It’s said that if you want to be wealthy, you should emulate the rich. So, with this in mind, here are a few tips to help you grow your own wealth.
- Invest in yourself
Stop thinking about investment – be it for a qualification or a business coach – as an expense, but rather see it as a long-term mechanism with which to progress in life.
Investing in yourself will more often than not bring you a greater return on investment than traditional investment solutions like shares or property.
- Take risks
Author, financial planner and goodfinancialcents.com blogger Jeff Rose says wealthy people regularly take risks and generally aren’t afraid of failure.
Failure, he says in an Entrepreneur magazine article, enables one to dig deeper to discover what works and what doesn’t, and by doing so you learn so much more.
He says rich people tend to “throw spaghetti at the wall to see what sticks”.
- Hang around like-minded people
“If you want to be rich, hang around rich people,” Rose says.
Rich people tend to associate with not only those as wealthy as they are, but generally with those who are in fact wealthier.
Why do they do this, you might ask. The simple answer is that they’re constantly learning from them in terms of what to do and what not to do.
Rich people don’t generally hang around people who make poor financial decisions, so why should you?
- Avoid living beyond your means or spending money you don’t have
There’s no shame in saying no to things you can’t afford to do or resisting the urge to buy labels when you know in your heart of hearts that this behaviour will only keep you in debt.
If you can’t afford something, but you ‘must’ have it, then save up for it.
- Buying cheap is not always the best option
There’s a big difference between bargain hunting and skimping. Skimping is never a good idea. Start off with the small things like appliances. Although it might be tempting to buy a cheap kettle for instance, think about the costs you’ll incur when you have to replace it a year later. Rather buy that more expensive, more reliable brand in the first place.
- Do your research
Before wealthy people decide to invest in something, best believe they do thorough research first. Beware of ‘get-rich-quick’ schemes because they don’t exist.
Invest in something only when you’re certain of what lies behind and ahead of it.
As the saying goes: “If it sounds too good to be true . . . it probably is”.
- Review your goals regularly
The best way to know whether you’re achieving your goals is to review them often. Evaluating where you are will help you keep track of the progress (or lack thereof) that you’re making. When you’re able to define where you are, you’ll be able to tweak what needs to be tweaked, or develop new strategies that will help you get back on track.