Stop focusing on other people’s success and start focusing on your own success by seeking opportunities that can start you down the path to being wealthy. The first thing to do is get on a plan to build wealth, but here are additional, practical ways to help you become wealthy.
Shut off the TV
Shut off the TV. If you’re up to your eyeballs in debt and you want to get out of debt, then turning off the TV and disconnecting your cable and getting rid of your subscription services should be one of the first things you should be doing. Besides saving you money each month, this gives you additional time each day to focus on other ways to build wealth. You can either build wealth or know who got thrown off the island. You almost can’t do both.
Focus on Success
I don’t want you to focus on other people’s success except for this one thing: learn what has made other people successful. Focus on what they do or what they did to become wealthy. Don’t focus on their wealth and complain about it.
Continue learning and increase your knowledge. You can do this by reading, going to school, or researching online. You do not need a college education to become wealthy. It doesn’t even cost you anything to gain some knowledge nowadays. There is so much free stuff online. Some companies in the United States have benefits where they will pay you to get a college degree or further your education. Some companies will send you to conferences and pay for it. Take advantage of these programs to help you increase your knowledge.
Save and Invest
Save and invest consistently to build wealth. Millionaires used their 401k to build wealth. Pretty much everyone who works in corporate America has access to a retirement account, and everyone who has an earned income can have an IRA, but unfortunately, people do not take advantage of these. Learn about investing. Learn how to use your retirement accounts to build wealth. Study the investment options that you have available with them. When you are out of debt and ready to invest, invest consistently by investing a set amount each pay period.
Don’t Take Stupid Risks
Don’t take stupid risks. Don’t invest in individual stocks or other risky investments. When you invest in individual stocks you are putting your eggs in one basket. It can be ok to invest in your company’s employee stock purchase program, assuming that it is a small percentage of your overall investments, but if you invest most of your money in the company’s stock who you work for and that company goes under, then you lose your job and your investment. Stay away from alternative investments like cryptocurrencies (e.g. Bitcoin). These are called “alternative” for a reason. They are not a normal investment option. The risk factor is too high, so stay away. You are not trying to win the lottery here; you are investing. Investing takes time, and anything else is gambling.
Diversify your investments. Investing with index funds and mutual funds help you to diversify your investments. You can buy an S&P 500 index fund to own stock in the largest 500 companies in America. Owning stock in 500 companies is being diverse. You can buy funds that include 3000 of the largest companies in America. Some of your investments can be in real estate if you want something different, but most of your investments should be in US stocks.
Don’t Try to Impress
Don’t try to impress people with your money. Impressing people by buying cars and houses and boats causes you to spend your money or take on debt. You don’t become wealthy with either of these. Do you want to look wealthy or be wealthy? The only reason you need to look wealthy is to impress people. Impress them by becoming wealthy. Becoming financially independent will impress people without your telling them anything. They will notice. Some will want to know how you became wealthy.
In almost all cases, to become wealthy, you will need to work hard. The more debt you have the harder you will have to work in order to build wealth. Some of you are in some situations that will cause you to have to work harder than most people.
Take responsibility for your own future. You are the one who is responsible for you to be wealthy. Yeah, there is some crap that happens in this world that sets us back sometimes. There are some laws that affect us, people who steal from us, and events in nature cause us to have to pay an insurance deductible. It sucks sometimes! I know there are people who can’t seem to get a break in life, and we feel bad for them, but we cannot control those things. Focus on what you can control. You can control your own actions, and you can control your reactions. Take responsibility for those. You can sit back and keep complaining about your financial situation, or you can take action on what you can control and take responsibility for your overall life.
You can complain about other’s financial success, or you can learn from them. Complaining about their success will not make you wealthy. It will make you stay where you are. Instead, focus on your success by doing things that can make you wealthy.