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Becoming rich overnight
By M.Farouk Radwan, MSc.
Becoming rich overnight
Is it really possible to become rich overnight?
I know that you have reached this article because you were asking yourself that question but the answer to that question can only come from a person who already became rich and not from someone who is still trying.
Ask any billionaire in the world who didn’t inherit his money about the way he made it and he will answer you saying that he made it slowly. No billionaire woke up finding himself a billionaire and no millionaire become a millionaire overnight unless he married a rich woman which is something i don't want you to do :)
All of those people suffered, worked hard, did their best and were patient. All of them tried and failed many times, all of them suffered from bad feelings and depression but in the end they all stood up and built their wealth. (see how to become resilient )
Getting rich slowly but surely
Getting rich is a state of mind and a way of thinking. It’s a combination of certain skills, spending habits and saving habits. Rich people don’t over invest, never buy unnecessary items, never destroy money and they know how to save.
Some people spend thousands of dollars starting a new business then they never get money out of it, this is what is meant by over investing. In 2knowmyself.com, I only paid money for products development after I made enough money from the advertisements on my site to cover these expenses. (see Getting rich slowly)
I could have started spending from day one but definitely the earnings would have been way lower than they are now. Launching 2knowmsyelf and running it for the first six months didn’t cost me more than 50 dollars because i didn't over invest my money.
Saving is another crucial skill you must learn if you want to become rich. After all if your net worth is increasing over time (Net worth is the money and the assets you have minus your dept) then you are becoming richer everyday. Don’t spend more than you earn or even spend all what you earn. If you can save an amount as little as 20% of your earnings then you could become a millionaire one day. (see How to become a millionaire in 5 years)
So is there any way to become rich quick?
E-business is answer. An E-business won’t make you a millionaire overnight but it has superior competitive advantages compared to all other businesses like the speed with which you can launch your new project and the speed with which you can make profits.
I launched 2knowmyself in 2006 and am making more money from it than my other two businesses combined!! The ease of starting an E-business and the fact that you can start without risking anything makes E-business the perfect choice for those who want to become rich fast. (See my book, How I did it)
Living below your standard
One of the habits that is common between all rich people is that they live below their standards. This means that they buy a small car when then can afford a medium sized car, then buy a medium sized car when they can afford a big car ,they buy a big car when they can afford a small helicopter and they buy the helicopter when they can afford the private jet.
If you want to become rich and make a lot of money then live below your standards. Just as you saw in the previous example you don’t have to prevent yourself from buying what you like but you just have to make sure that you have enough spare money that will remain after buying what you want.
The secret to becoming rich is investing. paying 1000 dollars for something that will bring you back 1200 dollars is called investing. Some people understand saving the wrong way and so they stop paying their money anywhere to the extent that they don’t invest.
Investing is the only way that can increase your money, saving can only allow you to accumulate the money you earned but investing is the way that can make this money increase. Don't hold yourself from paying money in case you knew that this money can bring you back some profits in the near future.
To summarize this all, learn how to save, how to invest, live below your standard and consider starting an E-business because I tried it, and it worked :)
Farouk is not only holding several degrees in psychology but he is also an MBA holder, a stock market investor and an entrepreneur. The information you are reading now can dramatically increase your chance of increasing your wealth and becoming rich. If you have any doubts regarding these statements then read what other visitors say about 2knowmyself.com.The book How I did it was written by Farouk and it explains how he managed to make a website that generates thousands of dollars/month in less than 2 years without paying a penny.
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