Table of Contents
How to get rich in Saudi Arabia🤑? It seems a silly question but all expats come to Saudi Arabia with the same intentions. Here is the step-by-step guide.
Step 1: Strive for a better job
In order to be rich in Saudi Arabia, you need more income and since the main source of your income is your salary, you should strive for a higher paying job. I know many expats who do not look for a better job due to their lousy nature.
Step 2: Other Income
While living in Saudi Arabia you have some legitimate opportunities to earn a small amount of other income, grab it whenever possible. For example, the following are the risk-free options;
- Invest in Initial Public Offers.
- Earn Money online in Saudi Arabia.
- Credit Card Points – I made SR 11,300 with my credit card points in 2021.
Step 3: Do not spend your full salary
If you are spending your full salary, you can never turn around your life. The second step to getting rich in Saudi Arabia is to start saving at least 20% of your salary in a separate bank account. You cannot spend this amount no matter what are the circumstances.
Step 4: No Debt Policy
If you have some unpaid credit card bills or a loan to repay, the next step to get rich in Saudi Arabia is to pay off all your loans and credit card bills. You can use the 20% saving amount to pay off your loans and credit card you have taken before
However, in the future, you should have a No Debt policy as it always results in paying interest.
Step 5: Build Cash Reserve
You might need some funds for some rainy days and therefore, you should always keep around 6 months of your monthly expenses in Saudi Arabia. Rich people always maintain some liquid funds in their hands.
Step 6: Invest your savings
Step 6 is the most important step to be rich in Saudi Arabia and this is to start investing your money in assets to earn more money.
- Amount to Invest: Savings – Loans – Cash Reserve.
- Keep your liquid funds in Islamic Banking account to earn profit.
- Look for a safe investment in the beginning.
- After several safe investments, you can look for a bit risky one too. The risky investment should not exceed 10% of your net worth.
Step 7: Invest your Investment Income
Soon you will start earning money from your investments. Do not spend this money thinking that you are free to do it, rich people invest their investment income and become richer.