Life Lessons: Wealth Building 101

in Wealth-building

A lot of people in the world will live out their lives never having experienced even just a month of financial independence. The reason for that is simple; a lot of people in the world don’t want to be wealthy. There is no other explanation for it. The wealth building process is not a secret. Hundreds of books have been written on the topic, but still, people choose to ignore all the information available.

The truth is that it doesn’t take a genius to be wealthy. It doesn’t take a degree in accounting to be financially literate. In fact, there are ways to make wealth a side-effect of your lifestyle. Here are some tips on how to create a daily routine that is conducive to building wealth:

 

  1. Pay Yourself First

Most people have budgets. Unfortunately, budgets don’t work for wealth building. You simply end up spending more than you want to, with only a few bucks for savings. A good strategy for financial independence is to put money in your savings account FIRST, and manage with whatever is left. It’s much easier to cope while holding a small amount of resources than it is to keep yourself from spending while holding a large sum. Having less money available for spending will dissuade you from making irrelevant purchases that you usually make when you have a lot of money available.

 

  1. Don’t Live the Nightlife

If you’re in the habit of living the nightlife, it’s going to be hard for you to gain financial independence. Most of the items sold at night hotspots are overpriced. The emotionally charged environment, fueled with alcohol and loud music, is designed to promote indulgence. As we all know, indulgence is expensive. Leave the partying and squandering to the young ones who still have youth as an alibi for their reckless imprudence. Spend your time and energy in the process of wealth building instead.

 

  1. Get a Good Job

Don’t sell yourself short. Some people choose to keep horrible jobs simply because they’re afraid of the unknown. They’re afraid to take risks. They settle for a measly paycheck that lasts only until the next one. If you want financial independence, you can’t settle for crummy jobs. You really have to look for the best opportunities available for your skill set. Look for something that demands less time, rather than something that provides more money. If you’re in the process of wealth building, your time is better spent looking for opportunities than sitting on a desk and getting paid by the hour.

 

  1. Save Time, Not Money

Some people like to pinch pennies. They spend days looking for the best prices and for the best deals before they make a purchase. Great entrepreneurs value time, not money. They’re not going to spend an hour trying to save a dollar because they know that they would have made five dollars if they spent that hour on their business instead. Great entrepreneurs don’t manage tasks; they manage people who manage tasks. In the process of wealth building, time is not just money… it is more.

 

  1. Try to BE Rich, Not LOOK Rich

One of the biggest dilemmas of this century is whether to look rich, or to be rich. Consumer culture has evolved into a lifestyle that promotes luxury, image and leisure. Unfortunately, these are not among the concerns of those aiming for financial independence. While some people are trying to look like and live like millionaires, other people are trying to be millionaires. The process of wealth building has to begin with the decision to be rich. The path to wealth requires discipline, modesty and restraint. If you’re still concerned about luxury, image and leisure, you’re not ready to be wealthy.

 

For the most part, financial independence is the result of a goal, and not the goal of the people who were able to achieve it. Wealth is only a consequence of living right and handling your resources well. The goal should always be to live right and be prudent about your money. If you are able to do those things, wealth will come as a natural consequence. The process of wealth building is a process of self improvement. You have to begin with your own values. In order to change anything, whether it be your environment or your financial status, you have to change yourself first.

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Prue D Lowen has 8 articles online

Prue Lowen can show you the best wealth building tactics today. Whoever you are, wherever you are, financial independence is within your reach.

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Life Lessons: Wealth Building 101

This article was published on 2012/02/16