How To Become Wealthy
Who wants to be wealthy? If you’re reading this, you like millions of others working a 9-5 job and struggling to make ends meet, are eager to obtain the so-called good life once and for all.
But, there are no shortcuts to wealth. It takes hard work and planning and even those people who “got lucky” poured years of effort into making it happen.
Before we get started I want you know that this article will not make you rich. It will not tell you which stocks to invest in or how to build a business from scratch overnight.
This is meant as a motivational tool with tips on how to change your mindset to make wealth possible, not as investment advice. Use it as such and you will be surprised at the shift in perspective you feel.
Let’s get started!
How to Get Rich
The following tips are based on an article listing 10 strategies to creating wealth from Warren Buffet – one of the smartest investors in the world.
The following nine of those tips with some added commentary from me will help you reevaluate your pursuit of wealth and how to prepare your next major decision.
If you make money, your immediate response is to either stash it away in the bank or reward yourself. Neither is correct.
Reinvest that money into things that will improve and grow your business. Training, software, personnel – these are the tools that will help you really grow as a business owner.
If you simply mimic the business model of another product creator or vendor you won’t achieve anything more than they did.
Be different and the sky is the limit as you open yourself to entirely new opportunities.
When something presents itself, take action on it immediately. Don’t sit on your laurels when you can act now and take advantage of what could be a once in a lifetime opportunity.
More importantly, be prepared to identify these opportunities by continuously performing research in your niche.
Know the Deal
Never agree to anything until you know exactly what you will get paid for your time and investment. This includes deals made with yourself.
Don’t start a project until you have a clear idea of what you want to get out of that deal.
If you are unhappy with a deal or want to get something more out of a partnership, be ready to negotiate for better terms.
This is a matter of stepping outside your comfort zone and learning to ask for what you want. In business, no one faults someone willing to demand fair terms.
Sometimes you must recognize that you made a bad decision and quit before it devours too much of your time and resources.
If your investment is failing, get out when you recognize the failure and don’t try to redeem it by waiting.
If your business venture isn’t working and you know it, take action now rather than waiting months or years for it to completely implode.
What Are the Risks
To minimize the number of times you need to quit a venture, analyze the risks well in advance.
Don’t put your money or your time into something until you have thoroughly analyzed the risks and decided you are willing to take them.
It’s important that you understand exactly what you are getting yourself into before you spend a dime pursuing it.
Don’t Forget to Live
It is easy to get wrapped up in the goal of obtaining new wealth, but don’t forget to live your life.
Dickens’ classic “A Christmas Carol” is about more than Christmas spirit and friendship – it is about living your life for the people and experiences in it, not the pursuit of fortune.
That fortune will never make you happy alone, but will make new opportunities possible.
The tips above are designed to show you exactly what it will take to create a mindset for wealth.
Think and act in ways that will bring wealth into your life and not sabotage opportunities before you have the chance to take advantage of them.
Do these things and you will be well on your way to success before you know it.