5 Essential Things That Helped Me Become Wealthy
Ignore these, and you won’t make it
Becoming wealthy is easier than most people think it is. Get the essentials in place, and the probability of success skyrockets. If I’d known this earlier in life, I’d be way ahead of where I am right now.
It took me years to learn these tricks. You can take a shortcut by doing these 5 essential things. Start today.
#1 — Take responsibility for your own life
This is critical. If you keep blaming others for everything that goes wrong with your life, you’ll never succeed. If it’s always someone else’s fault, you won’t have any belief that you can fix your problems.
No matter what is it, you need to take a long, hard look at yourself and see how the situation at hand was caused by you.
Maybe you started a business, and your business partner stole cash. You may think that’s their fault, and it is in many ways. They should be arrested and locked up.
But you also will have played a part. You need to ask yourself why you gave them access to the cash in the first place. Why didn’t you have any processes in place so that cash couldn’t be stolen? Maybe you didn’t do enough due diligence on your partner before going into business with them in the first place.
If you don’t learn the lessons, you’ll just keep repeating the same mistakes over and over. It’s why some people get scammed multiple times. They blame the scammer but fail to take any responsibility for their own actions.
#2 — Take risks
To be clear here, I’m not telling you to take stupid risks. I’m not suggesting you take your life’s savings and bet it all on black. Or red. That would be insanely stupid.
If you want to succeed in life you have to take risks.
If you see a beautiful woman that you’d like to ask out on a date, you’ll have to risk rejection.
If you want to start a business, you’ll have to risk the business failing. Most businesses fail.
If you want to buy an investment property, you’ll have to take the risk of the value dropping, getting bad tenants, and losing money.
In general, the higher the risk, the higher the reward. You won’t get a great reward for zero risk.
You won’t build wealth if you’re too frightened to take risks.
Take calculated risks.
#3 — Build a great mindset
If you have a great mindset, you’ve already won half the battle. It’s often considered the starting point of a successful life. It’s also something that most people ignore.
But what if you don’t have a great mindset, to begin with? Does that mean you’ll fail? No, it doesn’t. If this is the case for you, it can easily be fixed.
There are plenty of great books on mindset. I would suggest reading a few using them to change your mindset for the better.
My favorite mindset book is Mindset: The New Psychology of Success by Carol S. Dweck. I suggest you add it to your reading list.
Another way to build a great mindset is to follow successful individuals.
Building a great mindset is not something that should be overlooked.
#4 — Hang out with successful people in your field
This is a bit cliché, but that doesn’t mean it’s not true.
If you hang out with losers you’re more likely to become one yourself.
If you hang out with successful people, you’re also more likely to become one.
Let me be clear here. I’m not suggesting you ditch all your friends and go out looking to befriend only wealthy people. Use some common sense here.
If you want to build a business, find others in a similar position and help each other out. If you have a choice of attending a business networking event or going partying with your friends, choose the former. Partying won’t help you reach your business goals.
#5 — Set your priorities
This follows on a little from the point above. You need to prioritize whatever gets you closer to your goals. If your goal is to build a 20-property portfolio, for example, then that needs to be priority number 1.
This might mean you spend most weekends looking for the next property to invest in. It might mean attending property investment conferences. It might mean networking with real estate agents.
Sure, you need time for play as well as work, so I’m not suggesting you put your whole life on hold until you have those 20 properties. But getting them needs to be number 1 on your list. It’s the most important task if that’s what your goal is.
It took me many years to figure this all out on my own. If I was 20 years old again I’d be following the above advice diligently.
I finally made it to financial freedom. I could have got there a lot sooner, though.
Hopefully, this article will help you get there in a much shorter time.