5 lifestyle changes to make if you want to get rich in 2020
If your’re looking to build more wealth in 2020, money won’t simply appear — you’re probably going to have to make some changes to reach your goals.
Here are five lifestyle changes that have helped self-made millionaires get to where they are today. If they worked for them, they could also work for you.
Generate two incomes — or more
The richest people focus on earning, and they typically aren’t content with one source of revenue.
As author Thomas C. Corley found in his multi-year study of self-made millionaires, the rich “do not rely on one singular source of income,” he writes in “Change Your Habits, Change Your Life.” In fact, “65% had at least three streams of income that they created prior to making their first million dollars,” Corley says, such as real-estate rentals, a side hustle or a part-time job.
Once you start bringing home two paychecks, try Jay Leno’s strategy: Save the bigger of the two checks and live on the other. It not only frees up more cash that you can save and invest, but it helps prevent lifestyle inflation, which is when you increase your spending as your income increases.
Save to invest
“Investing money is how you will get super rich,” says self-made millionaire Grant Cardone. “The only reason to save money is to one day invest money.”