Everyone wants to be rich, and at the same time, getting rich isn’t easy.
To make matters worse, it seems that lots of wealthy people became rich because they have exceptional talent or simply got lucky — so how is the average South African supposed to become rich?
In this article we will explore 3 sure ways to get rich albeit not easy or quick, it will be substantial and sustainable.
Here are the three ways that you can become rich in South Africa.
Have you plotted out your career path and thought about how you will qualify for your high paying dream job? Does your expertise match the salary?
Innovator? Entrepreneur? What are you undoubtedly good at?
It’s time to start monetizing those brilliant ideas.
Do you follow a strict budget? How financially literate are you?
Here is a summary of the steps that you could follow to get rich as a high-earner:
Tap the button to access the template now.
A high-paying job requires knowledge, expertise and experience.
A tertiary qualification is the rung on your corporate success ladder.
A tertiary education’s importance and key role in finding and maintaining a high-paying job are undeniable. It has been proven to open doors to higher-paying, more stimulating and rewarding careers.
The beauty of education is that it does not have an age restriction and can be obtained at any stage of your life. Whether you are fresh out of school or you have worked in an industry for many years – you should be working on attaining the qualifications which align with your desired career path.
You should be proud of the company you are employed at. Besides aligning with the core values of the company, it is important to look into their policies around fair and equal staff, career advancement and just compensation. A good company will have some of the following issues high on their list of priorities:
Have you ever researched your current salary? Payscale, and other services like it, can help you to research salary data to find out.
Reasons such as increased responsibility, development of new skills and reliability are valid reasons for an increase in your salary.
Upskill, develop critical skills within your industry and make sure you are duly compensated for your efforts.
More money, more problems? No. When you start earning more money, consider growing it instead of spending it.
Here is a summary of the steps that you could follow to get rich by starting the right business:
We’re starting a business baby, we’re starting a business!
A good business idea requires the right opportunity to launch.
For instance when the Covid 19 Pandemic some entrepreneurs saw this as an opportunity to launch their businesses. Suddenly niche businesses were popping up everywhere, whether the offering was wholesome handmade local goods or a mobile barber shop. These entrepreneurs saw the opportunity and took action.
Anything can be monetised when packaged correctly and presented to the right market.
If you are considering starting a business. Do the proper research.
Begin with a business plan
Your business plan should be a detailed document plotting out your plan of action.
The document should include:
*Remember – A business plan is great but you must remain flexible and adaptable to change.
Get out there and network.
Make friends with the right people in your industry. Sell yourself and then your business.
Know who your competitors are
Learn all you can about their product or service. THink of ways that you can fill any gaps you identify. Think VALUE. What value can you add?
Stay ahead of the curve.
Think ahead. Keep your finger on the pulse. Be aware of industry changes by plugging into industry news. Staying ahead of the curve provides you with the foresight to predict your clients future needs and also your competitors next move.
Find a healthy work-life balance
Remember to look after yourself.
Every business is different. Here are some tips on how to keep your business growing.
Here is a summary of the steps that you could follow to build your wealth by saving and investing:
It is hard to save when you are drowning in debt. If this is a reality for you, take your first steps to financial freedom today and find out how you can get out of debt.
A good starting point to attaining a solid financial standing would be to budget. Once you are in a position to start saving – do so immediately. An allocated amount to a savings account should be part of your monthly budget.
If the word investments intimidates you, you are not alone. When you are starting out, it is best to start small and speak to the professionals and do the research. South Africa offers four different types of investments, they are:
As daunting as it seems, the right investments are a guaranteed way of building wealth.
By now it should be clear that these are not get-rich-quick schemes. It requires patience and perseverance but the reward far outweighs all the effort. Make an investment in yourself, and start working towards a secure, financially strong and independent you.
Find out if you’re eligible to reduce your debt and protect your belongings.
Disclaimer: This website and any information herein is not intended to be, nor does it constitute, financial, tax, legal, investment, credit, or other advice. Before making any decision or taking any action regarding your finances, you should consult a qualified professional directly.