Picture this. Two persons have the same level of education, experience, and opportunities. Yet, one seems to have a magic touch in creating wealth while the other wallows in poverty for ages. How so? Well, wealth creation is a skill that is lacking in many people. And, despite their best efforts to be in control of their income, factors beyond them seem to take over at some point and they live from paycheck to paycheck. Do you find yourself in this same situation every month? Here are five wealth-building secrets that can get you out of this vicious cycle now: –
- Have a Plan
What are your goals in life? Are you proactive or reactive to the things that happen in your life? A wise person builds his wealth by drafting and sticking to a concrete plan about his finances. For example, do you know of the 52-week money challenge? It is a one-year financial plan whereby one doubles up his savings each day for 365 days. Now, one can start with any amount that he has. Plus, this challenge is not strictly to kick off on New Year’s Day. Hence, each day, revisit your plan, ensuring you are making progress.
- Live Within Your Means
As a general rule, avoid spending borrowed cash. It will only land you back into the vicious cycle of debt. Instead, know your income and plan to live by it. Discover what makes up your monthly expenditure and learn to limit expenses. For example, stop your subscription to any service that you do not need. More so, develop a saving culture. It is the savings that will enable you to withstand sudden hardships in the future.
- Discuss Money Matters
Now, how often do you start a conversation about money with your spouse? Not that much, huh? Could it be that emotions tend to flare up in the process? Then, cultivate an ideal environment where you both feel comfortable talking about money. For example, plan your next road trip together. In the process, work on a budget and stick to it. This way, you will learn to go through your finances without getting emotional.
- Be a Giver
Yes, that’s how the universe works. If you do not give, you will hardly sustain your wealth. Anyone who builds wealth needs a sense of purpose in life. One way of achieving it is by giving back to the community. You know those random acts of kindness to strangers. Why not donate your professional services? Better still, pick a homeless person and treat him even if it is for a day. By giving, it shows that we are confident in making wealth again and again.
- Be Grateful
Think about it. How many times did you feel unhappy with your current achievements? Did such feelings lead you to spending all your little savings? A grateful person appreciates the wealth journey so far. In turn, he knows that scaling up takes time. Hence, he comes up with long term strategies for improving his situation daily. In contrast, one who sees the grass greener on the other sides can end up in debt, trying to pursue a lifestyle he cannot sustain. So, what are you grateful for today?
Final Note
Regardless of how your finances are, it is possible to develop good money habits. And, being habits, you ought to practice them daily. Hence, use the above five tips as your roadmap to creating wealth. You can start on these easy steps today.
The thing the norm does not talk about money, but its indeed one of the major driving factors of our life, I think people should discuss money matters… thanks for sharing..