One of the biggest differences between the wealthy and the poor is their belief in who controls their destiny.
My number one recommendation for anyone looking to build wealth is to use conscious decision making (locus of control) in every aspect of your life to make decisions about your finances and your future in general.
If you haven’t heard of locus of control, it’s your belief about whether you control your destiny or whether you believe it is controlled by external forces, for example fate or anything or anyone who is not yourself. Research has found that those with a strong internal locus of control are healthier, wealthier and happier than those who don’t control their own destiny.
Ask any successful person and they will tell you their journey began with a vision. Yours should too.
Use Visualization
Visualize your future, what it will look like. Create yourself a vision board of your future success and what wealth means to you. Once you know what you want, make a plan to get there. You can then take steps to achieve that goal. We become what we think, that’s why visualization is so important. Or to say it another way, if you can’t see where you are going – how can you get there?
You don’t have to start big, even very small steps will get you there over time. Plus it will help you build confidence every time you gain a small win along the way.
Don’t worry if you are currently in debt. There are wealth management programs to help with that too. Imagine being able to pay off your mortgage in less than half the time, saving hundreds of thousands in interest and being able to create multiple income streams to support a wealthy retirement.
This is all possible if you know how. Don’t be afraid to dream, visualize and plan this into reality.
Be Conscious About Money
Whenever you spend money, be mindful about it and your financial future. Ask yourself whether that expenditure or purchase will take you closer to your goal. If not, is it really worth spending? And if you decide that yes it is, then evaluate the options, don’t just pay the asking price. Wealthy people when they spend money will buy quality, because they know it lasts longer, but they also want to get the best price. Every wealthy person I know will negotiate the best deal and ask for a discount. They may not always get it, but if you don’t ask you definitely won’t get it.
The wealthy also control their own destiny when it comes to income. How many truly wealthy people do you know who work for someone else? The wealthy own businesses. They teach their children to own and run businesses. You can do this too. I’ll provide more details on this later.
Ask for help along the way
No-one is master of everything. The wealthy employ specialists, the best in their fields to ensure that they will be successful. If you want to be wealthy, seek help from an experienced wealth management advisor, who can understand your current situation and work with you to create a plan that will take you to where you want to be.
Invest in Your Personal Development
Don’t forget to invest in yourself. It’s important to create personal and financial goals then develop yourself to be the very best you can in your field. Remember back to my last article, find someone who is the very best at what you want to do and then copy them, practicing and practicing until you become great at it too. That doesn’t mean you have to invest in expensive courses either. Books are your friend. The man (or woman) who reads, is the man (or woman) who succeeds.
Two of my favorites:
· Rich Dad, Poor Dad by Robert Kiyosaki and Sharon Lechter
· Think and Grow Rich by Napoleon Hill
Managing and being good with money is a great life skill to have, and to pass on to others.
