Wealth creation like anything else is more than taking the road to where it ever leads. There is work that we need to do and there are things that make this journey easier and worthwhile. It is good to remember that most good things might cost us nothing other than our commitment to the goal and discipline. Below are some of the key habits that will help your wealth creation journey.
- Foster an Abundance Mindset
This is a hallmark mindset that often defines the wealthy. Whatever you do, do it from abundance because it is critical to a proper relationship with risk and money itself.
“If we work too hard at protecting it, returns will collapse and losses will mount.”
- Gil Baumgarten, Segment Wealth Management
2. Save systematically and automatically
People who become rich don’t wait to see what’s left over at the end of the month, they prioritize saving first! When you get money at the end of their month, give KRA its share then take yours right after! Only then use the rest.
Ensure your share is deducted automatically. Liaising with your employer and the bank can make this possible. This can be great for transfers into savings accounts, whole life insurance premiums and retirement plan contributions.
Since earning more than you spend is essential to wealth building, you can increase your financial success by saving first. Prioritize saving and if you can, automate it so that saving happens without any action necessary.
3. Know what you are spending on
There is a myth that one of the advantages of being rich is being able to spend all you want without giving a thought to the cost of anything. In reality, the opposite is true! The wealthy get that way precisely because they pay close attention to money flowing in—and out. Waste and wealth building do not go together! If you find yourself wondering where your money goes, start here.
4. Focus on opportunities, not problems
Problems are seen as opportunities to be solved, not insurmountable road blocks or something to simply complain about. If the problems you find are big enough and affect many people, this is a good opportunity for you to build a business around this problem.
A great example is to look at all that changed as a result of the pandemic. When lockdowns happened, many smart people found a way to “pivot” their work or business to meet the new reality.
5. Have a morning success routine
Wealthy people tend to get up earlier than others, an average of about 6 a.m. Mornings are a time for planning and preparing, also for prayer or meditation and reading. Many successful people also get in their workout in the morning. What successful people don’t do when they wake up is check social media first thing.
A great book on this is the 5AM Club - Robin Sharma
6. Be intentional with your time
Successful people are mindful of how they use their time. They may use a time-blocking system such as Dan Sullivan’s Entrepreneurial Time System. They will also outsource busy work so they can use their time for revenue-generating activities.
In a world where the prevailing narrative is to try new things constantly, ensure you are able to limit that to where you want it to be. Consider this a permission slip to say no more to things you don’t want.
7. Be a lifelong learner
When you continuously expand your skills, talents, and knowledge, it gives you the confidence to succeed. Learning also keeps your mind youthful and elastic. If your brain is not learning it’s dying. Overcome the limitation that you may be too young or old to do/learn something new and difficult.
Successful people tend to learn through their reading habits. It has been found that reading is the most effective way to learn generally. However, we must accommodate for differences and preferences. We support learning however it comes. If you learn best by watching, then do that! Just ensure you are always learning and growing.
8. Be accountable
Wealthy people are self-starters but they take responsibility when the things go south. Wealthy people also own their thinking and actions. Successful people don’t blame others and they aren’t concerned about who gets the credit. Rather, they are focused on what they are accomplishing and the impact it will have, whether on their own or with collaborators. While it may get annoying doing hard and thankless work, remember your why and take responsibility for what happens and doesn’t.
9. Surround yourself with like-minded people
This is very important, whether mentors or colleagues. These are people who are committed to their mission and goals. Surround yourself with people who are successful, driven, and hard-working and they will inspire you to be the same.
Mark Twain once said, “Keep away from people who try to belittle your ambitions. Small people always do that, but the really great ones make you feel that you, too, can become great.”
10. Wealthy people give back
This doesn't have to be about money. Truly prosperous people give of their “time, treasures and talents” to others. Change your perception on charity and philanthropy and understand that it is a gift to be able to give! It may be a bit counterintuitive but you get when you give and you get more when you give more.
11. Practice "dream-setting."
Most people know of goal-setting but wealthy people set dreams. Dream-setting involves scripting your ideal life. You define your future life, the future you, by imagining all your dreams coming true; then you put it to paper in five hundred to a thousand words or even on a diagram. Using a mind map or diagram is a great way to see your life at a glance in terms of where you are and where you’re going.
12. Don’t follow the herd
"We so desire to blend in, to acclimate to society, to be a part of the herd, that we will do almost anything to avoid standing out in a crowd." - Corley
Yet the failure to separate yourself from the herd is why most people never achieve success. Successful people create their own herd and then pull others into it, Corley said. Now, I’m not encouraging cult-like behaviour, all I am saying is that in the pursuit of your full potential and authentic expression, you will stand out and you will be misunderstood. You need to be brave enough to deal with this. If you aren’t it will definitely be a limiting factor.
In conclusion you have the destiny for your wealth creation and seeking help to walk the journey remains a key step. We are here to walk with you in this wealth creation journey and we have different resources to help you with this. Join our Prosperity Blueprint here or buy our book, THRIVE here, that guides you through this.
As we finish, a song recommendation to set weekend vibes and make you feel expensive. Enjoy!