I want to be rich what can I do and What is the Easiest Way to Build Wealth. Common questions, Well, Only by studying the rules of the wealthy and following their example, will you get there.
In the pursuit of wealth, we often hold a misconception that when we amass a certain amount of money, we will be wealthy. Many ask ‘I want to be rich but I don’t have money, what should I do? However, If it is just money you want then fine, but money on its own does not get you wealth. By that I mean you can go out and earn an income from a job, there, you now have money. You probably are already doing this and my question back to you is, do you feel Wealthy?
Whatever your answer, trying to obtain wealth, and be wealthy by Job alone is quite a task, as this can be finite in the time you can actually spend working and earning. To be wealthy you need to apply strategies that get you that feeling, persona, and confidence that Wealth can bring.
However, before going on it is important that we define wealth for us as individuals. Wealth (or the feeling of wealth) can mean different things to different people. As an example, my feeling of being wealthy is probably different to say Bill Gates, Warren Buffett or Elon Musk and definitely different to the individual that may live in a mountain retreat saying they are Wealthy in Life.
For the purpose of this article I am not going to include those individuals, living on the hill, as that is a different sphere to explore. Also, Wealth can mean different things to you at different stages of your life.
Some questions for you:
What does being wealthy mean to you.
What would you need at this stage in your life to be secure
Do you have funds behind you to propel you on to the next level
Do you feel anxious or trapped by having only a single revenue source?
Do you have dependents that rely on you?
In my study of Wealth and how to obtain it I looked at the habits and Wealth rules that Wealthy individuals follow. From observation I have put what are the golden rules of wealth below. Some You can apply to your thinking and life immediately and others may be a longer term strategy for you to follow. But whatever you take from this, and whatever your answers to the broad questions above are, being wealthy is that feeling that you are in overall control, where your assets are sufficient to cover your lifestyle desired, at the age you want, But it all starts with taking on some of the mindset attributes of the Wealthy.
1. Earn your Wealth
You are going to have to earn your wealth. Wealthy people know this. Wealth is the accumulation of Assets and to get the ball rolling at the very first point you need some form of income. The harder and Smarter you work the wealthier you will become. But here is a mindset shift for you. Stop thinking that your income, at whatever level, is your reward for your endeavours. It’s not. Your income is a consequence of how you apply your time and resource in working, and as such is the outcome earned.
Time and Resource, yes time as in what you give for your job, and resource could be savings given to passive Income or higher interest and investment plans.
Wealth is a Consequence of Effort that wealthy individuals apply, and not seen as what is the fastest way to become rich. Building wealth takes time.
2. Your Active Income should not be your only Revenue Source
Wealthy people do not rely on single source revenue streams. No, they diversify. The tenet of not putting all your eggs in one basket is so true, and the rich and wealthy know this. I would recommend that you do not just concentrate on your job as your Income source but also start to look at, and find a second, then third revenue stream that you can build in your spare time. For more information on this see my article on Passive Income Strategies
And no, I don’t accept the excuse that ‘I don’t have the time’ as:
- The average person spends 2 hours and 24 minutes on social media every day.
- The average American checks their mobile device 159 times a day.
- Users will spend 4 trillion hours on social media this year.
Reference: Exploding Topics, social media usage 2023.
So the only thing stopping You is, You!
3. Study Wealth
Wealth is mindset and applied thinking with actions. Learn what the truly wealthy do. Study wealth. For example, what newspaper do you read? What sections do you turn to first, is it Sport, the Entertainment or Gossip column? Wealthy people tend to look at financial news first, followed by the main news articles (to gauge and anticipate trends for investment opportunities)
Who do you associate with? As the saying goes ‘Show me your friends and I will tell you who you are’ Do your friends and social circle share your views, are they negative in your ambition targets etc? If so, it might be worth moving on.
Find places to go to become a sponge and absorb what you see, who you may speak with, what ideas you can pick up. Doors open for those that put themselves out there.
As an example in studying wealth, the Greek Tycoon, Aristotle Onassis, in getting the ideas and the foundation for a business, left Turkey to go to Argentina. With only $60 dollars in his pocket, one of the things he did was to dress as smart as he could, go to the most expensive restaurants he could find, buy one drink, and make it last most of the night. He did this just so he could study the wealthy people there, and find out what they did as an enterprise, and who they, in turn associated with.
4. Don’t (ultimately) Work for Others
Do You Become Wealthy Working for Someone. The wealthy work for themselves. Now I appreciate that you may not be in a position to do this straight away, but linked with point 2 above, find yourself something that you can do on the side, in your spare time. There has never been a better time than now to start your own enterprise, and particularly online. The Explosive growth in the internet is your opportunity. Examples such as:
E-Commerce
Online Publishing
Mean that you can quite literally be up and running in your own enterprise in a matter of weeks. Further, the mindset shift and personal development in yourself and how you carry yourself will become evident. You are now, a business owner.
