How to Be Rich Without Hitting the Lotto | MDAS


How to Be Rich Without Hitting the Lotto
June 10, 2019

Wow I missed you guys! I know, it is quite rude to disappear for a few months. (But trust me, it was worth it!) Back to the regularly scheduled content :)

We have all felt it. Desire. It is asserted that human desire is the fundamental motivation of all action. Being rich is probably one of the most common desires in the world, but it is just one of a few innate desires we humans have. The most common seem to be:

  1. Happiness
  2. Health
  3. Belonging
  4. Love
  5. Wealth

I’m sure if you ask anyone in the world what they want, it will be on that list of 5 things. How can we attain them?

Well, I am no happiness professional (if there is such a thing). I can kinda help you with staying healthy, but I’d also defer that to a more qualified pro. I have no idea how to quantify the feelings of belonging and love.

But I can help you get rich. It is a measurable and mathematical pursuit. It also just so happens to be my passion, and luckily my profession. (Stay in school kids!)

Ultimately, getting rich is as simple as:

  1. Defining what rich is to you
  2. Analyzing the amount of money you will need to hit that definition
  3. Acting on your analysis by saving that amount of money gradually over time

It’s easy to put down in writing, but actually doing it is a much larger feat. Here are some practical tips to build wealth and get rich without having to hit the lotto or write a hit song.

1. Define what rich is to you

Do you want a mansion and a Ferrari?

Do you want to travel the world?

Do you want to help others?

What is the definition of RICH to you?

You can have anything you want, but you can’t have everything you want. So be introspective and figure out what rich means to you. If a rich life to you is being a monk and meditating all day, congratulations! You did it!

If that’s not your cup of tea, you’ll need to do a bit of math. Define what it is you WANT, then we can drill down and determine what you NEED.

2. Analyzing the amount of money you will need to hit that definition

Ask around. Figure out how much a McMansion and a Ferrari cost in your neighborhood. Add in the running costs like taxes, insurance, and gas. Figure out that annual figure you need to earn each year to afford your rich life and multiply it by 25-35x.

Boom. Now you know how much money you need invested in ASSETS to produce an income every year that will sustain your rich life. This formula will work for ANY lifestyle.

Spending 30k/yr out in Montana? You need $750k - $1.05mm invested.

Spending 100k/yr in New York? You’ll need $2.5mm - $3.5mm invested.

The dividends, interest, and capital gains from your investments will churn out more than enough for you to live on indefinitely!

Don’t believe me? Check out this article by Mr Money moustache. It is called “How Much Do I Need For Retirement” and breaks down something called the 4% Rule. This rule was studied by researchers at Trinity University and has been duly dubbed the “Trinity Study”

He breaks it down so succinctly that I’m not going to try and compete with him. There is also an entire reddit community HERE that touts the fact that after you have a certain dollar amount invested, you can quit your job and live your life on your own terms.

3. Acting on your analysis by saving that amount of money gradually over time

You know what you want. You know what you need. Now do it. There is no reason to sit around and think it over anymore. All you will do is give yourself analysis paralysis.

Get out there and DO IT. Cut your spending so you can save/invest more. (Maybe by ditching that leased car like I mention in THIS post) If you haven’t ever taken the chance to see where your money is actually going - please take the time to do that. Download and print your credit card/bank statements and scrutinize exactly where you are spending the most.

Remember, your personal finances are not all about expenses. The income side of the equation is just as important!

Drive your income up by outperforming at work, learning new skills, and taking on more responsibility. Foster relationships with people that push you to better yourself. If you are an entrepreneur, put in the extra time it takes to automate processes. Make your operation more efficient so you can make MORE money by doing LESS work!

By following these three steps - you will be setting yourself up to build wealth - no Super Bowl championship or Mega Millions winnings necessary! (The odds of winning are sooooo ridiculously low!)

But most importantly, don’t forget to live your life now. If you’re not traveling even a little bit now, but that’s ALL you expect to do when you hit the magic number, think again.

Set yourself in motion to transition right into that desired life you want by living it up now. Do those small weekend trips. Get out and volunteer. Visit those McMansions and learn about them through a realtor. (If that is your thing!)

Whatever it is that YOU want to do,

do it.


If you thought this was helpful, terrible, or somewhere in the middle, please leave me feedback in the form of a Direct Message on instagram @MakeDollarsAndSense, or feel free to send me an e-mail/text to the information on my Home Page. I truly appreciate constructive criticism and opposing views, so bring em on!

P.S. New blog posts coming your way every Monday!

Previous Article: My Most Profitable Investment So Far (Over 1000% Return)

Next Article: How to Retire Early on Less Than 50k/Yr

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