Everyone wants to someday be truly happy, maybe powerful, and be extremely rich. While many dream of these achievements, only a small fragment of the population will attain it.
Wealth creation doesn’t happen through wishful thinking. Your mind may stay positive, but are your actions?
To create wealth, you must change everything that defines you, launch your life’s direction on a new path, become the millionaire-making habits that people speak about, and possess a superior level of self discipline and focus.
That said, here 10 powerful wealth creation secrets that will turn your life around:
1. Define What Success Really Means To You
At what stage can you confidently tell yourself that you are truly successful?
The definition of success differs per individual.
To some, it’s about making a lot of money, buying exotic cars, mansions, and going on luxury vacations.
To another, it’s about building an empire. A conglomerate that would span through the ages, and make their family name known, and powerful for a long time; an example is Walmart.
To a third sect of people, it’s about having the people they care about, being around them all the time. Maybe a marriage to a lover, having beautiful kids or spending time with the extended family.
Whatever success means to you, the first thing you need to do to be able to determine when you have truly achieved it, is to determine what it stands for to you.
2. Start Investing Early On
Many of the world’s richest started their businesses very early in life. Great examples like Bill Gates, Steve Jobs, Mark Zuckerberg, Warren Buffet, and more, started out mostly in their 20’s (Bill Gates started before the age of 20). While these individuals’ net worth may be seen as far stretched for the common man to aspire towards, many other examples of successful millionaire & billionaire entrepreneurs exist.
Starting out early teaches you valuable life lessons on time. You may very well fail a lot. But the beauty of failure is that it prepares you for a more permanent success.
An early start helps you reach your financial goals faster. Since you have a longer time to experiment, ultimate wealth creation wouldn’t feel too much like an unreachable fantasy.
At this stage, you can learn the essence of saving, investing and financial intelligence. The challenges you face and overcome, would become building blocks for your eventual success on the long run.
3. Stay Prepared For Opportunities
Waiting for opportunities doesn’t necessarily mean waiting for good luck! Remember, “Hope is not strategy”!
You create your own luck by how prepared you are to take on challenges that are usually unseen by the other 97% of the population.
While you run your business, you have to constantly be on the lookout for new opportunities that will aid your business growth. Most super successful businesses had some form of first-movers advantage.
This benefit was heavily based on the fact that they, in some way, took advantage of an early opportunity they spotted right on time.
Staying ready to take advantage of good opportunities, is one of the most important wealth creation habits every aspiring and current entrepreneur must possess.
4. Build The Best Team There Is
“A man can accomplish anything, once he realises he’s a part of something bigger. A team of people who share that conviction, can change the world” – Agents Of Shield.
The people you hire or partner with, are crucial to your success. If you move with less motivated or unskilled individuals, you will only experience a drag through your activities.
What you need is a tiger team. An intelligent pack of individuals that will do anything legitimate to succeed.
Give them freedom to make their own decisions. Offer them small stakes in your business if possible. But most importantly, keep them highly motivated all the way.
Only a leader can spark motivation in his/her team. With a shared goal, a good plan and an effective way for your tiger team to communicate, your chances of success just skyrocketed.
5. Diversify Your Investments
With a diversified portfolio, you will always welcome some income from one angle or the other.
Reinvesting and diversifying your investments, is one wealth creation habit you must hone to perfection.
Never tell yourself that what you have is enough. Industrial revolutions come and go, and you wouldn’t want to be caught up in the middle of a bubble-burst of one industry.
Putting all your eggs in one basket puts your financial future at risk. But with a distributed income source, you can be confident of a long-term steady return on your investments.
6. Be Passionate & Responsible For Everything
Before you start any business, it’s important that you are truly passionate about going into that venture. Passion will keep you going, even if your business remains unprofitable for two to three years.
If what you want to venture into, isn’t something that you can run without some income for a long time, then you are better off doing something else because, your small business won’t probably last long.
You also have to show a mature responsibility for all your investments. You have to oversee them, and ensure that things are going according to plan. If you have investors, then you are responsible for what their Return on Investment (ROI) turns out to be on the long run.
If for any reason, your board members start to lose their faith in you, you wll get fired before you know it.
Stay passionate and your staffs, partners, investors, and even customers, will stay motivated all through the business journey.
7. Stay Focused, Disciplined, & Time Sensitive
A research referenced in the book, “The Power Of Habit” by Charles Duhigg, shows that self-discipline is more effective than a high I.Q.
Self-discipline is what differentiates the eventual winners from the losers.
It is what keeps you focused and time-sensitive to deliverables.
It is what ensures you cultivate a great saving habit.
It is what ensures you constantly re-invest and diversify your portfolio.
It is what ensures you have a check, every now and then, concerning various aspects of your life and business.
Without self-discipline, you cannot succeed!
Wealth creation is far beyond wishful thinking. It requires only the toughest of all to achieve. And these sect, are the highly disciplined part of the population.
8. Persist Until You Succeed
Nothing great ever comes easy. And if it came too easy, there is every chance you are losing it sooner than you think.
The path to success is rough. There are ups and downs. There are rejections and acceptances. There is love and hate. But through it all, if you will come out on top, “you must persist until you succeed!”.
Perseverance is the single most important skill every entrepreneur must possess. Every time something you try turns out wrong, you haven’t failed. You have only just realised another way that doesn’t work.
Persistence makes all the rejections worth it in the end. Your tenacity is key to achieving your goals.
It is because of this, that too much good luck is bad. When you experience a crash, it becomes difficult to rise again, because you are not familiar with failure.
But for a man/woman who tried 20 times before he/she succeeded; he/she never truly wasted valuable time. He/she only discovered 20 ways that wouldn’t work, and this makes it easier for him/her to rise up again after a fall.
9. Know The Right Time To Borrow
Debts have swallowed up so many businesses and individuals. It’s highly important that you then, know when and how to borrow.
Don’t take loans to buy liabilities like cars, air conditioners, and the likes. Only borrow for capital expenditures.
In simple words; if what you are borrowing for, isn’t going to put more money in your bank account, don’t do it!
10. Know The Right Time To Quit
Quitting can be a challenging task for many entrepreneurs. The psychological effect of finally shutting the doors of a failed business can be hard to swallow.
But what the greatest entrepreneurs have realised, is that they never failed. They only learnt something new.
If your venture has been rapidly headed towards a downward slope, probably because of some factors, it would be safe then, to stop all operations, and reassess your business model.
Most businesses ended up as something else. Pivoting is not entirely a bad thing, as long as it still puts you on the path to business success.
Just because you have put in so much time, money, and effort, doesn’t mean you should watch your full investment go down the drain. Cut your losses, and walk away to something new, while you still can.