Seven Wealth Building Strategies
Don’t Marry Too Soon
Waiting to marry for even a few years can save many years of struggle. Set a solid foundation first with income from both work and passive income. Have debts eliminated or mostly eliminated. If the number one reason for divorce is related to finances, then it makes sense that people have finances in order before marriage.
Avoid Debt like the Plague
Debt, any debt, puts you at the mercy of another. True, if you hold up your end of the ‘bargain’ there shouldn’t be any problem, but how much nicer would it be if you had no debts. Think about that. Let that feeling drive you to do whatever it takes to stay free.
Unless Your Parents Had the Life You Want, Do Things Differently
Financially speaking, how well were your parents doing at your age? If they were living as you’d like to live, then their teachings and example is definitely something you should follow. If not, you’ll need to do things differently, to have things go differently.
Do What You Love and Get Paid for It
There is no honor in being a doctor or a lawyer if you wake up every morning and hate your job. Pick a way to bring in the bacon that really sizzles for you. Doing what you love, is a pleasure unto itself; getting paid for it is an added bonus.
Your New Commodity is Not Your Labor, It's Your Ideas
With the advent of the Internet and other technological advances, you are no longer limited to supporting yourself by your physical labor. What is your passion? What is your love? Express it. Use the power of today’s technology to get the word out faster and have those seeking what you have come to you. The only limit you have on yourself now is your own imagination - your ideas are the most valuable thing you possess.
Study Success and Those Who Have Achieved It... Then Emulate It
Mold yourself into who you want to become. You'll find that by investing in yourself first, money will begin to flow into your life. Success and wealth beget success and wealth. You have to purchase your way into that cycle, and you do so by building your army one soldier at a time and putting your money to work for you.
Trust the Process
The miracle of life is that it doesn't matter so much where you are, it matters where you are going. Once you have made the choice to take control back of your life by building up your net worth, don't give second guess. Stick to the process and every moment that goes by will bring you closer to your ultimate goal - control and freedom. Rest assured, if you stay consistent in the wealth building process, financial prosperity is inevitable.
Adapted from the writings of Joshua Kennon
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