Building wealth is a skill — that means wealth creation starts in your mind.
Until your perspectives, assumptions, beliefs and ability to generate wealth is healthy, you will waste a lot of time in the process of trying.
If you want enough money to work on your own terms, support your family and pursue projects you deeply care about, improve your ability to generate and protect wealth.
“Wealth is the product of man’s capacity to think,” says Ayn Rand.
Wealth in the conventional sense may mean a combination of assets: investments, real estate and cash.
But real wealth is fundamentally your ability to improve your asset acquisition and make it work for you.
Think of it this way: financial knowledge is the fundamental asset for making money. It takes a wealthy mind to create wealth.
Without the mental state to support what you have, you are likely to lose your assets very soon.
Not every rich person is wealthy. “True wealth is not of the pocket, but of the heart and of the mind,” Kevin Gates said.
90% of lottery millionaires become poor again after a few years because they don’t know how to make their newfound wealth work in their favour.
Losing an inheritance is easy because many beneficiaries don’t have the wealth mindset to protect the wealth.
Generational fortunes are lost because many heirs don’t change their lifestyles or develop their financial intelligence to make the right choices.
Building wealth is a long game.
And financial literacy is the only way to make money, invest wisely and leverage compound interest to grow your asset.
I have invested in a lot of financial knowledge in the last two years — and I am still learning how to build and put wealth to work.
The point is that once you are financially literate, you will be in a better position to generate wealth and grow your assets.
Jim Rohn was right, “Learning is the beginning of wealth. Learning is the beginning of health. Learning is the beginning of spirituality. Searching and learning is where the miracle process all begins.”
A wealth of financial knowledge puts you in a better position to change your life. Financial ability is the beginning of wealth creation.
If you have a wealthy mind, you are already on the path to building wealth — a few strategic decisions will put your stress about money to rest.
To become wealthy over time, take your learning seriously.
Invest time, don’t spend it.
The impact of wasting time is zero or sometimes negative. Use your time wisely: invest it or spend it on something meaningful. “Controlling your time is the highest dividend money pays,” says Morgan Housel.
Read good books on building wealth and improving your mind about money. Read The Almanack of Naval Ravikant: A Guide to Wealth and Happiness and The Psychology of Money: Timeless lessons on wealth, greed, and happiness. I can’t recommend these two books enough.
Learn practical wealth creation skills from other smart minds.
Take online courses on wealth creation. Watch good documentaries on improving your state of mind about money. Listen to interviews. Find great podcasts and listen more.
And don’t forget to practice what you learn. Start an investment account and put your knowledge to work. And find time to share what you learn — it’s a process that can help you retain what you learn and enrich your life.
Building and growing wealth is a commitment. Get the fundamentals right and you will accelerate the process.
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This post was previously published on MEDIUM.COM.
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