Do You Actually Need to Start a Business to Become Rich?

[Jasmine]

Generally speaking, it is believed that you can become rich only when you start a business and your business becomes profitable. If you want to become a millionaire and billionaire, that might be true. However, if you have no intentions to buy a luxury boat or go on a space tour, you don’t need to do a business; you can actually become rich with a job, all you need to do is save a percentage of your income, have patience and some financial discipline.

In order to become rich with your job, you need to apply a rule of 50:30:20

Allocate 50 percent income for your needs (rent, grocery, fuel, etc.)

Allocate 30 percent income for your wants (for example, laptops, phones, new clothes, vacations, etc.) You can continue saving 30 percent income to buy things that need a lot of money (including a house or property)

Allocate 20 percent for saving and investing. Start saving your money, and then start investing your savings.

 

[saoussen5765]

The prices of fuel is increasing day after day so budget of fluel is increasing gradually as you need to spend more for same traget every time so this rule is well but except for fuel.

 

[Mika]

Interestingly, there is also a question of how you define rich. You might not have 30 million or 40 million worth of property or assets but if you are living comfortably, have a house to live in, a car to drive, have savings, and some investment portfolio, doesn’t that relate to being rich? IN order to become rich you need to know "How to Build Your Personal Finance." You can build your personal finance through saving and investment
A lot of people earn really well but most of them cannot build their net worth. Do you know why? They don't know the power of saving and the compounding interest in investing. You need to know about money to maintain your money. Knowing your money means, you can easily define your necessities, wants, and savings/investments and do accordingly.
So, what can you do about becoming rich? Well, there is nothing you cannot do. Start saving, and then start investing.