The Recipe for Building Wealth Has Been the Same for Thousands of Years
How to make money and build my wealth? The question has been around for thousands of years, but has the answer been known? After reading a few essential books on the topic of wealth acquisition, you may realize that the core principles were always the same. Building wealth isn’t that complicated, but people still don’t pay attention.
Every super-wealthy individual in history has built great wealth because they followed specific foundational financial values. We have compiled a few critical ingredients for the recipe, so let’s go.
- Wealth is a Mindset – There’s a difference between being and feeling like a millionaire. Despite the zeros in your bank account, your mindset of wealth needs to remain strong. It is that ‘rich man’ identity that can help you acquire wealth or regain it, in case you lose it in any way. Do you want to look rich or be wealthy? You wouldn’t believe how many millionaires live in the average neighborhood, drive used cars, and are careful with their wealth. Don’t lose money, get rich slow, and have a firm belief that you can do it.
- Don’t Follow the Steps of the Majority- The majority of people aren’t wealthy. Most of them have poor financial habits, are in debt, or broke. On the other hand, those who get rich quickly don’t try to develop their financial intelligence, and they don’t invest or save and overspend. Traditional advice, such as get a well-paid job, save money, be frugal, and don’t take any risk, is often based on fear and risk-avoidance. The wealthy take advantage while everyone is panicking. The majority considers wealthy people as behavior impulsive, risky, or even a bit dangerous.
- Be Patient – Wealth accumulation begins in small sums. Those who had started early and waited for the longest are the wealthiest individuals. It takes time to build wealth. Don’t waste your time on short-term efforts, but get ready to play a long game. Make investments start playing in the stock market, wait and don’t panic if it seems that the money is lost. To be able to acquire, maintain, and grow your wealth takes planning, hard work, self-discipline, and perseverance.
- Your Money Should Work for You – Don’t save money without a mission, by only leaving it parked in an account. Most people don’t know how to make their money work for them. Every dollar is a ‘worker’ that can attract other ‘workers’ or like a seed that can grow into a fruitful plant and sprout fruit over and over again. It’s called passive income – rental income, dividends, capital gains, intellectual property, royalties, and affiliate links. Experience the feeling of waking up in the morning to realize that you’ve made hundreds, thousands, or hundreds of thousands of dollars while sleeping.
- Don’t Work on Your Own – You can own a business, run it yourself, acquire all the profits, and be busy all the time. On the other hand, you can hire trained people to work for you, send clients to them, and take a cut from each client. You can only accomplish so much, but this way, you’re creating a business in which others work for you. You stop working and start owning.
Start small and don’t try to get it fast. Develop patience, build a wealth mindset, and keep going even when it becomes boring. Make money work for you and continue to invest in your business and your education. Regardless of the age or system we live in, these were and still are the core principles of building wealth.
Following the traditional advice on building wealth will not put you ahead. At Blackhawk Partners, we know that it takes to develop a wealth mindset. Contact us to discover different ways of thinking about wealth.
Now that you know the basics, go for the kill and never look back.
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