5 Beginner Steps To Start Building Wealth Now
I remember being in my early 20’s, fresh out of university and feeling ready to conquer the world in style. I remember dreaming of how my life would look another 20, 30, 40 years and it was glorious! I wanted to be rich! Yes, I said it, my 21-year-old self wanted to be rich, well maybe not “Bill Gates” rich but definitely home-paid-off-with-a-net-worth-of-over- £10 million type of rich. I believed my degree was all I would need to fast track my dream life.
Having a dream is great but in between dreams and reality, there are a lot of steps, steps that can propel you forward and steps that can keep you stuck and paralysed unable to make good decisions. I took many steps that kept me stuck, because I wanted to remain humble. And to me at the time humility meant being small, invincible, under the radar, insecure and unnoticed. But that type of false humility led me to striving to remain financially afloat in my business.
Below I will share 5 steps I made and still make in order to break my old pact with financial strife and get on the path to financial freedom. Here’s the great news, once you truly make these shifts you will be able to thrive on any path to building wealth you find yourself, be it in your job, career, business and with your investments. You will truly be able to start building wealth no matter how little you have to start off.
With an understanding of what it means to create and build wealth we can live the lives we desire for ourselves and impact those around us. [I believe] building wealth can be achieved by taking 5 conscious steps:
Firstly, create an understanding of what wealth means to you. Describe what wealth means to you in actual numbers and have an idea what your net worth needs to be for you to feel financially free.
Secondly, deal with debt with the understanding that it comes at a price; the value you get in from debt must be greater than the money borrowed and the cost of the money borrowed. If the debt isn’t creating any long term value, you need to ask yourself if it’s truly worth it.
Thirdly, make your savings the number 1 expense in your income. Save a portion of all you earn and live on the rest. Your savings will eventually support your future lifestyle.
Fourthly, understand the art of investing. Start sowing your money in yourself and lucrative investment opportunities and with time you should see the returns.
Lastly is the final conscious step of “living and giving”. I believe this is the most important step. What do I mean? It is the state of self awareness, it is being grateful