We all wish we could be wealthy. For most of us, it’s a far-off dream that someday, eventually, we might be able to turn ourselves into self-made millionaires. But the truth is, building wealth isn’t about putting all your hopes into “someday.” You’re never too old to start building wealth, but if you start when you’re young, you have far greater potential to amass a fortune–and more time to let that fortune compound itself as you grow older.
Ways to build wealth
PRACTICE SELF-AFFIRMATION AND CONFIDENCE
There is no place for self-doubts when it comes to wealth. Feeling unworthy is not the starting point for aiming towards success.
Questioning some of your actions can turn out to be very favorable for you if you get the conclusion from it, but just don’t let it lead you to self-doubting and misery.
Expose the inner villain (self-doubt) that is lurking inside of you.
- Don’t pay attention only to the negative feedback, instead try to consciously focus on listening to the more positive one, and you will surely feel more confident by doing so.
- Try to remember your meaningful deeds, and appreciation by others, don’t recall just your failures.
- Misinterpretation can lead you to towards doubting of your own capabilities. That’s why you should take others suggestions about your work not like a criticism instead more like their concern about your productivity because they know how valuable you are and how better you can be.
PRACTICE PERSEVERANCE
There is one certain virtue that separates wealthy people from the less fortunate ones. That virtue is persistence.
There are always more quitters than doers out there. The difference between them is that the latter follow through when the going gets tough.
There’s really no practical advice on how to persevere. Clench your jaw and don’t go too easy on yourself. Break a sweat.
The other keyword here is “patience”. Don’t expect immediate feedback and don’t get disappointed if you don’t get gratified right away.
Be outcome-independent and just follow through until the end! Keep track of your work in order to remind yourself to never back down before you complete the task at hand.
SURROUND YOURSELF WITH SUCCESSFUL PEOPLE
You have surely heard of an expression that says that you’re the sum of the 5 people that surround you.
That just might be true!
According to the news article of Business Insider, and Thomas C. Corley’s five-year-long study and a book entitled Rich Habits, he got to the conclusion that 117 now wealthy people only spent their time with the people for whom they were aspired to be before they were rich.
That is not a coincidence. No one can be successful if he/she is surrounded by the people who are not ambitious or wealthy themselves.
There are just so many opportunities and possibilities for you if you are spending your time with people who value opportunities and tent to create them for themselves and others.
They can encourage you, or give you some advice about your business and growth.
They can even offer you a deal about collaboration with them. Either way, you are more likely to become wealthy when surrounded by the wealthy.
A good thing to do is try to get in touch with wealthy people in any way you can.
Try social gatherings, events, clubs, bars (yes, wealthy people are regular customers as well) or make a list of places and activities that could help you socialize with successful people.
Note that when we say wealthy we’re not just thinking material wealth.
If you’re looking for knowledgeable people, try the academies and universities and if you’re looking to get wasted, try clubbing. You find Romans in Rome.
FOCUS ON HEARING OTHERS
In order to be successful, It’s certainly desirable to possess good verbal skills.
Probably a lot of you think that the most important aspect of having verbal skills is speaking, and that is partially true, but listening is even more important.
Is it a little bit unusual that the people from Forbes’s top 10 richest people rarely give any interviews?
Well, it isn’t, because they know that their time and words are valuable, and they don’t throw value around just like that!
They only speak when it is necessary. Most of the times they are focused on listening, carefully observing and analyzing their environment.
It’s a simple formula. In order to amass knowledge, you must perceive and when you transmit, you’re not receiving, so shut your pie hole and listen!
All of the most successful people know how learning by listening to someone is precious.
When the time comes that you realize you are talking too much, just stop for a moment and ask everybody what is their opinion about that matter.
You will be surprised how other’s opinions can help you come up with the best solution!
A WEALTHY MIND IN A HEALTHY BODY
Health is the basis of wealth. Another simple formula for that: a healthy person can produce revenue and all the money in the world can’t help you if you compromise your health.
Currencies lose their value if you lack health because, without health, you’re not able to enjoy the goods.
That’s why wealth has a deeper meaning than just being rich.
Probably the best way to stay in shape is to practice some team sports.
This is just beneficial in so many ways, not only that you’ll be fit, but you will learn a lot about rivalry, competition, and teamwork as well.
If you don’t have time for some team sports activities, exercising at home or at a gym is also fine, it should become your routine. Your nutrition regimen is something you should also pay attention to.
Contrary to what most people think, exercises don’t exhaust you – they make you more energetic.
Fatigue is beaten by regular exercising according to NHS(National Health Service).
They say that even the small amounts of exercising can boost your energy.
INSTEAD OF FOCUSING ON REVENUE, FOCUS ON THE QUALITY OF THE SERVICE YOU PROVIDE
A young and ambitious man can often be infatuated by the fact that money is the reflection of his path to success.
Money is unquestionably important, but don’t let it blind you. There are other things that matter!
Think about money as a byproduct of your good work, and see your financial growth as a way to achieve more goals and to expand.
Work hard, and wealth will definitely come. Don’t focus on the revenue, focus on the quality of service!
PUSH YOURSELF ABOVE YOUR LIMITS
Whether you are an entrepreneur or an employee you have daily assignments. Don’t be satisfied with just getting them done. Excel at it!
There are no limits when it comes to success, therefore engage yourself to the max and do even more than is required from you and enjoy the whole process. Don’t think of it as exhaustion.
