These five simple steps will help you achieve the mindset that leads to success in building wealth.
1. Set intentional goals to leave your 9-5 job.
Most people can’t just quit their day job, so the first thing you need to do is start planning how to leave your 9-5. You’re working a 9-5, you’re getting someone else richer, you’re trading time for money, and waiting on raises that never come. A 9-5 will not help you build wealth.
Most multi-millionaires and billionaires own businesses, because there is no limit to how much you can earn in a business. Start investing while you are still working until you have enough to quit, then you scale your business.
2. Avoid debt whenever possible.
Everybody has so much debt, student loans, mortgages, car loans, credit cards, etc. In order to quit the 9-5 to focus on scaling your business you must have your finances ready. Only spend what you can afford to spend, which means, only spend what you have, if that means taking out enough cash for the week, just avoid credit cards.
3. Create a cost effective budget.
When starting as an entrepreneur and a business owner, keep costs to a minimum and drive revenue. That means don’t buy a new phone, don’t buy a new car, and don’t buy every shiny object promising you the world. There is no need to spend money on things that do not give you a return on investment. Instead, spend one dollar and get two back.
4. Sacrifice and practice discipline.
This may be the hardest step out of them all, but practice makes perfect. There aren’t any walks in the park, and there aren’t any vacations. Sometimes you have to downsize, sell things, and turn down trips and nights out with friends to achieve the success you desire.
Nothing great comes easy. You have to work hard, you have to sacrifice, and you have to do whatever it takes to succeed. If you want to succeed, you have to take risks and work hard. There are no shortcuts to success or easy roads to wealth.
5. Strategically invest in property.
Find what works for you here, what is YOUR strategy? Do you prefer Single Family Homes, or Multi-Units? Do you prefer Turnkey Investments? Regardless which one you will need a strategy and a network to grow with.Regardless of the niche you use, you want to get to a certain level of financial status where you can buy and hold. That is where long term wealth starts and the 9-5 ends.
ALSO: Surround yourself with people doing better than you.
There are no ifs, ands, or buts about it, your network is your net worth.
Put yourself out there, tell everyone what you do and why! Surround yourself with the right people and they will show you what you are made of! So create a plan, execute it daily, remember micro leads to macro, and remember there is nothing wrong with promoting yourself!