It does not take an extraordinary amount of money to build wealth. The problem is, many people squander the money that they do have, and so it never turns into wealth.
Here are 4 key tips to build wealth that you can implement at any stage of your career or business:
#1: You need to keep your living expenses the same, even if you receive a promotion at work.
The big mistake that most people make is spending above their means. And even when they get a salary increase, they begin to spend more – so they aren’t actually making more money in the long run. The key to wealth building is to live below your means, think long-term, and don’t spend more when you start to make more.
#2: Your ability to connect with people now and convert them later is crucial to your wealth building.
If you are building an online business, human connection is everything. Even if you are an intrapreneur working your way to the top of your career, it is critical now to have a personal brand and online presence. Because, when you can form meaningful connections and relationships with anyone in the world, you can solve almost any problem instantly.
The most wealthy people in the world can pick up the phone and call someone for pretty much anything they need, because they have an expansive network of connections. So, whether you are building an online business or simply growing your network, connections are critical.
#3: Only spend money on items which actually enhance your life, and bring either true value or true meaning to you.
Many times, we fall victim to what I like to call “shiny object syndrome.” We always want the next best thing, because social media convinces us that we need it, or that everyone has it. Break out of the habit of making purchases for status, and only invest in things that will enhance your or your family’s lives.
And remember that what you see on social media isn’t always the case: so next time someone flaunts their private jet or fancy designer clothes, it doesn’t necessarily mean they “made it.”
#4: Increase your skill set and set a dollar goal you need to save each month – which you can then reinvest for growth.
Monetizing your skills is a great way to expand your wealth – whether you are growing a business or starting a side hustle for additional income. And the best way to do that, is to commit to mastering that skill. If you are skilled at copywriting, you may start a done-for-you agency. If you’re great at making sales, maybe you’ll dabble in sales coaching.
Whatever that skill is, never stop improving on it – and then set goals and reverse engineer what actions you need to take to make your goals come to life. If your goal is to make $60K from your side income, and you charge $6K for your services, you need to sign 10 clients to reach your goals. How often do you have new clients coming into your ecosystem? Reverse engineer so you can set measurable, trackable goals.
For more wealth building strategies, check out our Inevitable Millionaire personal development program here and make sure to join the waitlist to be first to know when we re-open doors to the membership!