Top Five Tips to Build Your Net Worth


1. Spend time each week thinking about and executing plans to make money

It is easy to spend more time thinking about spending money than we do thinking about making money. Our society is structured to support consumption. We think about material things we want, worry about bills we have, go window shopping, and spend time watching television filled with advertisements.

One of the tricks to building wealth is setting aside time to think positively about making money. This focus will help you discover how you can use your talents /abilities to help someone this week. For example, you might choose to place an ad on a site like Guru.com or Craigslist.com advertising your drawing skills. Those skills could be helpful to small business people creating advertising, website designers, or children’s book writers. The ability to braid hair could be of value to a mothers’ group. Your ability to clean could help you launch a mini-cleaning business. Get the idea?

2. Work with others to economize and build wealth.

Imagine how much money you could save if you purchased staples like sugar, flour, and paper products with a group of your neighbors. You could buy in bulk and save at least 30% on your grocery bills.

What if you chose to pool your resources to invest with a group of people? If you live in a building , for example, 5 of your neighbors could pool their monies and borrowing power to buy a multifamily home together, saving hundreds to thousands of dollars monthly and building equity at the same time.

On a bigger scale, if you can get a mortgage loan for 200k, connecting with 10 others who can do the same gives you 2 million dollars worth of buying power to purchase a cash flowing property or business.

3. Make money from all of your skills (legally, of course)

Make a list of all of your skills and abilities, starting from your physical abilities (e.g. your sight, ability to walk). Next to each ability list the type of people who could benefit from them. Then make a list of online and offline places where you can find and advertise those abilities. Then advertise and provide your service.

4. Know the events or feelings that trigger your desire to spend money

Understanding the feelings that cause you to buy unnecessary clothing items, make bad “loans”, or purchase unnecessary gadgets will help you to avoid the triggering situations. No one is suggesting that you stop spending completely. However, being able to stop and ask yourself: Is there another alternative to spending this money?, will go a long way in curbing your spending. Understand that both marketers and loan requesting friend/family member know your triggers well and will use them to make you spend. A marketer might promise that their product will make you more desirable to a potential mate. A loan requesting friend or family member may play on your desire to see them well or your guilt for having more than your peers.

5.  Know the top 5 things you love about yourself.

Building wealth isn’t always a smooth and easy process. You will encounter difficulties and failures. The more successful you become, the more public your challenges will be, adding to the stress. Knowing and reminding yourself about the top 5 non-wealth related things you love about yourself will help you through difficult times. It will also protect you against efforts by organizations and people around you to make you spend money unnecessarily. Somehow, hearing a version of “you’ve changed. You used to be cool. I can’t believe you’re denying my request” loses its power when you can say to yourself: ‘I’m still a good person, I’m just choosing to build my future instead of spend money in other ways’

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