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WEALTH - How to increase chances of building Wealth?

Updated: 4 days ago

23 open secrets of building wealth.


Wealth
Image by Author - Wealth

1. TAKE ACTION

Get of your comfort zone and start taking action! Money is attracted to speed and execution.

  • So, stop reading blogs, books, articles on making money.

  • Stop watching YouTube videos.

  • Stop listening to "success podcasts".

They're all designed to make you a consumer and buy their products and you don't even notice it.


“There’s a profound difference between interest and commitment. Interest reads a book; commitment applies the book 50 times.” - M.J. DeMarco


2. PERSUASION

Start building your own success, by learning persuasion. The money and success you want, is currently in the hands of other people. The only way to get it, is to PERSUADE them to part with their money in exchange for something that THEY want.


“If millions seek you, you will be paid millions.” - M.J. DeMarco


3. LEARN BY DOING

Like with everything in life, you get better by Doing the thing, instead of reading, theorizing and consuming content about it...Do it.


“You don't learn to walk by following Rules. You learn by doing, and by falling over.” - Richard Branson


4. IMPROVE COMMUNICATION aka PERSUASION

Don’t make things more complicated than it has to be. Practice persuasion every day as in I said in 3.

  • If you want to persuade in writing...write.

  • If you want to be persuasive in person...talk to other people.

It all comes down to getting emotional leverage.


“I would say that the five most important skills are of course, reading, writing, arithmetic, and then as you’re adding in, persuasion, which is talking. If you’re good with computers, if you’re good at basic mathematics, if you’re good at writing, if you’re good at speaking, and if you like reading, you’re set for life.” - Naval Ravikant


5. ASK FOR THE MONEY

I'm dead serious. You can have the most persuasive offer, the slickest and most charming interaction. If you don't ask for the money, you won't get paid. Simple as that. But there's a right way, and wrong way to go about asking for money.


“Every time your customers purchase from you, they’re deciding that they value what you have to offer more than they value anything else their money could buy at that moment.” - Josh Kaufman


6. NEEDINESS REPELLS MONEY AND PEOPLE AWAY FROM YOU.

Show genuine interest in people matter and stories and focus more on listening rather than talking.


“If you would persuade, appeal to interest and not to reason.” - Benjamin Franklin


7. SPEND LESS THAN YOU EARN

If you have zero savings right now, concentrate on building up an emergency fund in a savings account, perhaps by setting aside 10% of each paycheck. Go to our Solutions Center to find a savings account paying a great rate. Then, once your rainy-day fund is full, put that 10% you haven’t been spending into a dedicated fund.


“Do not save what is left after spending, but spend what is left after savings.” - Warren Buffett


8. START SAVING EARLY

Compound interest is interest that’s earned and added to an account balance so that the interest, too, then earns interest. Compounding speeds up your earnings because, as your account balance grows, each new interest payment is based on a larger amount. To get the most benefit from compounding, you must start saving as early as possible. The younger you are when you start saving, the richer you are likely to get.


“The greatest shortcoming of the human race is our inability to understand the exponential function.” - Albert Allen Bartlett


9. TAKE A LITTLE RISK

You could put all your money in bonds and sleep well at night knowing you’ll probably never lose money. But with that approach, you’re not going to retire a millionaire either. Stocks and real estate are where the money is to be made. Yes, there is always the risk of a housing bubble bursting or the market crashing. But take heart in knowing that stocks and real estate historically have appreciated in the long run.


“If you are not willing to risk the usual, you will have to settle for the ordinary.” - Jim Rohn


10. BREAK FREE FROM THE HERD

When the stock market crashed amid the coronavirus pandemic, some people likely freaked out and sold their investments. You know what? Those people took a bad situation and made it even worse. They sold their investments right when the market was bottoming out, and then missed the surprise — and massive — rebound that began soon after. Those who recognized an opportunity to purchase equities at rock-bottom prices will retire wealthy. The same thing goes with the housing market. When the bubble burst a decade ago, the smart people were the ones who were buying houses, not selling.


It’s easy to follow the herd, but if you want to be rich, you need to keep a cool head and make rational money decisions even in the midst of a crisis.


“Whenever you find yourself on the side of the majority, it is time to pause and reflect.” - Mark Twain


11. AVOID DEBT WHEN POSSIBLE

Self-made millionaires also tend to avoid any debt they don’t absolutely need to take on. Obviously, there are some purchases — like a home — where almost everyone ends up taking out a mortgage.

However, financially savvy people look for ways to avoid debt in other areas. For example, if you spend a lot of money on a credit card and take out a pricey car loan, those interest payments are going to add up in the long run.


