Simple yet relevant tips that many people still ignore
Photo by Vita Vilcina on Unsplash
We arrived in our home country from California back in the early 80s.
I recall living in a small apartment with my four siblings in the province. My father had enough savings, and he started a trucking business.
From one truck, it evolved to around thirty units over the years. I benefitted from a life of comfort when their business took off — it was one of our glorious days.
Here I am striving to scale my income streams so my family can enjoy the same benefits.
Both my dad and elder brother ventured into business but passed away. I had no mentors to support me, so learning about wealth from a corporate background was challenging.
I am still a work in progress — but I know I am getting there. Hoping these consolidated bits of wisdom can help you get started.
What you do not have, do not spend or give
This topic no longer requires further explanation.
I do not get why some of my friends loan money for a vacation spree. I had one friend who sent me a message — and borrowed it from me.
He said he was short of cash and appealed to me.
After several days, I saw the guy with his wife and the rest of the family. He was on the beach taking pictures as if life (is) plowing back so much money to spend for a vacation spree.
One of the best things you can do for your financial health is to live below your means.
Do not shell out something that you do not have.
By avoiding unnecessary expenses and keeping your lifestyle modest, you could save more money and put it towards wealth-building activities.
If you can stick to this rule, you will be well on your way to something bright ahead.
Read also: The Psychology of money in 10 minutes
Upgrade your brain
Whatever (is) stored in your brain — will only work in that frame.
It will only pick up things based on what you have learned or trained.
If you want to learn how to drive, you need to understand the functions (of the car) to run it.
On top of that, implementing it through action would reinforce the memory (of the brain) to save the activity.
Do it the next day — and you repeat the same routine.
In short, feed your brain daily with knowledge.
No matter how much money you have, you can always make more of it through curiosity by honing your skills.
If you are good at what you do, opportunities will open up for you to make even more dough.
So keep learning, upgrading, and refining your talents, and the wealth will follow.
Defer enjoying the fruits later
When I was newly married, I kept convincing my wife to defer buying house appliances to save.
We were renting at that time in a small unit located near an unsafe community.
Upon accumulating enough money for equity, we got something for us — goodbye to renting.
And that was (the) time when we purchased fixtures and wares for the new residence.
Saving up a certain amount of money is a great way to secure your financial future.
But once you hit that magic number — do not just leave the money in the bank — and get addicted to the growing amount.
Reinvest your money into something that will grow over time, like a property investment that you can have rented over time.
Leverage on equity
Real estate is one of the most tried-and-true wealth-building strategies out there.
Investing in something that appreciates can build equity over time.
After the first purchase, we tried renting it for several years.
Since it was already a proven business case for improving our cash flow — we bought another unit. My wife and I purchased another property to repeat the same success we had with our first acquisition.
Whether you are buying a home to live in or an investment property to rent out.
Real estate can be a great way to build your wealth.
Be a partner or capitalist.
There are friends in my network (who invite) me to partner with or invest in their businesses.
I have not (poured) money into any until somebody proposed to be a solid business case for launching a training school for professionals this year.
Upon hearing it, it was not a new idea — but it has been proven in the market that it can make money.
It is up to us to grow it — I am hopeful as we go along the way. If you are looking for high-growth potential investments, partnering or investing capital in a business is a great option.
There are startups offering equity stakes in exchange for investment capital. So if the company does well, your investment could pay off (big time).
Just make sure you do your due diligence before investing, as there is always a risk involved with any early-stage company. If you are entrepreneurial at heart, one of the best ways to make money is to build a business from scratch and then sell it down the line.
It takes a lot of hard work and dedication. But if successful, the payoff can be huge.
Not only will you profit from the sale of the business, but you will also have the satisfaction of knowing you built a legacy.
Read also: 6 unusual secrets of the happiest people
So there you have it: five proven ways to grow your wealth.
By following these tips, you will be well on your way to financial success.
Remember to stay disciplined and keep your eye on the long-term goal.
Wealth takes time to build, but it is worth the wait.
CONTRIBUTED BY Dennis De Silva
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