While it’s noble to give to others, people “pleasers” often fail to build wealth. Broke people spend money to impress others and to keep up an image. Oftentimes, people run up credit cards on new clothes to impress their friends or for modern furniture for a home even when they are underwater on a mortgage. When it comes to the eight ways to build wealth like millionaires, the core secret is to adopt a money mindset. Wealthy people pay themselves first by setting aside money for retirement, investments and savings before paying bills, giving to charity or helping family or friends. Some people view the rich mindset as selfish. In actuality, you can’t help another person if you don’t take care of your own business or career first. Also, the entire “millionaire next door” concept is about successful people who don’t drive fancy cars, live in mansions or buy designer clothing. Narcissists rarely build wealthy. They simply spend millions impressing others and getting attention. To build wealth like a millionaire, learn to pay off high-interest debt, invest, build a business and plan.
1. PLANNING FOR THE FUTURE IS A MUST
To have a rich mindset is to understand the past, present and future as it relates to money. Wealthy people learn from the past, but don’t let it negatively influence their present or future. While you don’t need to obsess on the future to the point that you neglect the present, plan and save for the long-term.
2. TAKING ACTIONS CAN BITE YOU IN YOUR BUTT
To achieve a rich mindset, learn to separate impulsive behavior from action-oriented behavior. You need to make quick decisions to further your career or business. However, don’t buy items on impulse or invest in penny stocks on a whim. Impulsivity is not the same as seizing real opportunities and working tirelessly.
3. RENEWING YOUR PASSION
If you lost your passion and fire for your business, figure out what made you passionate before. Pursue a mission that compels you to action. Consider how the money you make helps you achieve specific goals to help the ones you love and yourself.
4. SEEKING KNOWLEDGE OVER EDUCATION
While certifications help some people advance in a career, most wealthy people have knowledge that is valuable in the marketplace. Develop a niche skill or specialty even if you never receive a formal education.
5. HAVING OUTRAGEOUS AMBITION
How to achieve a rich mindset is also about an outrageous ambition to succeed. Rich people invest in their ideas and dreams. They leverage money and surround themselves with people know more than they do about a subject. Humility is choosing employees who are smarter and work harder. It’s also about reading people, along with their behaviors and integrity.
6. NEVER WORRY ABOUT WHAT OTHERS THINK OR SAY
Learn to care less about what others think of you and more about advancing your goals. The best way to make money is by providing a service to other people or improving their lives. In business, there is usually an exchange of value. You make more money by enriching the lives of others or giving them a lifestyle they desire. As for your personal life, worry less about your lifestyle and more about your life mission, goals and work. As long as what you are doing fits your personal values stick to your life mission, you will find success even if other people criticize you. Millionaires are typically internally validated, which means they know inside when they are doing the right thing. They don’t seek external validation as insecure people and narcissists do. Have you ever noticed how entertainers and “stars” often accumulate millions in their acting careers, but often lose the wealth? It’s more important to build wealth that generates more wealth.
7. FIND MONEY TO MAKE MONEY
Millionaires are not afraid to take out loans so they can invest. A great example is a mortgage. Instead of trying to pay off a mortgage or own houses outright, wealthy people take out loans at a low-interest rate in order to make money. Most home flippers take out loans so they can buy a distressed property. They often use loans or credit cards to fix up the home. In the end, the often make tens of thousands of dollars after paying off the loans and credit. People who are afraid of debt won’t borrow money even though it means they will make money.
8. BEING SMART ABOUT LOW-RISK CHANCES
Instead of investing in penny stocks and other speculative investments, millionaires take low-risk chances. They still take chances. When investing in the stock market, they invest in large capitalization companies with a strong history of paying dividends as opposed to new companies with no history of performance. It’s still a risk to invest in individual stocks, but they minimize their risk by choosing stocks that pay dividends or share profits with investors.
Millionaires often hire people who are smarter, more talented to do work for them. For example, if you can make $50 with your career or business, it makes sense to pay someone else $20 to mow your lawn. Millionaires do not necessarily live glamorous lives. They take advantage of investment tools such as the Roth IRA when the are younger, or invest wisely for their future. Individuals that look to the future are often a head in the game. Sure it might not be as glamorous in the beginning, but solidifying wealth can be done in many ways.
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Aloha…Gordon Wat from Yesitsup2u.com