When you have this kind of mentality even failures won’t affect you that much because you’ll know you have given your best.
Marissa Mayer a former CEO of Yahoo!, self-made millionaire women with a net worth of $620 million, credits her long and hard-working hours for her success.
In an interview with Bloomberg Businessweek, Marissa said that she used to work for 130-hours a week back in Google Inc. She even said that hard work is the only difference when it comes to starters in a company which succeeds later and those who fail.
You don’t have to be a workaholic like Marissa, but putting some extra hours a week certainly won’t hurt you, it can only make you more successful.
KEEP A RECORD OF YOUR DAILY ADVANCEMENT
This will very likely provide the best insight on your progress.
By constantly tracking and examining your progress, you will surely know what is the best thing to do next and how much you need to step on it.
Set a weekly goal, and then at the end of a week quickly review what you have done, what could’ve been done more efficiently and set a new weekly goal.
Edith Harbaugh, CEO of LaunchDarkly, used to set daily quotas of how much miles she will ride with her bike every day. The point of this is to set your daily goal and “start your day from zero”. Riding bike helped her check her advancement every day and she just transferred that to her business.
If weekly check-up is too much for you, check your advancement on a daily basis.
FIND YOUR PURPOSE
Surely from time to time you have felt lost and disoriented, and that is a pretty frustrating state to be in.
Don’t despair because the only thing you really need to do is ask yourself the right questions.
If you don’t know your purpose, then it will be almost impossible for you to fulfill it.
Start asking the right questions like:
- What do I really want?
- Why do I want to achieve wealth?
- What do I want to do with it?
- What makes me happy and what doesn’t?
When you get your answers, you’ll know what to strive for and you’ll regain your motivation and a sense of purpose.
FIND A HOBBY
Many of you probably think that success comes only from hard work and engagement, but prepare to be surprised by how much a hobby can help you succeed!
When you get tired of your office space and formal negotiations with your potential clients the best thing you can do is to devote yourself to a hobby. Your hobby can even affect your business, in a positive way of course.
TRY TO FIND A BALANCE BETWEEN WORK AND PLAY. FIND SOME “ME” TIME.
The reason why it is so hard to achieve balance in life is that the road to wealth can often be stressful and exhausting.
When you try to compensate for the shortcomings due to work, you exaggerate and it all goes south from there.
Success and wealth are obtainable only by patience and silent devotion.
That’s why you need to find the time to devote to all of the other areas that are fundamental in your life to avoid burnouts.
Burnouts are described as states of emotional, mental and physical exhaustion caused by repeated stress, according to Psychology Today.
They are often followed by depression, cynicism, and lethargy, and you surely want to avoid that in order to be successful, and that’s why you need to find a balance.
If you can’t find your balance, here is an example of a man that has found his and is absolutely satisfied with his life.
According to Forbes Magazine article about creating a balance in your life, president of the software company Jackrabitt, Mark Mahoney said that his success and happiness came from finding his “business time, family time, and me time”.
He completely separated his work from his personal life and by that he created a perfect balance, maybe you should try it too.
Draw a chart and divide your free time by 2. One half for your family and one half for yourself.
ACCUMULATE YOUR WEALTH WITH SAVINGS
Nobody can become rich by recklessly wasting their money. That’s why it is very useful to learn how to accumulate wealth in an economical way.
Brian Tracy, motivational public speaker, and self-development author, about the topic of “How to save money and accumulate more wealth?”, says on his official website that the best two tactics to accumulate money by saving it are:
- Saving 10% of your income every month and putting it away up to your special account reserved just for that.
- Take advantage of tax-deferred savings and investment plans.
ORGANIZE AND MAKE USE OF YOUR TIME. STOP PROCRASTINATING!
Waste of time is a waste of… everything. All we really have are time and energy.
Those are the resources that get converted into wealth… or don’t if you get reckless.
Recognize meaningless activities that you engage in. Make it a habit to ask yourself: “What am I doing currently? Is it productive?” If the answer to the latter question is no, stop the activity!
Limit the time you spend procrastinating. Do not engage in idle tasks.
If you spend hours browsing the internet or partying and drinking, chances are you won’t do anything meaningful with your life.
We’re not saying that you should go all work and no play. We know it makes Jack a very dull boy. All we’re saying is that you should make a schedule and stick to it.
Set aside some time to procrastinate and be idle, but limit it and supervise yourself.
TREAT EVERYONE WITH RESPECT. BE MINDFUL OF YOUR ENVIRONMENT!
If you are an upcoming entrepreneur that wants to expand the business and conquer the market, you definitely can’t do that by yourself.
What makes you successful are the people you have chosen to work for and represent your company.
That is the reason why you should treat every employee in your company with respect.
Don’t be afraid of spending your funds on increasing the salary, giving annual bonuses or organizing some team building activities for your workers.
Show them consideration and they will show you their effort, it’s as simple as that.
NEVER STOP WORKING ON YOURSELF
To become successful and wealthy one must never stop developing.
There is always room for progress and improvement. On the other hand, stagnation will compromise you, there’s no doubt about it.
Don’t compare to other people, compare to yourself. Strive to become the best version of yourself and defeat your worst enemy – you.
Develop the routine that will be based on your improvement each and every day, and success will come like a by-product of this way of living that you’ll come to enjoy in no time.