The Wealthy don’t work for others as they want to be in control of their own destiny. Are you worried that your employment is only as secure as the decision made by someone else? Aim to build something in your spare time to put You in control.
5. Plan and have a Long Term Vision.
The wealthy don’t just get where they are by accident. No, they have a long-term vision and a strategy. You need to make a Plan for your Wealth. Your Plan will tell you how you are going to get there.
Your first task is to:
Define what Wealth means to you
Your time frame to reach your wealth Target
Back Engineer the route and steps you need to take, by what time span to get there, and where you need to be by the timeline steps.
You can do this for each facet of your wealth building program such as You may want a savings plan that has $10,000 in it, but unless you have the plan and path way set out you won’t achieve it. Oh, and the important thing is to actually start. Too many people will write the perfect plan, re write it, then adjust it… but never get going. A poor plan started is better than no plan, or a brilliant written plan not executed.
Do not suffer from Paralysis by Analysis, or the Landscape Artist that keeps on touching in and fiddling with the painting, so that the original is now ruined (or the outcome is not what was envisaged).
Dream Big
6. Get on with it
Or as the famous sports brand might say… ‘Just do it’
One trait of the wealthy is that they are people of action. They make a plan, have a long term goal they are working towards and get on with it. Yes, the plan may not be perfect but they will adjust along the way.
7. Don’t waste Time
The wealthy, on route to achieving their target did not waste time. You have seen above how much time people spend on social media. Why not put that time to good use for yourself? Wealthy people do not sit about watching re runs of old TV shows etc.
Particularly in the early stages, the pursuit of wealth is something that you are going to have to work hard at. It is rather like single handedly pushing a car. It will take a lot of effort to get it moving, but once it is, it is fairly easy, with small inputs to keep it moving. And here is the rub, just before people get the car to the edge of the down slope of a hill, where it will literally go unaided, they give up.
Don’t quit. Keep focused on where you are trying to get to and keep going
8. Age is no Barrier
Remember point 3? Wealth is a mindset. Age will only be a barrier if you let it. For example, Ben Francis and Lewis Morgan, friends at University in the UK, and in their 20’s started printing T-Shirts in their parents’ garages. Today, that brand is Gymshark, and at 31, Ben Francis is Britain’s youngest Billionaire. Source: London Loves Business
and the other end of the spectrum, Colonel Sanders, the founder of Kentucky Fried Chicken, had 1,009 rejections for his chicken recipe before being successful at age 62.
The wealthy do not look at age as a barrier, nor should you.
9. The Wealthy Look…Wealthy
Lack of any effort guarantees lack of any result. The same is true of how we present ourselves, and thus how we are perceived by others. I don’t just mean dress sense or clothes here, although how you dress will say a lot about you.
What I mean is the example given by the Animal Kingdom. Watch a documentary (unless you are lucky enough to go on a safari) on a pride of Lions. An Alpha male will carry themselves in a certain way that conveys confidence and power. It is the same as us. Watch a truly confident person, how do they present themselves in their manner, tone, and presence?
As for dress sense, yes, the statement ‘Clothes maketh a Man (or Woman)’ is so true. Don’t believe Me? Try this then. Pick a very expensive hotel in your area. Dress scruffy and walk in to the reception, sit down, and try to order a coffee from the Concierge. How did it go? Now try the reverse, Dress at your best and sharpest, do the same. I bet the result was different.
I know we should not judge a book by its cover, but just as in the animal kingdom, we perceive what we see and I hate to say this but the poor, look poor. If you don’t make an effort, how will you come across to others? plus there is a huge correlation between how we dress and how we feel.
10. The Wealthy look after their Health
This is very closely linked with point 9. On the whole wealthy people will look after their health, fitness and general well-being. Interestingly these all form part of a circle. Look after yourself, feel better about yourself, carry yourself better, become noticed by others, doors open, opportunities present themselves etc.
Small steps can change your health and outlook. A little exercise each day can make a huge difference to your physical and mental well-being. In my post on How to lose 10kg in a month, you will see my experience on walking as part of a routine. Also, this ‘Fitness’ time gives you time to think on your wealth strategy and plan, create and think of new ideas.
It will be small mindset shifts at the start that will get you to where you want to be wealth wise. The above is an insight for you to consider on your path. My next article will be on actual Wealth Strategies, so look out for the notifications either on our Social media channels (links below) or drop me an email from the contact page details so I can let you know directly when published. Which of the 10 Rules of the Wealthy above do you think you can implement straight away? Let me know.
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Best Regards
Del
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