Before even thinking about growing your wealth, you need to establish a strong financial conviction first.
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Here are five important factors which I personally consider to be essential in wealth-building:
1. Determine your purpose
Do you want to build your own dream house? travel the world? treat your loved ones? do philanthropic works?
Whatever it is, let it fuel your desire to accumulate more wealth. As much as possible, be very specific with your goals for you to be guided accordingly.
Furthermore, you have to redefine your scope of wealth. Specify the kind of wealth you want to acquire. Are you aiming to be the crazy rich type? Or the not-so-crazy rich type? It’s up to you.
2. Plan ahead and set your target
Set realistic approach by having a good budget plan.
Supposing you are aiming to have at least $1,200 in a year, then you should set aside a minimum of $100 from your monthly income for 12 months. You can either save it in the bank or invest it somewhere to yield higher returns.
Remember, an average-earning person with well-budgeted income saves more than the high-earning one who does not care where his proceeds go.
3. Increase your cash flow
Is your income just enough to pay your bills?
You probably wanted to earn from a secondary source aside from your day job. Well, you can start selling some of your baked cookies, personalized accessories, or preloved items online. Take advantage of the social media’s influence!
4. Fight the urge and choose delayed gratification
I know it is very overwhelming to receive your hard-earned money during paydays; this is the day wherein it feels so easy to spend but so hard to save. Still, you need to live within your means.
It is not about depriving yourself from enjoying your fruit of labor. You can actually enjoy through spending lesser than usual (i.e, choosing to cook at home instead of dining out). Just consider it as sacrificing the small things in expense for the greater things you wish to have.
5. Be consistent
This is the most important factor to note ( and probably the hardest). Wealth-building is not a sprint but a marathon. It takes an ounce of determination and a pound of consistency in this kind of race in order to realize your financial aspirations.
Regardless of how our principles about being financially stable may differ, may we share a common belief that the purpose of wealth is to love. The wealthier we are, the more we should give back to the community
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wow.love it.thanks..very informative...
Thanks jack!
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STOPAgree with all of these, especially the last one. When I started getting my finances together it was all very exciting and I was really into it.
This past year has been my best year to date, in earnings, savings, and net worth growth. It's also been the most boring - my budget is the same almost every month, I can easily predict yearly expenses and busy months, and I don't think twice about what to do with extra money.
Which is great - you'll go crazy spending all your time thinking about money. Create a system that works for you, find your WHY, and build the habits to make it last. And then live your life! And when you look, you'll have build a ton of wealth without even realizing it.
That's a great insight to share @thatguymatt!
In my first few months as a working professional, I experienced financial difficulties as well, but being reminded by my WHYs always keeps me going.
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