12. PRIORITIZE TIME

There is only so much time in a day, and self-made individuals tend to know how to prioritize that time to help with their money-making endeavors.

This could mean taking up a side hustle on the weekends, signing up for an evening class to develop business skills, or finding an ideal balance of work and relaxation so you can stay committed to your financial goals.


13. HAVE MULTIPLE SOURCES OF INCOME

Side hustles have exploded in popularity in the U.S., with just under 50% of respondents in a recent survey saying they found some creative ways to help pay the bills in recent years. Similarly, financially savvy people also tend to have multiple sources of income.

This could mean a job they work on the side or some form of passive income, like renting out a property or room in their home.


14. INVEST 20% OF YOUR INCOME

Saving money and knowing the right time to spend it are both important, but wealthy people also tend to make investing a priority. This could mean stocks, bonds, or exchange-traded funds (ETFs).

Money experts recommend setting up automatic transfers from your checking account into an investment account and, if possible, investing around 20% of your income.


15. COMMIT LONG-TERM TO LARGE PURCHASES

Financial experts recommend buying a car instead of leasing one — and hanging onto it for a long period of time. When committing to such a large purchase, you can use the time after the purchase (or when you pay the car off) to save up some cash.

The same logic can be applied to other large purchases. Try to avoid splurging on items that you don’t plan to hang on to for a long time.


16. HAVE AN EMERGENCY FUND

If you can avoid charging an unexpected expense to a credit card, this can save you quite a bit of money in the long run. In fact, having an emergency fund is widely considered one of the first steps people should take toward financial stability.

Experts recommend saving up for three to six months of living expenses. However, starting small can also be beneficial, as every little bit of emergency money can help.


17. KEEP INSPIRING SOCIAL CIRCLES

Friends who motivate you to achieve your goals can be a huge help when it comes to career success and financial stability.

Career experts recommend seeking out these “high-quality” relationships that revolve around support and a sense of positivity, rather than friends who judge, criticize, or question your ambitions.


18. WELCOME FAILURES

Failure and risk-taking often go hand-in-hand. People don’t become successful because they’ve never taken a shot and missed.

In fact, many successful people have taken plenty of shots and missed them in painful and embarrassing ways. The thing they tend to have in common is the courage to get up and stick to whatever they’re pursuing.

Failure can be a learning experience and should be welcomed as a stepping stone to success.


19. STOP ‘KEEPING UP WITH THE JONESES’

It’s natural to desire things that others have at times, but devoting too much energy (and cash) to appearing financially successful can be a big financial mistake.

Experts stress the importance of living within your means and avoiding money stress. That could mean resisting the urge to splurge on the latest iPhone or Instagrammable vacation hot-spot.


20. STAY POSITIVE

Never underestimate the power of a smile and a good attitude. Career experts stress that positive people, and those who appear happy, are going to attract business opportunities, promotions, and more.

People want to work with optimistic individuals who have a good attitude about what’s possible in the future. And when people want to work with you, that’s a big step toward wealth-building.


21. TAKE CARE OF YOUR HEALTH

Successful people often put in long hours, but they also know the value of taking care of their bodies. This means exercise, getting enough sleep, and eating a nutritious diet.

Taking care of physical health goes hand-in-hand with prioritizing time. The key to success is not just sitting in an office all day long. Successful individuals know how to devote ample time to advancing their careers and focusing on finances, as well as taking care of their needs.


22. HAVE CLEAR GOALS

The financially savvy also tend to have clear and achievable goals. Is there a specific amount you want to save by the end of the year? Is there a small business milestone you’d like to achieve?

When goals are clear, it’s easier to take steps toward them because you know where you’re heading.


23. SEEK MONEY ADVICE

Even (and perhaps, especially) millionaires need to consult experts about the right money moves to make sometimes.

There are plenty of budgeting and financial apps that can provide guidance in these areas, but successful people often seek help from outside experts as well.

A financial advisor can help you make investments, plan for long- and short-term money goals, and more. Just make sure you know about all their costs and fees upfront.


CONCLUSION

Making big financial changes can be a major challenge, especially if you’re planning to put a significant portion of your monthly earnings into an investment or savings account for the first time.


However, experts agree that these and other smart money moves can lead to big rewards in the long run.


Also, keep in mind that you don’t need to pack your emergency fund with $20,000 today. Many of these millionaire-maker habits can be adopted over time using small steps.


Invest your time in these tips eventually they will help you in building wealth.


Thanks for reading…


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