How to Build Wealth: Escape Your 9 to 5

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Here, I would like to touch on an example of building wealth. Here, it is important that whatever job you have should act as a stepping stone to help you achieve more. The objective is to save money for future investments such as but not limited to business ownership, real estate or any such resource that generates income.

When you work in most corporate jobs, they seem to have an issue with you getting overtime, so you have a cap placed on your salary. The people who become great are not interested in jobs but in multiple income streams and investments.

All of the following in this article list challenges for you to identity so you can resolve them then go on to establish the wealth you seek.

Employers Limit your Earnings

Jobs will never pay what one is worth, so it is important to go out and make your own profits. I am in no way saying quit your job, but simply let the money you make be utilized to pursue your dreams and ambitions. Failure cannot scare you and plays a role in your overall success.

You do not become great by just working an 8 to 5 job then retiring and then dying. People who become great pass on their knowledge and wisdom and leave massive amounts of influence that empowers others.

To reach success in terms of wealth, you must calculate your life, and you do that by spending time with one’s self to uncover ways one can practically build money. If you don’t believe me that employers limit your earnings check out this article where “state legislators across the country have launched an unprecedented series of initiatives aimed at lowering labor standards, weakening unions, and eroding workplace protections for both union and non-union workers. This policy agenda undercuts the ability of low- and middle-wage workers, both union and non-union, to earn a decent wage”.

To fight against employers limiting your earning read the complete guide to wealth creation so you can understand various ways to leverage your salary and ambitious to enhance your finances.

Books to help you learn more are listed here.

Be Creative

The suggestion I am about to make is an option because the purpose is for you, the reader, to see examples of building wealth so you can decide what acts best suit you. The most critical part is to act on your plans.

Suggestions on increasing income streams are the following: Write and develop information products, create physical products, consult and charge fees, blogging, e-commerce store, financial services such as tax preparation, and real estate management.

The suggestions here are to spark your interest and even if you desire none of these options find something that works for you but choose it only if its scalable meaning products or services have potential to reach past the million-dollar threshold.

Find Passion & A Way to Scale

A person may become passionate about making small dolls for girls as toys but if the producer is only that person and a team of a few people, how can you keep up with demand if it reaches 10,000 purchases a month but the team can only make 2000 at maximum per month?

This means it is not scalable unless actions are taken to fix it on scaling. To scale would require certain tactics such as but not limited to working with a large producer to produce the doll products for you and ship them out to customers and they get a cut in profit.

It is an area you would like to try out that you have no experience in its best to research then act on moving into that field.

Learn how regular people are becoming millionaires now.

Not Knowing Where to Start

It is very common to want to build wealth but not know where to begin so do the following. First, set goals on paper. Take out paper and a pen and write out 10 goals that would contribute to building wealth you want to accomplish in the next 12 months.

From those 10 goals circle only one of them that if completed would make you the happiest. Find specialized knowledge through books, audio programs, and learning material then make a plan with deadlines to complete goal. So it looks like this in action. A person is making $12 a hour and wants to double  his income in 12 months so he writes 10 goals down on a sheet of paper. He chooses the one goal that involves freelancing in which he would run facebook advertising for other businesses.

He spends 3 to 6 month learning how to run facebook ads and how to get clients with 100 or more hours of study. After this period he create a business and registers his company. He makes a busines plan then spends 80% of his spare time finding clients.

He noticed a lot of business to business sales takes place on LinkedIn so he leverages SlideShare on linkedIn platform to attract customers and even messages them with various pitches. He works at this for a few months several hours a day until he lands his first customer.

After his servicing his customer he gets referrals and makes more money in his spare time. A year passes and he has doubled his income and continues to work. The purpose was to make more so he could then save more and invest more to build wealth.

After completing his goals he remembers his plan was to save 50% of business profit then invest in and the other 50% is for his personal use for anything. Here this is a example how a person can make more money outside of his job.

This is not easy to do put its worth it and it make take several months and might even be slightly more then your 12 month goals but it will be completed if a person sticks with it. Not only do people not know where to start many are failing at financial literacy and here are four statistics that confirm this.

Giving Up to Soon

We often when deciding to start a new venture are afraid of what if nothing happens or I fail. The only failure is when you don’t start or when you quit. To improve your chances of success with your venture you must be competent or at least willing to keep learning as you are progressing through you ventures.

Read 30 minutes to a hour or more a day on specific practical tips to enhance your ability to get results with your venture. When I analyzed wealthy people what they all have in common is that they are serious about personal development and it keeps going until they are no longer alive. This is called ongoing learning or continued learning.

This is the minimum for success. When you are not getting results do not quit but simply revalue what your doing and your tactics because there may be a better way and often there is. Your job is to figure out how others have succeeded and do the same thing until you succeed.

I was having a conversation with a person in a facebook community and he was saying that building wealth takes time which I agree with but I disagreed with him as he continued to speak and said 1 to 2 generations to create the wealth.

That part is not true because there are stories all around us that tell us people have built fortunes within their generations. I look at the data and case studies and to many people are making me millions of dollars online for me not to purse and get my share of the pie.

The people who build wealth the fastest are the high-income earners and the entrepreneurs. Your job is to get into one or both areas. The average person before becoming a financially independent takes around 20 years to build enough wealth to not have to work again but its possible to shorten that.

You can shorten this time horizon by increasing your earning ability and thus increasing your income and then saving and investing it. All of this plays a role in not giving up because big changes in your finances don’t happen over not.

The guy I mentioned earlier from the facebook community believes wealth will take 2 to 3 generations that my friend is a self-limiting belief. Just look around you. If you don’t believe me type in young millionaires in google you will see there stories and their upbringings.

Conclusion:    

Wealthy people are wealth because they choose to be and you can to. Wealthy people have worked hard to increase their income and investments over long periods of time like decades.

So if you want to build wealth fast or over a period of time go head and get started. I believe you can obtain whatever you seek but it requires discipline to do what other successful people do then you will reap similar rewards.

If you like the content please join the movement of growing wealth creators.

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