Wealth creation requires special skills, requires special way of thinking in this article I would be discussing step by step how to build wealth and way you may consider.
• Mindset shift is the first skill to master if you want to build wealth, focus on positive thought pattern, and see the world in area of opportunity and abundance as what you focus expand. however, if you focus on negative thought pattern it will cloud you mind and hinder you to see good things that would help you to build wealth.
. • Master money game making sure your money work for you. if you think of it, we only got 24 hours in a day, and we cannot work ourselves out of poverty by doing 9-5 jobs alone. we need to find ways to create passive incomes and side hustle you can monetize.
• Master business strategies understanding demands and supply looking after your customers is crucial for your business to survive.
• Master value creation solving problems to others is way to go. an entrepreneur is someone that solve problem to others and charge for it. delivering a selfless service is key to create wealth.
• Seeking out good mentors and best people in area of life you want to master.
• Reading books is one of the skills to master as you will learn quickly what other people have done or what they are doing that helps them, you will also learn about their mistakes to avoid when you start your business journey. it is easy to read book in a week, one month, two months in particular topics such as personal development, leadership, business, investing and personal finance. then take necessary action that would help you to reach your potential very quick than to wait 2 years, 5 years or more to figure things out by yourself. so reading book saves you time.
• Increase risk management skills make sure you are doing the necessary fundamental research before you start your business or investing. the research and due diligence you done are the things that will help you to minimize the risk involves in running the business. you cannot eliminate risk completely in business but taking calculated risk matters.
• Investing is one of the quick ways to build wealth bearing in mind investing is risky but the research you make is what will help you in the long run. understanding that investing is something you need to do for long term to be able to see the reward and benefit. avoid making a quick money drive and urge like trading in stock market as you will incur cost while doing this and you are helping the stock brokerage firm instead of yourself.
• Side hustle you need to develop and master your side hustle, as one income is not enough this time around. having a passion to share your skills with other is the key, having positive attitude to help others, focusing on creating value. if you have passion for your side hustle you would be able to carry on whether good or bad, whether you are getting an income or not from it because it is something you enjoy doing.
• Master the game of property/ real estate understand that your property can be a liability if you live in that property as it would be costing you money to maintain. on the other hand, if you buy a property and rent this out someone that person would be paying rent to you, and you use the money to pay to the mortgage provider. investing in property for business is a way to get an income you are not actively involved in generating which is what passive income is all about. if the property appreciates in value, it is yours as well.
• Think long term perspective in all your business plan. having patience and consistent are the key skills to master, making sure you are creating more contents, upgrading your skills would help you to build wealth.
• Live within your means and spent money on things you enjoy and cut cost on things you don’t like would help you to build wealth.
