Building wealth isn’t about coming to a certain “destination. It’s about the journey. The journey to wealth is never-ending. It’s about constantly progressing and exponentially growing. It’s a state of being in which you’re always moving, creating more, building bigger and better.
The first step to building wealth start with changing your mindset, analyzing and improving your thought habits, then putting them into action. For example, a great way to start is to spend less than you earn. In doing so, you’re already building wealth. But it continues from there…
The second step might be to take that money you’ve saved from the first step and invest it in something like real estate. Whether it’s a small condo or commercial building, you’re still building wealth.
As you move along the journey, there comes a point where something needs to push you further.
And what is that?
Momentum.
There are five avenues through which you can generate momentum that will cultivate better habits and purposeful cycles.
Flow
You need to create flow through three main aspects: Life, talent and deals. When you open yourself up to more deals, you attract even more, you learn from them, and your expertise grows. The same can be said with talent. Nobody succeeds by themselves. Surrounding yourself and working with talented people will only help you further your cause faster and better. WIth deal flow and talent flow, you can also incorporate this into a more balanced personal life.
Virtuous Cycles
Notice the patterns in your life. Which ones are helping you? What patterns can you get rid of? Which patterns are you lacking? Creating new patterns and removing destructive patterns or cycles will instantly improve your life, and of course, your wealth.
Scale
As mentioned before, wealth is a journey — and that journey isn’t a straight line to a destination. There are twists and turns that lead to seemingly wrong directions, back roads, and dead ends. It’s never a straight line. But, in building wealth, making good decisions every step of the way will make those downturns (like a recession) far less damaging… or not damaging at all. On the other hand, it will make the upturns even more rewarding.
Health
The word “wealth’ is derived from the middle english for well-being, health. The well-being of your body is just as important as the well-being of your financial state, your relationships, and your professional life. Take care of yourself so that you have the capacity to build wealth.
Environment
When you place a plant in the dark, will it grow? Probably not. The same can be said for your wealth. The environment in which you surround yourself has a substantial effect on you. If you work in an environment that does not foster creativity and freedom, how can you expect yourself to be creative and enjoy freedom? Work somewhere that shares your values, and your vision will constantly move towards a brighter future.