Posted by The wealthiest people tend to focus more on earning than on investing.
While the wealthy certainly understand the importance of saving and investing, the bulk of their efforts is directed towards accumulating wealth through serving people and solving problems.
After all, it’s difficult to save or invest money you don’t have.
Here are 4 wealth-building strategies from self-made millionaires.
1: Change Your Mindset About Money
I was having lunch with a millionaire friend when he announced he had lost everything that morning. Then he asked me to pass the ketchup.
“Aren’t you devasted?” I blurted out.
“Why would I be? I AM money. I’ve made fortunes before and I’ll make my next one this month.”
Getting rich starts with the way you think and what you believe about making and having money.
By the time we are 7 years old, we are programmed with other people’s thoughts and belief systems – not our own. And if your fundamental programming says that money is bad, then you will never get rich.
You’ve got to train your mind – including your subconscious mind – to believe that money is GOOD that you should have it. This means letting go of all the taboos that surround being rich and training yourself to see money as a tool that can be used for tremendous good in the world.
Once you are open to becoming rich, then your job is to find solutions to difficult problems.
All around you are things just waiting to be solved, invented and started. Seeing the need or want and then filling it is the real secret to making money.
And it is possible for anyone who conditions their mind to think this way, and then transform that thought into action.
2: Develop Multiple Streams of Income
Start with the income stream you currently have and increase that income while adding more income flows.
It’s easiest if your multiple streams are all related.
For example, you start as a dog walker.
You take your earnings and purchase a doggy day care, while hiring someone to take over your dog walking duties.
You add a pet salon to the doggy day care, and then add on rooms to board cats and dogs.
Next, you sell dog and cat supplies, and start a website dedicated to pets on which you sell advertising and affiliate products.
That’s 7 streams of income, with additional possibilities.
3: Invest Every Single Day
Break down all of your money goals into daily goals.
This way you’ll try to make as much money as possible each day, so you can invest it.
There might be days when you can only invest $5, but other days when you can invest $100.
Doing this gets you into an investment mindset that will make all the difference in your financial future.
I’ve saved this one for last, because it’s the tried and true, never fail method of become wealthy.
No matter what, always put money in your savings or investments before you pay bills or buy anything.
If you can have money drafted straight out of your paycheck for this purpose, do it. Whatever it takes to save automatically is what you should be doing.
You might even get a second job or income stream and devote 100% of that money to savings.
Just have the checks deposited into your savings account, and never touch it except for investment purposes.