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Tonight's show we’ll be discussing 10 Things Wealthy People Do To Get Richer
Story
You know when there is a grease fire on the stove, most peoples natural reaction to put the fire out is to throw water on the stove. What they find out is that the worse thing they can do. The fire begins to spread, and now the individual is clueless what to do.
Many of the times when it comes to building wealth, people take somewhat of an interest. The difficult part is that they just don’t know how to do it. So they take paths and actions that cater to their emotions, instead of routes of logic.
Black Networking Session where everyone is selling something
White guy in the Ford Focus with million dollars to spend.
Black Farmer with over 300 acres on his family farm.
10 Things Wealthy People Do To Get Richer
Have A Financial Growth Mindset
They constantly keep thinking about new ways of making money. Thinking outside the box. Very non-traditional ways of thinking.
Network With Other Successful People
Constantly try to connect with those that are where they want to be. Always seeking mentors.
Get Outside Their Comfort Zone
Comfortable with being uncomfortable. Embrace stress and difficulty.
Create Multiple Income Flows
Look for several ways to bring money in. There are two basic forms of income:
Active - You work for it.
Passive - payments are not directly tied to the number of hours you worked. (rental property, dividends, book, course, etc)
Invest
They make their money work for them. Saving for a rainy day or just creating a safety net in case of a fall.
Take Calculated Risks
They don’t take big gambles on financial decisions, they more so try to mitigate risks. They research, analyze, and decide on the best option for them. Decisions made on which choice brings them closer to their goal.
Focus on Self-Improvement
They understand they need to learn new things. They are lifelong learners. They know the importance of constantly gathering new knowledge.
Never Completely Retire
They slow it down, but never really pack it in. Get out of the day to day but keep some piece of participation.
Avoid Overspending
They overspending, especially if the spending doesn’t produce something that will benefit their wealth. They avoid common pitfalls of emotional purchasing and focus on a process of logic.
Take Time To Reflect
Make it a point to analyze the past decisions and actions. Visualize where they are going, and how their current and future actions direct it.
Tip
Review your credit report (Mid Year)
Check for discrepancies.
Conclusion
Don’t Struggle in Silence
(YouTube Video)