Building wealth doesn’t start with the act of making more money.
It starts with creating habits that will naturally enforce a wealth building attitude.
If you live your life by these seven habits,
you’ll start to receive abundance in more ways than one...
Live life by design
“To design your life with the end in mind is to create a life worth living.”
If you don’t have a plan, someone else will give you one without you even realizing it. You’ll be a character in the book of your life. Instead, be the author. Design a plan and what you need will come to you and everyone else will be characters moving the story along that you’ve written.
Come up with short-term, mid-term, and long-term plans. Take an afternoon every week or every month and draw out your strategy for next week, next month, next year, 5 years. Every time you sit back down to plan further, you’d be surprised how far along you’ve come.
Make business decisions based on solid fundamentals
“No one can predict what will happen in the future.
You can extrapolate from the present.”
Experts in stocks, business, or any industry can only make educated guesses on the future. If you base all of your business decisions on these guesses, you’re in for a bumpy ride. Instead, research the cycles of your particular industry. Invest in something that won’t be completely dependent on the market, economy, or industry.
Instead of making a decision on a future perceived problem or reward, make your decisions based on the fundamentals you have now.
Learn more = Earn more
“If you bring passion to what you do, you’re bound to earn more.”
The knowledge you have now has gotten you to this very moment. How will you get further? More knowledge. If you are passionate about something, learn how it can bring in revenue. Learn how you can master it. By choosing to learn, you are opening the door to endless possibilities, a youthful outlook on life, and exponential growth.
Stick with what you know and drill deep
“Get good at something and stick with it.”
They say not to put all your eggs in one basket, which is why diversifying your portfolio is a great way to build wealth, especially if you aren’t experienced in a particular field. However, in addition to that, put your eggs in one place where you have experience or know you can gain expertise, like Real Estate. The long term returns can be even greater than what you receive from diversification.
Chunk down big goals and add add accountability
“If you want to achieve goals, you must be accountable for your results.”
Building wealth doesn’t happen in one day, it doesn’t happen in a week, and it’s not actually something that ever “ends.” It’s a process of continual growth. If your goal is to write a book, that is a big job looming over your head, and it will never be achieved without taking the time to make smaller goals. One could be to write an outline of your book. Then, write a chapter, write two chapters, etc..
Once you’ve made your short term list, find someone to hold you accountable for taking action. With smaller goals and taking responsibility for them, you can do anything.
Spend less than you earn and invest your leftover cash
“Put your money to work.”
This seems like an easy one, but the more money you make, the easier it is to spend. You don’t have to be wealthy to invest. You can start small. How many cups of coffee do you buy in a week? Add that up in a month, a year, 5 years, a lifetime. That money could easily be invested. I’m not saying to give up coffee. Take the money you’d spend on even half the fancy coffee you buy in a week and put it away — watch it grow in a year.
Let go of the small stuff
“You can’t manage small if you want to grow big.”
Negative mental debris that piles up throughout the day takes up a lot of space in your mind. Space where positive, constructive thoughts should be. The drink you spilled earlier making you late for an appointment, the internet being slow, the guy cut you off in traffic, this, that, the other problem. None of it really matters. All that matters is how you perceive it and how you let it take control of the rest of your day. These are minor issues that, if shrugged off, aren’t problems at all. If you think small, you’ll forever live small. Think bigger picture, and you’ll live bigger.