Building Wealth
How do they do it?
How do your role models become wealthy and maintain that wealth?
I’ve studied building wealth for a long time and I’ll be honest with you – there is no “get rich quick” scheme that actually works. I talk about it at length in my blog “The Secret to Becoming a Millionaire.”
If you really are interested in building wealth, it’s all about the habits you consistently practice, focusing on your strengths (not your weaknesses) and living and breathing what Ray Dalio calls “radical open-mindedness” in his book, Principles.
Develop Multiple Streams of Income
While quite a number of people these days have side hustles, I find that these side jobs disconnect. If you want to work on building wealth you need to focus on symbiotic flows.
Imagine you work in the marketing department of a company. You know how to present things and you might know your way around some level of graphic design. You could have a side hustle that’s babysitting your neighbours in the evening, but what if instead you used those graphic design skills and design wedding invitations in your spare time? Your skills can be used in many places. Build multiple streams of income based on the same set of skills and you’ll see how you are developing those skills while bringing in good money.
Invest Every Single Day
While the saying says you need to have money to make money, they never really say how much. You don’t need hundreds of thousands of dollars to necessarily build wealth. Set aside a reasonable goal. Maybe for you it’s $5 dollars a day, maybe it’s $50. Success is not in the amount: it’s in sticking to your commitment. Do not miss days. Once you’ve consistently met a target for 3 months, ante up! Increase your amount so you can put aside more.
Pay Yourself First
“How am I supposed to go about building wealth if I’m paying myself first?” I can hear you say.
For some entrepreneurs, paying themselves first seems almost selfish. We believe that if we don’t pay our landlord, our credit card company, our cell phone bill then we can’t make money. We think we only deserve what’s leftover.
If you view yourself as a “leftover” kind of person, you will never be able to build wealth. Treat yourself like an employee to your own company. Create a direct deposit that pays yourself biweekly or monthly – whatever works best for you. I also want you to set up automatic payments to come out of your paycheque – for your savings, retirement, investment account, etc. If that money comes directly out of your paycheque, you’ll never miss it. This way, you are forcing yourself to invest in yourself and build wealth each month while focusing on paying off your utilities and other life necessities.
Change How You Think About Money
So many times I have heard “If I just worked hard enough, I would be rich.” But the truth is, from every financially successful person I’ve met, they have told me that the way they became rich was that they focused on solving difficult and complex problems. If you are a problem solver you can be successful when it comes to building wealth.
Building wealth takes time, consistency and determination. Just like any situation that involves goal-setting you need to figure out what your goals are, what can you do daily to achieve them that is within reach, and how can you turn these daily tasks into an easy habit so you stick to it even when life gets tough. But soon enough, you will have more and more figures in your bank account.
I help all my clients build wealth – however they define it – through High Performance Coaching. Interested? Click here!