🌼5 Money Concepts that Actually Build Wealth

🌼5 Money Concepts that Actually Build Wealth

A short 10 years ago, I was broke.

Like negative net worth broke.

Living on a futon at my parents house broke.

Had to wait for dollar beer night if I wanted to go out broke.

Read also: There are only 3 rules in life (According to Stephen Hawking)

You get it.

Fast forward to today and I’ve built 7 income streams. I wouldn’t consider myself (financially) _wealthy_ quite yet. But that’s because I have lofty goals.

Everybody’s situation is so different (this is why The Psychology of Money is a must read).

It’s easy for one person to live on 30k/year because maybe they live with their parents or their home is paid off.

It’s hard for other people to live on 300k/year because they’re surrounded by people who make 1 million + per year.

Everything is relative.

So while I can’t give you a cookie cutter answer of what’s best for you…I can give you these 5 concepts.

# Patience

Time is your best friend when it comes to building wealth.

Everyone wants to be a millionaire yesterday.

Doesn’t work that way

Now, this isn’t to say you can be lazy. Definitely can’t do that.

Impatient in regard to daily action. Patient with long-term results.

Do your habits today set you up for tomorrow? Because my guess is your habits yesterday didn’t set you up for today.

Why repeat the same mistakes?

Make good choices and let time do its thing.

# Learning

You need to learn to see new opportunities.

What to invest in? Who to invest in? When to invest?

Financial education is the foundation all wealth is built on.

At least all wealth people keep.

Sure, you might win the lottery but 70% of those folks are broke within a few years. Because there was no educational foundation.

Learn the basics of budgeting and saving, then move into investing.

Wealth follows a simple formula: _earn ~ keep ~ grow._

# Mindset

No victim mentality. This is a big one.

This morning my 7 year old dropped a bunch of things out of her bookbag because it wasn’t zipped shut, again.

She looked me in my eye and said “it’s not my fault”.

Oof.

I looked back at her…it’s 100% your fault.

In fact, accept everything in your life is 100% on you and your choices. It’s much better than always playing victim.

You can’t build wealth if you don’t believe you’re in charge of your destiny.

# Community

You can build alone, but you’ll go a lot further with others.

People with strong networks make more. They also acquire more knowledge.

They also live longer, happier lives.

So be kind and make friends.

Join masterminds and communities that fit your goals if you can’t find in person communities.

Side note, golf is a great game to take up if you’re interested in business and wealth.

Read also: 4 mindset shifts that will boost your confidence

# Being a Go-Giver

If you give away ideas and valuable information, you’ll be rewarded.

People have a way of helping those who are natural helpers.

Example 1: I was surprised when I created a couple of free products and people actually paid for them.

Example 2: My girlfriend and I helped a friend of friend who was in need (with no expectation/score keeping). A few weeks later our friend came back with business for my girlfriend.

I have a million of examples like this. You probably do too.

Be helpful. Be useful. It’ll come back around.

And for the love of god, don’t keep score. Life’s too short.

I saw a man who kept a spreadsheet of everyone who wished him happy birthday on social media. So he could not wish them one on theirs if they skipped his.

Can you even imagine taking the time to do this? Pettiness (while it can be funny) is a loser’s mentality.

Contributed by Cait Mack

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