10 Simple Steps To Becoming Wealthy

by golbguru on July 27, 2007

Recently, Brian Clark at Copyblogger posted a simple, yet profound list of 10 steps to becoming a better writer. In the same spirit, I would like to propose 10 simple steps to becoming wealthy.

1. Save money.

2. Save more money.

3. Save even more money.

4. Save even more than that.

5. Save when you don’t want to.

6. Save when you do.

7. Save for a purpose.

8. Save even if you don’t have one yet.

9. Save every day.

10. Keep saving.

Bonus tip: You can save only when you spend less than you earn.

Simple to understand? Absolutely.

Easy to implement? Definitely not.

Worth trying? Absolutely.

Implementation is difficult, but it becomes easier with practice. So, keep trying and keep saving. Rain or shine, don’t let anything discourage you - just keep saving.

Here, I will invoke the principle of profound transcendental redundancy - good things will happen when you keep repeating the right things. :)

spend less than you earn

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{ 27 comments… read them below or add one }

1 Brian Clark 07.27.07 at 7:43 am

Nice. :)

2 golbguru 07.27.07 at 7:49 am

Brian: Thanks for the inspiration.

3 Punny Money 07.27.07 at 9:09 am

So wait… should I save money? Or not save it. I’m confused! :)

4 MossySF 07.27.07 at 9:55 am

I’m not sure what species money is. Are they endangered where they need saving?

5 Alison Lee 07.27.07 at 10:01 am

Well said!

Actually you need only 1 step, just save a fix portion of whatever money that you earn, no exceptions. Eg. 20% of your monthly pay, 20% of your winnings from lottery… You will be surprised at the amount you would have saved in a year’s time!


6 nku 07.27.07 at 10:12 am

Absolutely. And saving requires planning. So saying “I will never spend more money than I earn” is not entirely many can do regularly, but I will say this - “Plan your expensive purchases, remodels or vacations well so that you can absorb the bump in the regular saving routine”.

Btw, I have made a habit of saving about a fixed amount each month come what may. Some months I end up saving more. But I have never gone below so far. (It is easier when you are single though :-))

7 S 07.27.07 at 11:35 am

How about make more money?

8 Pinyo 07.27.07 at 1:32 pm

Awesome list. I will print it out so I can memorize all 10.

9 Super Saver 07.27.07 at 5:42 pm



Someone once told me it takes seven repetitions before a person understands a concept. You threw in three extra repititions for good measure :-)

Your post has given me inspiration for a post to do. You’ll know which one it is when you see it:-)

10 MoneyNing 07.27.07 at 10:33 pm

So are you saying I should save money?

11 golbguru 07.27.07 at 11:01 pm

Alison: Yes, you need only one step, but sometimes, people need to be told the same thing 10 times (presented as ten different things) .. in the hopes that they will remember at least one. :)

Super Saver: looking forward to it.

MoneyNing: Since there is risk involved in stating the obvious [courtesy: "at the risk of stating the obvious"], I will just pretend to ponder over the question, scratch my chin, close my eyes in deep thought, and finally try to direct such questions to wise men. ;)

Pinyo: Good luck :) I have heard that lists are better memorized when you stick them up in places you visit everyday without fail. *cough*restroom*cough*

S: A little secret to share - making more money is not going to make you wealthy if you don’t save the extra money. Irrespective of how much you earn, you are on a path to becoming relatively wealthy is you are in a habit of saving a part of your income. Now, in light of this, read Allison Lee’s comment above.

12 MossySF 07.28.07 at 11:12 am

It is much easier to save money than to make more money. Saving money is guaranteed return. Making more money requires investing in yourself (whether time, money or education) and has no guarantee of success.

13 MoneyNing 07.28.07 at 1:40 pm

golbguru: But my teacher said there is no such things as dumb questions!

14 Golbguru 07.28.07 at 2:39 pm

MossySF: Completely agree with this ” Making more money requires investing in yourself and has no guarantee of success.”

MoneyNing: Good point. :) Forgive me , for sometimes I wear the devil’s mask.

15 pfodyssey 07.28.07 at 3:43 pm

Nice. While you should not forget the income side of things…saving is absolutely fundamental.

16 MossySF 07.29.07 at 9:18 am

I can tell you as a dual-business family, it takes a saver’s mentality to be successful in your own business. Anybody who goes into entrepeneurship with the attitude of “we’ll just make more money” is on the track for failure. Running a business means variable income and if you don’t have control of your costs — both at work and at home, you can’t afford your basic living expenses and you’ll pack it up in no time at all.

This same idea applies to education to get a better job. If you don’t keep your expenses down when going to school, you’ll end up with huge student loans/credit card bills that’ll suck up any extra income for decades. Saving to pay for school/living expenses would give you the most bang as every dollar of extra income would be 100% yours afterwards.

17 Leo 07.31.07 at 2:43 pm

I’d like to know where the author stands on saving.

18 Jason 08.01.07 at 8:15 am

Your are absolutely rite, simple yet difficult to implement. Good post.

19 Robert 08.02.07 at 12:12 pm

I think saving is too generic of a term to mean anything here and doesn’t necessarily mean you will become wealthy. If you make say 40k a year and save 20% of that, you will never really become wealthy in the traditional sense.

However if you invest some of that 20% then you have a greater chance of becoming wealthy, depending of course on when you start investing and how long.

Saving is good, no doubt. But investing is better :)

20 Nofie 08.03.07 at 7:45 am

Yes, it is much easier than done. However, I put a note about it on my desk. I read it a couple times everyday and try to implement it as best as I can. Surprisingly, the result is very rewarding.

21 Cash Aholic 08.04.07 at 9:03 pm

I loved the tips! Thanks for writing them up.

22 Forex Trading Blog 08.11.07 at 10:42 am

That will change my whole life. From now on I will start saving money, hope this will work.

23 poor loser but happy 01.02.08 at 1:21 pm

saving money is great but you cant tke it with you whe you die. i spend all my extra money on vacations and fun stuff. my life is awsome.

24 Madhu 06.23.08 at 4:09 am

I am happy to comment on this post.

We must save money, but I think the way we spend it matters the most.

MoneyLIFE magazine is a personal finance magazine and it has been my best guide.

I want everyone to get benefited out of it.

For more visit http://www.moneylife.in

25 Forex Advice 01.03.09 at 9:26 am

If in your mind is only saving money, you will get a cosmo sindrom and the only think you will be inerest is shop promotions

26 Ryan @ Planting Dollars 12.22.09 at 11:16 pm

Increasing the amount you make increases the effectiveness of this strategy A TON!

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