There are many definitions of what it means to be rich.
Being rich is more of a state of mind than a cash amount. Truthfully, the rich can be poor and the poor can be rich. For example, being rich could be a family of five who lovingly share their small piece of bread in a third-world country. Conversely, another family of five may live in a 12-bedroom home and still have strife over an unlimited first-class feast!
Moreover, being rich is really about having it all. It would be ideal to have a combination of the aforementioned situations: the happy family enjoying a delectable meal in the big house—and it is possible. However, to achieve this kind of wealth, along with financial freedom, personal peace and happiness, you must get committed to it.
You must also be able to enjoy your wealth. Some people put in a hundred hours per week with work but completely neglect their families in the process. Others focus on their family so much that they never really get busy at work because of their obligations. Obviously, achieving a sense of balance will allow you to possess true wealth and also be able to enjoy it.
If you are looking to have it all in life, here are the only five ways you can become rich:
1. Adopt the producer mentality.
You must make a major shift from being a consumer to producer. Here are some examples: consumers eat pizza, producers make pizza; consumers watch movies, producers make movies; consumers search for jobs, producers provide jobs. Every millionaire is a producer. Only producers get rich.
The overarching goal of a producer is not to eat, but to feed people. Obviously, producers must consume at some point, but it is not their primary goal. Instead of seeking their next meal, they are more interested in providing the next meal for someone else, knowing that they will have the chance to eat in the process.
Whether these producers are providing heart surgeries, writing best-selling books, or building skyscrapers, they have learned how to create products and services to help those around them. If you study millionaires closely, you will find that nearly all of them provide a valuable product or service to millions of people. When you adopt a producer mentality, you will become wealthy, too.
2. Know your daily rate.
How much are you worth per day? Have you calculated your daily worth? There are approximately 250 working days in a year. Do you know what it would take to be a millionaire? If you earned $4,000 per day, you would reach the million-dollar mark each year.
If you are earning $100 per day, you should try to double it. Just imagine, if you did twice as much, you would earn twice as much! For instance, when I first started my business, I was worth about $200 per day. Since I didn't want to stay at that number, I sought better ways to improve myself for my clients, which gave me a tremendous boost of income.
What are you doing to improve your daily rate? If you're searching for a new job, send out twice as many resumes. If you're making 10 sales calls per day, double your number of calls to 20. If you're babysitting one child, find a way to multiply your results by opening up a day-care for 50 kids. Of course, it would be best to maintain or increase your quality of work as you pursue these endeavors.
"Success is getting what you want. Happiness is wanting what you get." – Dale Carnegie
3. Sacrifice everything.
The great majority of people are afraid to make sacrifices because they think they will lose something. The single mother would not buy a $20 book that will help her earn $20,000 extra dollars. She is the same mother who is afraid of the cost, but still would buy a video game for her son to make him happy.
Before you become rich, you must become poor. Besides lottery winners and heirs who receive hefty inheritances, you must be willing to pay the price and sacrifice everything. You must be able to handle the worst if you want to expect the best. There will be many times where you will have to delay gratification to focus on a bigger goal, which is always worth it in the end.
To approach a risk more judiciously, ask yourself two questions: "What's the worst thing that can happen if I take this risk?" Then ask yourself, "What's the best thing that can happen?" Usually, you will find that the only reason that you would not take a major risk is because money is involved. However, you should be able to sacrifice everything to become immensely rich, even if it is your last dollar.
4. Only do wealthy activities.
The number one wealth killer is when a person of promise hangs out in places of poverty. Many times, people put themselves in poor places, which surrounds them with poor people. Get away from poor places if you want to avoid poor people. Dwelling along with poor people in poor places will never make you rich.
When I was a teenager, I used to play basketball with negative people in negative places. I constantly witnessed smoking, cursing, and other disrespectful behaviors every moment of the game. Even though I didn't partake in their antics, I was still a product of my environment, which deeply affected my general performance in life.
Many people tolerate negative conditions like this. They don't realize how much the subtle influence of gossip, violence, and drama impacts them. Moreover, if you're not on prosperity, you’re in poverty. Find out how you can partake in wealthy activities. For me, instead of playing basketball, I started visiting luxury homes and car dealerships. It changed my life.
5. Use your gifts.
Everyone is naturally gifted. Some people have many gifts, while others only have one. Nonetheless, you must realize your gifts and use them. Many times, people will downplay their gifts and even allow others to do it. However, you should cultivate your gifts and surround yourself with people who support it.
Finding your talents, skills, gifts, and abilities may not always be apparent. Since schools, workplaces, and religious institutions seldom encourage people to use their gifts, many people end up forfeiting them because of the financial and social pressures in our enormity of conformity. These pressures reduce the human soul to settle for "fitting in" rather than "standing out." However, at the end of your life, you will be held accountable for how you use your gifts.
For me, I personally always wanted to tell my story. However, I didn't know how to go about it. Eventually, I started to write articles and give speeches free. Because of this, I've been able to reach millions of people, despite the fact that I failed numerous English classes in school. The more you use you gifts, the happier and wealthier you will be. Your gifts will make room for you.
Money is being printed constantly for you right now. Make sure you take hold of yours today. Money is the tool that allows you to become more of who you are. Stop "surviving" and start "thriving." There are many virtues in being rich. Be prepared to receive better homes, cars, clothes, food, and friends. You will receive much power when you commit to your wealth!
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This article originally appeared on Entrepreneur.com. Minor edits have been done by the Entrepreneur.com.ph editors.