7 Rules For Building Wealth

If you’ve found yourself trapped in debt and unable to get ahead, don’t just give up and accept the situation. Sure, it would be easy to sit on the couch and complain about how unfair life is, but how likely is that to help?

The only way to turn things around is to change your mindset and habits to start doing things that will help you build wealth.  A great article I read on Entrepreneur.com the other day discussed seven strategies the wealthy use to get richer.

I’ve listed their tips below along with some thoughts of my own.  Check them out and leave a comment below to let me know what you think.

Think Long Term

When you’re living paycheck to paycheck it can be hard to think about anything more than a few weeks into the future.  Who has time to think about retirement when they aren’t sure if there will be any dinner on the table?

But it is important to set goals and work toward them, even if it is just a little bit each day. If you don’t have goals you’ll be stuck in the same spot forever.

Understand That Goals Take Time To Achieve

You can’t just set a goal and forget about it and then expect it to come to fruition.  You need to work at it regularly and track your progress.  For example, I recently started a Creative Income Challenge to save up money for a family vacation to Florida.  I’m tracking everything and updating it every month on my blog to hold myself accountable and to keep myself motivated.

Create Long Term Value

Think about adding new streams of income, preferably ones that don’t require much oversight.  Owning a rental property, a small business, or dividend-paying stocks are all examples of income streams that can support you for many years.

Acknowledge Weaknesses and Outsource

None of us know how to do everything and there’s no point in trying to do it all yourself when there are experts out there who can do a good job for a reasonable price.  For example, I think I’m pretty handy around the house and will tackle most small to medium-sized projects, but for bigger stuff I call in the pros.  I know what I can do myself and what is best left to someone else.

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Go All In Where It Counts

Ever hear of the Pareto Principle?  It’s also known as the 80/20 rule and it states that just 20 percent of your efforts will result in 80 percent of rewards.  In other words, things aren’t distributed evenly and you need to focus your energy where you’ll get the most bang for your buck.

Follow Your Passion And Work Your Butt Off

I have a full-time job and a family to take care of so my schedule is always loaded with soccer practice, school concerts and the like.  But I somehow find time to write and build my online business and create new income.  No one ever said getting ahead was easy.

Never Quit And Always Strive To Be Better

So you work hard and achieve your goal, what’s the next step?  Call it quits and relax?  Heck no!

You set a new goal and start working towards it!  Never stop working and trying to improve yourself.