I wish someone gave me this list when I was 18
It took me 21 years to get from being $5,000 in debt to having a net worth of $1 million. I was happy when I finally made it, but often wonder how much further I could have gotten if I started earlier. If only I knew then what I know now.
Lesson 1 is the most painful. It’s an important lesson to bare in mind when building your wealth.
Let’s get started.
- Just because you reach a net worth of $1 million doesn’t mean that you can’t fall backward. I no longer have a net worth of $1 million. I have plans to get back there though.
- The younger you start, the sooner you’ll grow real wealth. I didn’t start until age 29. Long story.
- It’s never too late to start.
- If you haven’t already started building wealth, start right now. Waiting until tomorrow, next week, next month, or next year will only set you further back.
- Yes, you can afford to invest. Start small. Building an investing habit is the important part, not the amount you invest.
- Grab every opportunity with both hands. I procrastinated over a few great opportunities. The result was that they disappeared.
- Take advice from those that are already successful not from those that aren’t. Unsuccessful people love to offer advice on building wealth.
- Build a great career instead of just getting a job. Great careers pay very well. Sometimes, that’s all you need to build wealth.
- Build a side hustle. Adding a side hustle into the mix can accelerate your journey to $1 million and beyond. You’ll probably want to start with a blog. See how you can set up a blog for just $33 for a year.
- Buy property. I know it’s a contentious issue these days, but most people that have built wealth own property.
- Don’t forget to have fun. Building wealth is a journey. Don’t put your life on hold while you’re building wealth,
- Money isn’t everything. Your health, family, and friends are all more important than money.
- Don’t try to build wealth just for the sake of it. Know why you’re building it and what your end goal is. Don’t work 80-hours weeks to get to $1 million if you only need $500,000.
- Conduct an annual review to see what’s working and what’s not. Adjust what you’re doing so that you stay on track.
- Keep it simple. A great career, index funds, and property may be all that you need.
- If it sounds too good to be true, it probably is. Don’t fall for investment scams that promise the world but deliver nothing.
- Don’t get greedy. Slow and steady wins the race.
- Bring others along with you on the journey. Building wealth is more fun if you do it alongside family and friends. If they’re not interested though, lead by example.
- Celebrate when you reach milestones along the way. This can be as simple as taking your significant other out for a special meal.
- Relax. You have your whole life ahead of you. There no need to rush the process. The journey will take as long as it takes.