, growing wealth doesn't have the be complicated. Wealthy people don't have some secret you don't. They just do things that most people aren't willing to do. If you want to get serious about improving your financial situation, being better with money, and enjoying more of it, here's what you need to start doing:. It's also a fundamental aspect of financial success.

Your cash flow that is, money coming in and money going out is a critical component to your financial life. If you can't master it, you're not going to be able to increase your net worth. Start by tracking what you earn and spend. Do you live within your means, or are you in the red each month? This is so important, because it's not enough to live at your means. It's good that you don't spend more than you make -- but if you just break even each month because you spend every available dollar, you'll never have cash available to save and invest.

You need to live as far below your means as you can , so you widen the gap between what you earn, and what you actually spend. A budget is the tool you can use to make sure you keep your spending reasonable over time. If you want to follow the traditional path of working until you're almost 70 years old, then retiring for a few years to enjoy some basic comforts before you pass away, you can simply put away about 10 to 15 percent of your income in your retirement account and you'll likely be okay.

4 steps to become rich anyone can take

But many people -- myself and most of my clients included -- want a lot more than that. When your goals look like this, saving and investing 10 percent of your income doesn't cut it.

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You need to look at saving 20 percent at a minimum, and saving at least 30 percent to be on target to hit those major wealth-building goals. Saving and investing money only works when you have money to begin with. You can only reduce expenses so much before you need to look at the other side of the equation: earning more money. They keep their living expenses as low as possible so they can use their surplus income to continue investing in wealth-building opportunities.

The more money you have to reinvest, the faster you can accumulate wealth. Look for ways to reduce your bills, including your energy bills and your credit card rates. You may even consider getting rid of your vehicle and using carpool options or public transportation. If you want to become rich by your 30s, you should be looking at wealth-building opportunities that pay off quicker than traditional long-term investments.

One of the best ways to do this is to get into the entrepreneurial game and own your own business. Once you own a business, you have unlimited potential to earn, although you also assume more risk. Consider what areas you know best or are interested in learning more about, and look into business opportunities. Starting in your 20s, you should be investing in a retirement plan. And you should also be socking some money away into an emergency fund to protect you and prevent you from going into massive debt if the worst happens.

Traditional paths, like having a steady job and a fixed check, are safer, but wealth often comes through taking calculated risks. If you dream of something more, learn to embrace different possibilities. To keep things simple, automate your finances. Make sure you review your automated plan at least once a year, and try to increase your transfers over time.

The path to success and wealth means navigating risk and challenges -- a tall order for someone in their 20s. Having an experienced mentor on your side will be invaluable.

2. Know that there is no magic.

Your beliefs and attitudes about money influence your ability to achieve and maintain wealth. What is your philosophy when it comes to money?

Tips to have more money and build wealth - Business Insider

What do you believe about saving money and paying your debts? What kind of lifestyle are you accustomed to? You have to not only desire financial freedom and be willing to work toward financial success; you have to believe you can become rich and that you deserve it.

6 Famous People Who Lost All Their Money And Went Broke

You are your own best resource. In order to increase your options and discover your best opportunities, you must invest in yourself. That means taking a hard look at your talents, interests and skills, and considering the best ways to maximize your potential. This may mean spending money and time on your education and working to increase and refine your skills.

You should be gaining experience and looking for valuable opportunities that will help you build your financial foundation. Being young and seeing the world through your unique vision gives you an edge; you may be able to see possibilities that others look past. Tap into your creative mind and unleash your ingenuity.

See things bigger than yourself. Your mind is nimble and flexible. Find your own path to greatness and wealth.

Wealth Calculation

Own your mistakes, but also own your successes. And always, always push yourself to keep dreaming. The relationships we build influence us in so many ways. Not only are friendships important to your personal and professional life; there is also a correlation between your friends and your level of wealth. If you want to become rich, you would be wise to befriend people who are wealthy and successful.

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Hanging out with other successful people can help you hone a money mindset. And socializing and networking with wealthy, like-minded people has the potential to open doors and help propel you toward your own goals. Rich and successful people are voracious readers, always challenging themselves to learn new things. Growing wealth takes time, effort and dedication.

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Money: How to Be Richer, Now Money: How to Be Richer, Now
Money: How to Be Richer, Now Money: How to Be Richer, Now
Money: How to Be Richer, Now Money: How to Be Richer, Now
Money: How to Be Richer, Now Money: How to Be Richer, Now
Money: How to Be Richer, Now Money: How to Be Richer, Now

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