Here is a quick list of 5 Tips for Building Wealth
1. Live Below Your Means – Who would have guessed that spending less money than you earn is one of the best ways to build wealth? Duh! Unfortunately even though this rule is plain common sense, way too many people don’t follow it. If your expenses are currently greater than your income than you’re moving in the wrong direction.
2. Bounce Back From Defeat – We all suffer financial setbacks at times, but the key is to not let them hold you back. If you’ve been laid off from your job or declined on a loan application it’s easy to feel as if you’ve been kicked in the gut and thrown down a flight of stairs. But successful builders of wealth know that the only way to win is to dust yourself off and keep trying.
3. Self-Promote – This is one that I’ve personally struggled with at times. I used to think that if I worked hard and applied myself I’d be noticed and rewarded. But eventually I realized that most people are so wrapped up in themselves that they have little time to pay attention to others. Now I’m not saying you should become the king of bullshit and ass-kissing, but you do need to learn to promote yourself if you want to be noticed.
4. Have Street Smarts – Let’s define street smarts as not being gullible when it comes to money. Lot’s of otherwise smart people are taken advantage of due to their lack of street smarts. Just look at all the people who were ripped off in the Bernie Madoff scandal. And beware of friends and family who come asking for money to invest in “can’t fail” opportunities.
You might think that the wealthy only shop on Rodeo Drive, but the truth is that most wealth builders are also bargain hunters. They understand that paying top dollar when you don’t have to doesn’t make sense.