RULES TO GETTING RICH AFTER YOUR 50TH BIRTHDAY

Believe in yourself.

The million dollar threshold is almost mythical to some people and that can lead to feelings of doubt and dread. If you are committed to making your first million, even after 50 years old, you have to fully believe in yourself and your dream. A commitment to ideals can lead wanderers to even the most distant prized goal.

Write out a game plan.

As odd as it seems, the most simple and effective rule to making money after 50 is knowing exactly how much you need to get there. Unfortunately many people are starting over from 0 at this time in their life and they need to make money quickly. Other people over the age of 50 have already developed their savings accounts and that helps to swing things in their favor. No matter where you stand at on the financial scale you need to chart out how much money you need to earn before you hit your million dollar mark. Once you know how many dollars you need, you can start chunking down your goal into reachable landmarks. At the very least, writing out a plan will put you in the mode of ‘do something’ rather than ‘day dream about something’. As they say, action leads to action and inaction leads to inaction — so be proactive and get things done.

Understand the reality of your bank accounts.

Whether you have $100 stashed away in a bank account or $100,000 you need to realize one simple thing: your bank account is a tool, not a coffin. You don’t want to get into the habit of saving money simply to have it set aside and slowly accruing interest. While it is nice to have a nest egg put away, the reality is that if you are 50 years old and trying to make your first million you will have to be much more aggressive. Looking back at our action/inaction metaphor, sleeping money tends not to help you in the same way. Your money shouldn’t be habitually rotting away. You need to have that cash moving, investing, and building itself. The only reason to have money to begin with is to invest so you can make more of it. You are a mover and shaker at this point, not a pure saver.

Erase your debt, unbridle your ceiling.

Debt comes in a variety of different grades. Some debt, like credit card debt, simply destroys you with never ending interest all while capping the money you have set aside for better things. Other debts, like quick loans or cash advances, can be used to dig you out of trouble and put you on the right path. Debt not only physically slows down your ability to earn money, but it also mentally slows you down as well. People in debt tend to be focused only on how their debt is crushing them. Instead of focusing on how your debt is slowing you down, focus instead on how you can get out of debt. This will lead to a tremendous boost in mental clarity and eventual financial returns.

Source: Daily Forest