Most people think being wealthy is a factor of luck. Indeed, luck is also a factor when it comes to being wealthy, but it’s neither the only thing nor the most important one. If you depend on luck to become wealthy, you won’t be. The reason is that you will never try to build wealth with 100% effort.
Yes, it can be so demoralizing to not be able to make progress financially daily. Being among the younger generation hits you harder as a result of the trauma that exists economically among us.
The economy isn’t friendly to the younger generation, in the sense that we are witnessing, a spike in the price of housing, global uncertainty, and unprecedented deaths. For this reason, you might begin to feel that the lucky ones are the only ones who can truly become wealthy.
Most wealthy people do it themselves
Indeed, some people are born with silver spoons, and it might seem to you as though, this is the only path to becoming wealthy. In an actual sense, this is a lie. You are lying to yourself.
Statistics have shown a large percentage of people who have a net worth of $30M made it themselves. Undoubtedly, becoming wealthy takes time, wisdom, and discipline. In this regard, people are found to give up way too easily. You might stop making an effort to create your wealth because you feel you are not lucky enough.
Creating wealth is neither easy nor simple, but can be done. Unquestionably, you can accumulate wealth, retire early, and become financially free. To be able to accomplish this, you have to learn three skills for yourself. Before then,
What is the definition of money and wealth, anyway?
Since you have been wired to think about money and wealth wrongly, you need to relearn the definition of money and wealth.
Money is a fixed commodity, it’s a number we exchange for goods and services. On the other hand, wealth is something that acts on its own, without you having to do anything. It could be a personal blog, a book you wrote, software or course you created, etc.
True wealth is about financial freedom and not status. It’s the freedom to stop doing the things you do not want to do. Being wealthy has nothing to do with things you can afford to buy. Wealth is about having some amount of peace of mind.
What are the skills you need to become wealthy?
Specific knowledge about yourself
In a bit to start your own business, it might get stressful sometimes. The uncertainties are what make it so. However, speaking with someone can help you find yourself. You might be able to discover your talents, gifts, and special abilities. Nonetheless, specific knowledge isn’t any type of knowledge, that can be learned in school. You can’t. Specific knowledge is your ireplacibility factor, that is available to you alone.
The bais knowledge about wealth is attending school, learning a particular course, getting into the corporate ladder, and working 9-5. It’s not the best way to build wealth at all, and it’s because other people can master that subject too. There isn’t anything special about your subject mastery then.
The system is at fault, not you, and no, we are not apportioning blames here. The system makes everyone believe they can become wealthy even though they are doing the same job as others. They do not tell you what this system does this to many other people. To be able to replace you easily, they churn out as much as this set of people as possible. Now, it is this replaceability factor that limits your earning potential and your wealth.
Here lies the benefits of specific knowledge
On the other hand, specific knowledge isn’t that replaceable, it combines all of your talents, interests, potentials, experience, and knowledge. It’s the playful emotional feeling about anything you do that you need to discover for yourself. That exciting activity that you can never get tired of doing, discover it. Once you do, follow it, because it will lead you to where you need to use your specific knowledge. Your specific knowledge will differentiate you from the ocean of other people in the same industry.
Learn to be accountable
Whenever, you hear that either Elon Musk, Oprah Winfrey, or Bill Gates are launching a new business model, you always attach positivity to it, right? Of course, you do, it’s because you find that these people have credibility. They are accountable for everything including the success and failure of their businesses.
If you are worried about failing then you shouldn’t be. You need to be accountable to yourself and everyone who puts faith in your new business or wealth creation strategies. It doesn’t matter what it is you are working on, show commitment, and society will reward you for it.
Read Also: How fear-setting will make you rich
Do the best that you can, instead of halfheartedly, be confident in yourself, else someone else will do it, and you’ll become a failure. At the same time, if you fail, you shouldn’t beat yourself up. This is where the accountability comes in too, you need to stick your head out, learn from the mistakes, and move forward.
Instead of hiding behind your hat, because you failed, you need to come to the spotlight and stay accountable, and credible, this is one of the paths to financial freedom.
The power of leverage
It will be very difficult to reach financial freedom alone. You have limited time for all the output you intend to produce. The secret way to significantly increase your output is by compounding your input. And the best way to get to this point is through leverage. You amplify what you do, and the results doubles. Therefore, learn to do something once but get paid for it over and over again.