This article has been a long time coming. After all, covering the strategies that get people from a bitter place to a richer one is part of why I started this blog! If you take away only one thing from this I want it to be that you know you can always work on something to get yourself to a better place than you’re in now – no matter what your current circumstances are. That’s why I’ve come up with 20 tips that will help you go from bitter to richer.
Even if you’re on top of things, there is always room for improvement. However, if you have found yourself down on your luck, like many people, there are always opportunities for you to have a better life.
1. Change Your Head-Space
The first tip, and arguably the most important, is to change your head-space. If you have had a constant and consistent interaction with “bad luck” and are always upset with the cards life has dealt you, then it’s time to reevaluate your mindset. Yes, it’s possible you have had a hard time. You’ve probably overcome a lot of things that would’ve broken some other people. However, you did overcome it, and you’ve continued living.
No matter what comes your way, if you shift perspective it can help a lot. Be thankful for what you have, and be ready to take life’s hurdles.
2. Make A Plan
Make a plan and be precise with it. This starts by figuring out and detailing your goals. I like to divide my goals into three categories – medium-term, short-term, and long-term. Short-term goals are things you work towards over the course of a few days to an entire year. Medium-term goals usually take anywhere from one to three years to reach. Long-term goals take at least three years to reach, and can often take decades.
I like to work backwards with my goals. I start with my long-term goals, then I figure out the medium-term goals I need to reach to make the long-term goals a reality. After that, I list out the short-term goals I need to accomplish in order to reach my medium-term goals. For a free financial goals worksheet, sign up for the Bitter to Richer newsletter – we send out one in our welcome email!
3. Stick To It
This goes with setting your goals and creating a plan. Starting with a plan is useful, but it’s pointless if you don’t work towards it and stay consistent. Consistency and discipline are what turn people into success stories. If you aren’t able to keep at it, even when the going gets rough, then expect to wind up where you started, just as bitter as ever.
4. Budgets Are Key
I’ve gone over this time after time. Budgets are a must if you want to level up your finances. For a complete guide, check out my article with all the details. If you want a more beginner friendly guide to budgeting, or want to try some advanced tricks, I’ve also gone over those. A good budget will help you make the most of whatever money you’ve made. Even if you make a lot of money, it’s easy to spend too much and fall into bad financial habits if you don’t keep track of it.
In addition to a financial goals worksheet, we also include a budgeting template in our newsletter’s welcome email!
5. Find A Good Partner
A good partner can make a world of difference when it comes to bettering yourself as well as your finances. If you haven’t yet, make sure you talk about money with your partner when you’re in a serious relationship. It’s important to have that type of ongoing communication, especially if you have or want to merge finances. A good partner will make it easier to stay on track and can even help you with some of your financial responsibilities.
For those of who you don’t have a significant other in your life, you can still have a partner that will help you keep your finances in check. With a close friend, or even a family member, it may be worthwhile to have an accountability partner. This is someone you talk to frequently who will help make sure you’re staying on track to reach your goals.
6. Live Below Your Means
This is a good rule of thumb, and next to impossible to keep in check without a budget. Even with a budget, many people tend to fall into this trap. As you make more money, it’s easy to spend more – even justifying increases in your budget – to accommodate for what many call lifestyle creep.
Just because you make more doesn’t mean you should spend more. To avoid this, I tend to only increase my budget with major life events. For example, that includes weddings, having a child, handling the loss of a loved one, or anything along those lines that can drastically change your financial responsibilities.
7. Create Another Source Of Income
Hey, who doesn’t want to make more money? If you’re in a job you hate and exceptionally bitter about it, this is one of the biggest things that will help you on your ways towards a richer mentality. There are tons of lucrative side hustles you can start, so do some brainstorming and see what works for you. Hopefully, one day, this side hustle can be a serious source of income or it could even replace a day job.
If you want to start a side hustle, take my 30 day challenge! Of course, once the 30 days are up, try to keep at it for at least 6 months if you want to actually see serious positive results.
8. Invest
Hopefully this doesn’t need to be said, but taking your investments more seriously can be a great way to go from bitter to richer. In my opinion, the best thing to do is to start with index funds and ETFs. They have a proven track record, require little effort to maintain, and are a top pick for new and experienced investors.
If you’re just starting out, I highly recommend using Acorns to show you the ropes. For those who don’t know, Acorns is an app that will help you automate some savings and invest it for you. I like to think of it as the training wheels for investors – it really is great at showing you the ropes.
9. Stop Underestimating Yourself
At some point, you need to stop underestimating yourself. Of course, don’t let your ego become huge. However, with most people it seems that the limiting factor is what they think they can actually do. If you tend to think you can’t do something, I encourage you to push yourself to see what you can accomplish. You’ll likely be surprised. For those who overestimate themselves – just dial back a bit.
10. Start With The Small Things
This is one of my favorite pieces of advice, and one that most people gloss over. You need to start with the small things – the minor goals and tasks – even if they seem completely insignificant. Before you invest a million dollars, you need to save $1000 or even $100. Likewise, before you can squat twice your weight, you’ll probably need to start lower and work your way up.
It’s important to start somewhere and build yourself into what you want to become. It’s harder than it sounds, and certainly not glamorous, but it’s important to start somewhere so that you can get where you want to be. You can’t expect to instantly be at your final goal without putting in the work to get you there.
