A board game about being rich.

How To Get Filthy Rich

Want to get filthy rich? Who doesn’t, but it takes work for most of us. If you want to retire rich and were not born with a golden spoon in your mouth, we have some tips for you. Most of them will be easier to implement than you might think.

Be Open To Job Changes

Obviously, the more money that you make, the more you can save for retirement. That means that you should always be trying to increase your salary. You might think that this means making yourself valuable to your employer and working yourself up the company ladder, but things do not work like that anymore.

If you want a 3 percent cost of living increase every year, stay put. Want to earn the real money you need to get rich? You will need to make a move. Your employer will never give you a big pay increase because they count on your complacency. They know that most people will stay put rather than deal with the hassle and uncertainty of changing jobs, so they save the big money and use it to attract new hires. You need to be one of those new hires.

Keep your resume up to date and maintain your profile on LinkedIn. When a recruiter reaches out, be open to them and friendly.

Don’t Try To Keep Up “The Show”

Some people like to spend with careless abandon and it pays to not try to keep up. Everyone’s finances are different, and they may make enough money to afford their indulgences or they may be slowly going broke. They will never tell you the truth, so don’t get into a competition.

It is okay to spoil yourself, but remember the more you do, the harder it will be to save. Try to live as frugal as you can and retire filthy rich. This might mean forgoing that new car every 3 years and taking modest vacations, but it is worth it. As a side benefit, living frugally keeps you off the radar, making you less of a financial target.

Never Carry A Credit Card Balance

You should never carry a balance on a credit card.

Even if you have good credit, the interest will likely be close to the national average which sits at over 17 percent. That is almost 200 dollars a year per thousand dollars of balance carried. This high interest is too costly and is wasted money that could be used elsewhere.

This is not to say that you should not have a credit card however. They serve a valuable purpose because they have outstanding fraud protection for purchases and they are useful in building your credit rating. Without some revolving credit, your score will never be what it could be.

So, go ahead an use your cards, but pay off the balance each time you get the statement. If you are already in credit card debt, make it a priority to pay it down and then make sure you do not make the same mistake again.

Watch The Alcohol Use

Alcohol use is ingrained in our culture, but it has a number of negative side effects. Besides the obvious health consequences, it can be murder on your budget and your productivity.

This is especially true if you like to buy your alcohol from a bar or restaurant. With drink prices of $10 or more, it does not take long for a bar tab to add up. And, it is not just the alcohol because bar food goes hand in hand with the beverages. Altogether, you could be spending $50 to $100 at a time, just for the privilege of drinking. Do that on a weekly basis and you could be talking over 5000 dollars a year for the privilege of drinking.

If you would like an occasional cocktail, have it at home. The alcohol is much cheaper and you will be in a safe place.

Hang Around Like Minded People

Peer pressure is a real thing that does not just affect teenagers. As an adult, if you are around people who spend with reckless abandon, hit the bar every night and essentially have no goals, you will be just like them.

This is not to say that you should abandon all of your childhood friends, but you should give some thought to surrounding yourself with some goal oriented people as well. By doing so, you will separate yourself from many of the social triggers that send you down the right path. You might even find a mentor who can help you further achieve your goal of getting filthy rich.

Play Your Own Game

If you go down the thrifty path, you will likely face criticism along the way and you may even get called a few names, like cheap. Pay no mind to the naysayers and just concentrate on your ultimate goal of retiring rich.

Stay the path, knowing that in the end, the people who criticized you will be envious of you. They may even come to you asking for advice down the road.

Put It On Autopilot

Finally, when you have everything sorted out, put it all on auto pilot. Make your savings contributions process automatically and send them to an online savings account. Money that is out of sight is out of mind, and you are more likely to stay on track if there is nothing to do. Do the same for your 401k and retirement fund contributions and you will be on an automatic path to wealth.

While you are at it, also consider using automatic payments for your regular bills. This will ensure that things get paid on time so that your credit rating stays intact and you avoid late fees. It will also simplify your life allowing you to concentrate on earning instead of taking care of finances.

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James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.