Dear Happy Investor, how do you get rich from your salary? For some, this is merely a dream. For others, it is an illusion. And for the happy few it is a reality. You came to this article because you want to get rich while being employed. Very good! In this article, I will share 5 fundamental steps and tips for getting rich from salary. Anyone can do it, so why couldn't you become rich from your salary?
And you? What will your choice be? Let us begin!
- Personal Development (Think and Grow Rich)
- Negotiating for higher income in employment
- Getting rich from salary by investing!
- Start your own business alongside your salaried job for multiple sources of income
- Save money to get rich even faster as an employee
I want to save you some time. What counts are the fundamental guidelines that really add something and can change your life. So that's how this article is build up. In my opinion, there are five major steps that can make you rich from salary. These are general tips. It doesn't matter if you are from the United States or living in Africa. It is all about the right mindset. Here are my five fundamentel steps:
- Personal development (think and grow rich)
- Negotiate for a higher income
- Investing your salary and let money work for you
- Build passive income alongside your full-time job
- Saving money to get rich even faster
It is not that these steps are in any specific order. However, the first step is a must to start with, because personal development is the basis for success.
Let us have a closer look into these five steps to help us understand how we get rich from our salary.
If you want to get rich from your salary, you should start thinking like it. The book “Think and Grow Rich” is called that for a reason. It all starts with your Mindset. How do you conceive yourself? Do you consider yourself as someone that CAN become rich from your salary? Believing in yourself is the very first step.
It's crucial to understand that YOU are the source of your own success. If you don't believe in yourself, then how can you expect others to believe in you?
Believing in yourself is crucial. However, merely believing won't get you further. Thus the next step is to work on your belief. In essence, the question is if you are prepared to work harder than anyone else. Are you committed to outgrow and outwork any other living being?
There are three main things in personal development that are a must for you to get rich from your salary, namely:
- Adopt a Growth Mindset in which you keep learning
- Become an expert in your field of expertise
- Learn how to get rich (from your salary)
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If your Mindset is ready, then the second step could be to start negotiating for a higher salary. Negotiating structurally for a higher income during your pay period is not novice advice, but it is a must. If you get 2% extra salary a year, then in five years from now you will significantly earn more. All this extra money can be invested in assets at a return (step 3).
And yet there are many people who never negotiate for a higher salary. They literally leave thousands of dollars a year(!) unaccounted for…
I suppose there are 3 common reasons that people don't negotiate for a higher salary:
- Fear: they are afraid to ask for a higher salary, perhaps because they think they don't deserve it?
- They are satisfied with their current salary: is this a valid reason??
- Lack of Mindset: you must think in terms of how much value you deliver, and you should get paid according to that value.
Yes, I understand it is not convenient to ask for a higher salary. It also requires some guts. However, I would recommend you two things:
- If you never ask, you will never get it: understand that HR departments are focused on bringing expenses down, instead of increasing. So perhaps they agree with you that you deserve it, but they will not offer a huge salary increase if you don't ask for it!
- Show your value: This one is crucial. If you show how much you are worth, then you will demand a salary increase without even asking for it. Work harder than anyone else. Show your value!
You should always negotiate for a higher salary. This will give you some additional financial freedom. However, this is not the best way to get rich from your salary. There is an even better approach to get rich from your salary. One that doesn't even require that much effort, if you know how to do it.
The most important step is to invest your money. Let money work for you. It will continue 24/7 and will provide you financial freedom in the long term. If you invest money, you can continuously re-invest it every year. As a result, your money will increase by 4 – 12% a year (depending on your investment choices). And this is something that happens almost “automatically”. It is not that you have to work hard for it. There are even ways to invest for passive income.
Of course, there is also a downside. Investing your money is not without risk. You can lose money when investing but that happens mostly when you make the wrong choices. So one crucial condition is that you need to possess the right knowledge about how to invest money without risk. With that, the risk becomes acceptable, and you can build wealth thanks to the principle of money makes more money.
I would strongly recommend starting with investing your money. It is the best way to get rich from your salary. However, go for low-risk investments and make sure you know what to do! Deepen your understanding and learn from other people's mistakes and experiences. Also, start small, experiment a little, before you start investing larger amounts. And never invest with money you can't afford to lose. Only invest money you don't (actually) need. In terms of investing tips, you can start by looking into investing in real estate funds, investing in P2P Lending, and investing in stocks.
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If you are employed, you can only increase your income that much (by negotiating). Thus, if you want to earn more money it is smart to look into a side hustle. A side hustle can grow into your own business. It is perfectly possible to start your own side hustle next to your current job. It's smart to spread your opportunities by building multiple income streams.
Thanks to the Internet it is possible to start a side hustle without big investments. Or be creative in the search for other opportunities. Perhaps you like to make things and sell them on a market. Whatever it is, make sure it is your passion and that you can earn some money with it. Keep it fun, but think about extra income as well!
Starting your own side hustle is beneficial for your personal development as well. You can learn a lot from it! Moreover, it happens quite often that a small business grows into a beautiful company. If you reach that point, then maybe you are not even looking for how to get rich from your salary!
And if you combine your own business with investing in other assets (equity, real estate, P2P Lending), then you definitely achieve financial independence!
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One last piece of advice on how to get rich from your salary is to save some money. It is important to keep your expenses low. Most people that earn more money, will increase their expenses. That is not the way to get rich from your salary. Instead, try to save more and invest it. Let money work for you!
Itt obviously helps tremendously if you are able to keep your costs as low as possible. On a monthly basis, you can easily save hundreds of dollars without “hurting” yourself, as I explain in this article about saving money. Especially in the short term, saving money provides an extra cash boost that you can use to invest. So that's really the message I would like to give you. Focus on increasing your income, and try to keep your expenses as low as possible. The difference you gain each month can be invested. Play it safe. Spread your investments as much as possible and do not take unnecessary large risks.
Yes, it is possible to get rich from your salary. In this article, I've explained to you how. The most important lesson is to invest your money. Let money work for you! Success doesn't come overnight either. Success is a result of making little progress every day. This starts with having a clear vision. The goal you want to achieve. Next, you will need to put together a roadmap that will allow you to achieve all your goals. Finally, it's all about execution. The five steps and additional tips on getting rich from your salary are part of the execution. This takes years. But stop making excuses about why you can't, and start using self-discipline and willpower to execute your plan. Because you too can become rich, as long as you believe in it and are willing to work very hard for it.
Hopefully, you have found this article valuable and it will help you further in life. Would you like to share your experiences and beliefs with us? You can do so in a comment below. Then we will help each other out!