11. Avoid Debt
I stand by this. In most cases, it’s important to avoid debt like the plague. There are multiple methods for getting rid of debt, if you have any, and I highly recommend you use them. Now, I mainly mean debt with high interest rates, which could include your student loans, as well as credit card debt and other personal loans. Having a mortgage can be healthy and potentially more cost-effective than renting, as long as you don’t buy more house than you can afford.
With that being said, as a general rule of thumb you should avoid debt. If not, carefully consider your options when you take on new debt (like when you buy a house). To avoid being forced into unwanted debt, it’s important to build an emergency fund. Start by saving one month worth of expenses, and keep saving until you have six months of expenses saved up. That way, when disaster strikes, you won’t be ruined.
12. Stop The Get Rich Quick Schemes
We all know at least one person who is always jumping from one get rich quick scheme to the other. If you’re one of those people, you need to stop. Focus on more important things. These get rich quick schemes fail, by nature, and often cost you more than they make you.
A great example is MLMs, or multi-level marketing businesses. They’re essentially pyramid schemes, and most people who get involved lose money even though they’re sold on the idea of making tons. Other examples include things that involve predatory tactics – which, if you partake, you should stop given the moral implications.
One final get rich quick scheme to avoid is day trading. No, it’s not exactly a scheme, but most people overestimate their abilities. Keep your investment strategies simple and focused on the long-term. Many day traders lose money, and few beat the passive investment of buying index funds and ETFs and holding onto them for the long haul. So, why bother with day trading when you can make more money with less headache?
13. Get Ready For Retirement
I’ve written articles on the details behind how to retire early as well as how to plan for your retirement. If you need help preparing and investing for retirement, I encourage you to check them out. There are tons of options available to you, and the earlier you start taking advantage of them the better off you’ll be. For the best brokerage, I recommend M1 Finance. They have tons of great stocks, index funds, and ETFs, plus they’re easy to use. I also love their portfolio system that lets me customize my allocations with ease and their prebuilt ones that let beginners jump in immediately.
14. Learn To Forgive
It’s hard to forgive, but it’s an important part of being an adult and living life. If you spend all your energy focused on how someone wronged you, then you’re not able to use that energy to better yourself. You don’t have to forget what someone has done, and the relationship may not be the same again, but do your best to forgive people. If you focus on it too much, you’ll end up hurting yourself more than anything. Don’t give in to hate – try to use your energy for productive endeavors.
15. Stop Being Envious
Again, if you want to stop being bitter and become richer, then you need to stop with the jealousy. Envy is a disgusting thing to see, and I’m sure you’ve been disappointed with yourself for feeling it before. Envying someone else does nothing to help you out. I know it can be easy to slip into that, especially when you’re focused on improving your finances, but don’t compare yourself to anyone but yourself.
Be happy for others when they’re successful, but don’t envy them. Instead, see what you can learn from their success and figure out if you can apply that in your own life. Surround yourself with people who are in a better position than you, and you’ll see lots of areas to grow and get a lot of educational tidbits.
16. Don’t Dwell On The Past, But Learn From It
This goes with learning to forgive, but you also shouldn’t dwell on the past in general. Specifically, you shouldn’t dwell on things you’ve done, or bad things that have happened that were out of anyone’s control. Obsessing over unchangeable things that already happened is a recipe for disappointment, anxiety, and even depression. Whatever happened in the past is in the past. If possible, learn from it. However, don’t let your past hold you back from a richer and more rewarding future.
17. Network
As I said before, surrounding yourself with successful people will do nothing but help you. Now, don’t go around asking for handouts, but try to meet new people from many different backgrounds. You’ll learn a lot, have new opportunities, and possibly gain several great friends along the way.
With that being said, don’t force things or focus purely on what you can get out of a networking event or a new relationship. Keep your mind open and do your best to create connections that are mutually beneficial. If you try to take from people without giving in turn then nobody will want to continue networking with you, much less work with you on anything or give you advice.
18. Be Introspective
This is one people have a lot of trouble doing, even when they’re aware of the need for it. Sometimes you just need to get comfortable with yourself, your thoughts, and your emotions. Understanding yourself is the key to improving yourself, so that you can have a brighter tomorrow. Learn what makes you tick, what drives you, and figure out what methods work best for you.
Everyone works differently, what helps you stay productive is likely far different than what helps me or someone else stay efficient. Many people are uncomfortable with introspection, but it can be one of the most enlightening traits for you to have.
19. Take Care Of Your Body
This one is easily as important as being financially secure or keeping your mind sharp, but I tend to see it overlooked all the time. Your health shouldn’t be your last priority, it should be one of your top concerns. Do yourself a favor – eat healthy and workout.
If you don’t have a good gym nearby, or want to save money, then buy a home gym. There are absolutely no excuses for you to not have a healthy life. Besides, the healthier your body is, the better your mind will be and the more energy you’ll have at your disposal to get everything you need done.
20. Seek Help
For those of you who want to become richer, and less bitter, it’s important to seek out and ask for help when you need it. If you need advice, turn to someone you trust. If you need an accountability partner, find someone who can serve the role. When you need financial knowledge, don’t be afraid to ask people who know more than you – or do some of your own research. There is no shame in learning from others and asking for assistance if you need it.
Conclusion
There we have it, 20 tips for you to go from bitter to richer. If you have any tips of your own, be sure to let us know what they are in the comments. Let me know which tip resonated the most with you, and which one you wish more people would take to heart! As you can see, not every tip is easy to follow, but I believe every single one is worthwhile and can be a great boon for you and your future.
