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Let's start working on your goals of becoming wealthy by following these 7 specific steps:
1. Change the Way You Think About Money
One reason that many people never accumulate a substantial nest egg is that they don't understand money or how it works.
This is, in part, one of the reasons that the children and grandchildren of the wealthy have a so-called "glass floor" beneath them.
Just by way of which family they're born into, they receive knowledge and networks that allow them to make better long-term decisions, often without fully realizing how they're benefiting.
No matter the household you grew up in, the key is to push to move past selling your labor to making your money work for you.
Each dollar you save is like an employee.
The goal is to make your "employees" work hard, and, eventually, they will start making their own money.
When you have become truly successful, you no longer have to sell your labor, and you can live off of the labor of your assets.
Make it a goal to create or acquire cash-generating assets that will produce more and more funds every day-which you can then redeploy into other investments.
2. Understand the Power of Small Amounts
One of the mistakes most people make when trying to figure out how to get wealthy is that they think they have to start with an army of funds.
They suffer from the "not enough" mentality: “I don’t have enough money to invest.”
They believe if they aren't making $5,000 investments at a time, they will never become rich.
However, armies are built one soldier at a time, so too for your financial arsenal.
You don't necessarily need to become frugal, but small funds can eventually become millions of dollars, as long as you see the potential and start saving.
3. With Each Dollar You Save, You Are Buying Yourself Freedom
Money can work for you, and the more of it you employ, the faster and larger it can grow.
Along with more money comes more freedom, the freedom to stay home with your kids, to retire and travel around the world, to quit your job.
If you have any source of income, you can start building wealth today.
It may only be $5 at a time, but each of those investments is a stone in the foundation of your financial freedom.
Once financially independent, you're no longer tied to a job or employer.
You're free to do what you want because you're creating your own income.
4. Building Wealth Takes Time
Some people are reluctant to make a wealth-building plan because they don't want to wait 10 years to be rich. They would rather enjoy their money now.
The folly of this type of thinking is that most of us are going to be alive in 10 years.
The question is whether or not you will be better off 10 years from now than you are today.
Where you are right now is the sum total of the decisions you have made in the past.
Why not apply that mindset to decisions you can take now to yourself up for success in the future? Your life reflects how you spend your time and money.
5. Study Success and Those Who Have Achieved It
In societies such as the United States, where for centuries, fewer and fewer millionaires and billionaires are first-generation or self-made-building wealth is often the by-product of behavioral patterns that are conducive to building wealth.
Look for financial lessons not only in real-life examples, but in literature, film, TV, and other stories.
These financial parables will help you understand the sometimes complicated nature of investing for long-term gains.
You'll find that by investing in yourself first, the money will begin to flow into your life.
Success and wealth beget success and wealth.
You have to purchase your way into that cycle, and you do so by building your financial army one soldier at a time and putting each dollar to work for you.
6. Realize That More Money Isn't the Answer
Having a lot of money is not going to solve all your problems.
Money is a magnifying glass; it will accelerate and bring to light your true spending habits.
If you are not capable of properly budgeting a $25,000 salary, bumping your pay up to six figures won't solve the problem.
You may be surprised to learn that nearly 1 out of 5 people earning $100,000 a year live from paycheck to paycheck, and they don't understand why it is happening.
The problem isn't the size of their checks, it is the spending habits they have built up over the years.
7. Pay Off Debt, Save and Invest
#BecomeWealthy #BeDifferent