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4 ways build wealth : Be financially secure and living with less stress

Four key traits that build wealth potential

#1 Frugality. 

I don’t know about you, but I hated this word until I hit 40. When young, most of us don’t like to be told “no” for any reason, especially when it comes to money. But until we learn to control our present-moment desires in order to enjoy future benefits, we will always struggle just to live within our means.

Something millionaires learn early on is that one of the easiest ways to build wealth is to compound their resources as much as possible. Until any of us can learn to delay our gratification, we will never enjoy the benefits of compounded good—be it money or anything else.

Fortunately, in my life, my husband Thom and I learned to invest in real estate. When you put your money in a non-liquid investment like real estate, it forces you to hang on to it and let it “compound” naturally. Once we saw how our equity grew by just leaving it alone, the next step to saving money was easier. Now we live far more frugally than we ever did at a young age, even though our resources have grown exponentially. Not only is frugality a habit we embrace, half of our current income goes into investments.

Remember, true frugality doesn’t mean that you never spend money. Rather it means that you only spend/invest your money with awareness, intention, and mindfulness.

 

#2 Confidence. 

People with the ability to trust the wealth for themselves and come up with a plan that fit their lifestyle. While this may seem obvious, yet a lot of people second-guess themselves or turn their financial future to someone else to deal with it in. That passive strategy is a big problem for those who, like winning the lotto, end up with huge amounts of cash or substantial income, and not only do not know how to stick to it, they often find the wrong advisers.

In the beginning, no garlic and I do not have a lot of either plan. Routinely spent more money than we made and followed the advice of others loose we thought was the wiser of us. Fortunately, we woke up at some point, I realized that we have gained as much knowledge or more of the others, what we lacked was the confidence to follow our own guidelines. Of course, it did not take a learning curve, but at some point, it's time to trust your own personal choices, even if that decision on who trust with your money.

 

#3 Responsibility. 

Most millionaires take full responsibility for both their wins and their losses. Anytime a person blames anyone else for mistakes or even roadblocks, they give away their power and make it external to themselves. Instead, by approaching every circumstance or challenge as though you are entirely responsible, you maintain the “ability” to move forward no matter what. Not easy. But a far more powerful advantage.

Thom and I have certainly made mistakes along the way. But we both came from families where personal responsibility was a priority. Even when it is tempting to blame others like the government, the economy, our parents, or a boss the responsibility for our choices, good and bad, lies squarely on our shoulders. Then, and only then, do we each have the ability to move forward in a positive way.

 #4 Social Indifference. 

This strategy may seem it is misplaced, but in some ways, I think it is the most important. Unless and until a person can stay true to himself or herself, regardless of what other people think, they put their power and the external power for themselves.

In many ways, discipline is the word of the interview. Avoid the need to obtain approval from others, and develop the strength to take risks in spite of trends, and ignore the need to be loved, or even liked, it is critical. Any time any one of us doing what we are doing to "buy" love or approval put our financial future we have in the hands of others.

It is a small example of this when Thom and I stopped to buy gifts for family and friends at birthdays and Christmas holiday period. We did this for three reasons:

We were ready to spend money and we often do not have to buy gifts just to show the love and generosity.

We felt strongly against the marketing of holidays and hyper mostly junk.

We refused to compete with others to see who can buy the best or the most expensive gifts.

Just take a strong stand with the people we loved and we love us hope again and was a huge statement to ourselves about our desire to live according to the four attributes we learn to embrace.

  • Frugality;
  • Confidence;
  • Responsibility and
  • Social indifference.

Since making that decision many years ago, a similar choices themselves have made, where we had to be true to ourselves and our intentions. Looking back, I can see where linking each of these strategies together.


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