Despite our culture’s obsession with getting rich overnight, creating wealth is truly a long-term game. To set yourself up to be successful, it’s best to think of the tortoise as opposed to the hare. Slow and steady wins the race.
For most of us, this will require learning a variety of new skills, knowledge, and experimentation over many years. We’ll also have to let go of old patterns and bad habits that get in the way. Like embracing fear and failure.
Therefore perhaps not surprisingly, to get uncommon results, you have to do uncommon things.
Without further adieu, here they are.
CHALLENGE THE STATUS QUO.
1) You can accept the status quo of trading your time for money in a highly taxed employment-based system, or you can decide you want better outcomes and commit yourself to researching alternative options. There is a whole other world outside of conventional financial advice that will open up to you once you truly make this choice.
YOU DON’T NEED TO KNOW THE HOW RIGHT NOW.
2) Decide what you want without knowing how to get it yet. It will come in response to your FIRM commitment to results.
NO MAN IS AN ISLAND.
3) No wealthy person ever created their empire all by themselves. Going it alone produces average, linear results, while partnering with others generates quantum leaps. Why? Forming partnerships enables you to leverage other people’s resources including knowledge, money, relationships, and opportunities to create win-win scenarios. Take the time to build the team of honest and trustworthy experts you need to execute your vision.
4) Some strategies are much more effective than others. It’s up to you to do your research before you jump in. Wealth creation isn’t gambling. You need to balance capital requirements, risk, reward, effort, liquidity, market/economic cycles, diversification, time horizon, taxation, costs, and especially personal suitability with your values. This process will take some time, but the results will be so worth it.
IN SPITE OF YOUR FEAR, KEEP MARCHING FORWARD.
5) One of the primary differences between wealthy thinking and scarcity is how we treat fear. Successful people still feel the fear, but they don’t allow it to paralyze them. Keep moving forward in the face of fear and the unknown. It’s not enough to learn knowledge. You must continually take action. Our underlying motivation must change from comfort and security to freedom, and that entails consistently embracing risk, failure, and discomfort.
THE GAME OF WEALTH IS A MARATHON, NOT A SPRINT.
6) Know that you are in it for the long haul. You may have to pass on some immediate gratification, but is that temporary hit of pleasure really worth sacrificing your long-term freedom? You will know you’re truly committed to your goals if this is how you evaluate every decision. It’s made easier by having a long-term strategy that excites you. Know yourself, your goals, and your WHY.
MONEY IS MAGICAL!
7) Learn how money works. Compounding is truly a magical gift from the Universe – so much so, that Einstein has termed it the ‘8th wonder of the world’. Once you know that money can replicate itself, all by itself (via interest), you can untie the production of it from any limiting beliefs you hold about your worth.
WORK ON YOUR BLIND SPOTS.
8) Speaking of which, do the work to bring your negative psychological beliefs and judgments about money to light. Only then can you know what’s in your way and take action to heal it. Being willing to be honest with yourself is everything you need to get started.
HOW NOT TO GIVE UP WHEN THE RUBBER HITS THE ROAD.
9) When you are tempted to give up, flood yourself with emotionally motivating stories of others who have made it, or reach out to those close to you for support. It will be challenging, but we’re all in this together.
NEVER STOP LEARNING.
10) Never believe you know it all, no matter how successful you become. Stay open, humble, and hungry to learn. Superior opportunities will present themselves to you as you grow.
So there you have it. Which tip resonated the most with you? Were there any surprises? Take a moment to share your thoughts below in the comments!