The psychological dream of every youth today is to strive, be successful and become wealthy. I’m going to share with you how to create wealth even if you have no money right now. I’ve outlined ten steps, if followed well, will set you on the path to financial freedom within one to five years.
1. Create a vision and purpose for creating wealth:
Set a reasonable target for yourself. You cannot take a trip without knowing the destination – you’ll end up nowhere. So create a vision board – write out clearly where you want to be in five to ten years. For example, you want to be able to earn $5,000,000 per annum in your own company; or you want to land a job that will pay you $1,000,000 per annum.
Next step is to have “Purpose”. Why do you want to be wealthy? Why do you envision to earn the money you stated on your vision board? May be so that you can afford luxury for yourself and your family; may be you want to be able to travel the world over; may be so that you can contribute to the struggles of humanity. Whatever it is, make a list – have a purpose. It’s very important.
2. Cultivate a wealth mindset and habits:
There are certain beliefs that can help you build wealth psychologically – and there are certain beliefs too that can inhibit your ability to create wealth. Often times these are beliefs adopted from parents or our environments as we grow up. If those beliefs doesn’t support wealth creation, then that can be a strong challenge you have to overcome. Follow some success principles as reading books that challenge you to become wealthy. Have a good work ethics – respect for time, honesty, sincerity and value of gratitude to people who contribute to your successes. Doing so would change your mindset to creating wealth.
3. Know where you’re starting from:
It’s not how much money you make but how much you save in the end. Build more asset portfolios than liabilities. Always make sure your liabilities are going down and savings going up. Keep track of that consistently. The reverse means you are not doing well.
4. Master money management:
Track your income and expenditure diligently. Spend less than you earn always. If you want to be wealthy then you can’t go contrary to this principle. The best way to do this is to track your income and expenses weekly. This would help you keep sight of your savings – whether or not you are over spending or saving.
5. Set financial goals:
Goals are the targets that you are after. Visions are long term – so don’t confuse the two. Goals are usually short term to helping you turn your vision into reality. For instance, saving 20% of your monthly income, could be one goal. Another could be having a side hustle to supplement your regular monthly income, and on and on… So goals are unavoidable if you want to achieve maximum success.
6. Choose your vehicle for creating wealth:
You have to look at your vision and choose the best vehicle you’ll need to help you achieve that vision. For example, do you need further education to help you achieve your vision? Education then becomes the vehicle. Another could be, do you need a mentor/coach, who has already succeeded in the field you’re pursuing, to help you along the way? That coach then becomes your vehicle.
7. Master your wealth vehicle:
Following from point six, you need to master in that education you need to help you succeed in your vision. You need to learn a lot from your coach/mentor to be able to major in the field you’re pursuing.
8. Create leverage to scale your wealth:
Once you master in your wealth vehicle, you need to create a system that works best for you. Choose the best team to work with. Timing is very important. Know what your time is worth. Prioritize what makes you the most money and learn to delegate responsibilities when you have to.
9. Invest for financial freedom:
Learn how to let your money work for you. Start investing your savings at this point. Learning how to work ‘smart’ instead of ‘hard’ should be the focus at this stage. Research within your geographical area and choose the best investment portfolio that best work for you.
10.Optimize your wealth:
At this point you have start buying more assets and strategically learning how to pay less taxes. Buy and invest in other businesses if you can. If you do it well, you wouldn’t have to work the rest of your life.
Becoming wealthy is a psychological decision. The earlier you decide the better it is and the faster it’ll be to achieving your dreams. Make that decision now!
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