Wealth-Building Strategies to Implement Today
“Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.” – Helen Keller .One of the most important wealth-building strategies is optimism – waking up each day and saying, “Today is going to be a great day.” No matter how gloomy your financial situation may currently look, you can turn it around. Here’s where the practical part comes in. Patience is key.
Play the Long Game
No matter how you build your wealth, it doesn’t happen overnight. Whether most of your savings came from stocks, a large salary, real estate investments or something else, it takes time to grow. Now, that doesn’t mean there won’t be short-term winners. We recommend keeping up with the latest trending markets, such as pre-ipo investing and short-term bonds, to name a few
Dream Big: The American Wealth Building Strategy
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
It is true that without dreaming, you cannot envision yourself becoming financially free. You cannot see yourself as a success story or as someone who has built great wealth. Many people limit themselves by telling themselves that they can’t do something before they even get started.
Write Down Your Goals
Writing down your goals is another crucial wealth-building strategy. During your entire wealth-building journey, you’ll want to have your goals well documented. An idea that is in your head alone is a dream. Once a dream is written down, it becomes a goal. Once your goals are achieved, they become realities.
Avoid Going Into Debt
One of the most obvious ways to NOT build wealth is by giving your hard-earned money away to someone else in the form of debt. Whether it’s a student loan, car payments, credit cards, bank loans or mortgages… the sooner you can start putting that money in your bank account instead of someone else’s, the sooner you will be on your way to building wealth.
Celebrate to Motivate
As you continue to save money and build wealth with these strategies, don’t forget to celebrate… even if the celebration uses only a very small portion of the earnings. Paid off your last student loan? Celebrate. Sent in the final mortgage check? Celebrate. Picked a winning stock? Celebrate. You get the idea. If every single dollar you earn along the way goes toward building wealth, you are saving up to live your life only in the future and not in the present.
Reinvest Your Profits
As your financial knowledge grows, so should your bank accounts. There are many ways to reinvest your profits. If you run a business that had a great year, consider using that revenue to improve areas of the company that will allow you to become even more profitable.
Connections Are a Key Wealth-Building Strategy
In addition to growing your overall financial knowledge, you’ll want to surround yourself with smart, talented, driven people. You may have heard before that you are “the average of your five closest connections.” Whether that’s true or not doesn’t change the fact that humans thrive off of influence.
Spend Your Time Wisely
“We all get 24 hours a day… It’s up to us what we do with those 24 hours.” – Sam Huff
Arguably the most important wealth-building strategy on our list is to spend your time wisely. The amount of people who waste their time on activities that have no beneficial impact on their life is astounding. Spend time learning, reading, surrounding yourself with the right people. If people simply replaced the three hours a night they spend watching reality TV with three hours of sound, actionable financial advice, imagine the impact it would have.