We've all heard the saying that enough is never enough, and it seems to hold true even more so in the area of wealth building. While there's undoubtedly a balance to be found between pursuing endless piles of cash and finding financial freedom, it can be a fine line, and something we could use some guidance on. So here are a few tips and takeaways on accumulating wealth and maintaining it. Step 1: Getting rich Persistence & consistency through daily habits: Acquire knowledge and builds skills through consistent actions. With a deliberate approach to a refined goal, there are only a few things that could stop you completely. Multiple incomes: Two rivers will fill a lake faster than one, and the more inflows the better. While having a stable income is important and should probably be our first priority, once established we can begin to move on to finding more ways to generate revenue for the business known as ourselves. Taking calculated risks: To actualize your goals, what risks are you willing to take? Maybe that's real estate, starting a business or a side hustle. Community & relationships matter: It's rare to become successful on your own accord. The wealthy builds teams that believe in their vision. They are also skilled at building relationships with other success-minded people. Step 2: Staying rich Let your money work for you: In our current financial system with things like compound interest and tax-advantaged accounts, there's an abundance of ways to make your money work for you so you don't have to. If you treat each of your dollars like an employee, they'll be much more productive compared to losing value under the mattress. Adopt aspects of a frugal lifestyle: Living below your means is a surefire way to stay wealthy. After all, if you spend almost everything you make, you're essentially treading water and maintaining your need to replace that money. By living on a fraction of what you make, you allow that excess money to be put to work. Budget and spend meticulously: Knowing where every dollar goes is a habit that should begin long before you reach millionaire status, and it's quite possibly the main key to being in control of your finances. This, combined with choosing wisely where that budget goes and avoiding impulse buys will almost always be a great recipe to stay on top. ☂️ Related lesson: |
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