Friday, January 9, 2015

How to become Rich and Stay Rich.

From an interview of 75 successful entrepreneurs, it is vital that for anyone to become and stay rich, they need to build a very strong foundation. Skipping this step is the reason why lottery winners go broke a few years after winning big and keeps so many hard working people from being able to make it big in their lives.

It is important that first and foremost, emphasis is placed in building this very strong foundation, and here are five ways to make this happen as shared by the successful entrepreneurs.


1. Mindset

“Mindset isn’t an important thing. It is the only thing.” - Mark Sieverkropp

The way you think about wealth and success is very key in making you reach for your goals. Thoughts lead to feelings, which lead to actions, which ultimately lead to results. The right mindset consists of confidence, awareness, and an attitude of massive success. The rich think big and view the world as abundant, while the vast majority of us, however, become our own greatest enemy and learn to see the world through a lens of scarcity and impossibility. We hold ourselves back from fulfilling our potential. It is not until we create the right mindset, attitude and beliefs that massive wealth and success will show up in our lives.

2. Network

“Your network; that is the #1 key to your success.” - David Wood

Who you surround yourself with will play a significant role into who you become. To create great success you need people who can support you, challenge you and hold you accountable. You need people that can push you, teach you and inspire you to great heights. Trying to make great wealth on your own is not just going to happen, every successful person you can think of had people around them that were of great support and strength to them. So if you do one thing after reading this post, do this: improve your network, join offline and online groups that can add value to you, find people doing what you want to do, this will help you go further faster.


3. Habits

“Know what you’re doing with your money. If you can’t manage what you’ve got, you can’t manage more. When you get your foundational money habits down, you’ll be able to expand.” –Ann Wilson 

Habits create results! It is important to develop certain habits and routines that will be essential in making you rich and staying that way. Develop financial discipline, understand your productivity times be productive, read and stay ahead of anyone doing what you are doing.


4. Knowledge

“Wealth is something that can’t be taken away. I have a wealth of knowledge, and that is where true power lies.” –John Dumas

Before you earn, you have to learn. Countless experts highlighted in the book (including myself) started off in the corporate world before they eventually ventured off to be their own boss. It’s a great career path for many as you get paid to learn. It’s hard to start something from scratch. What you need are experience and knowledge and then there are thousands of opportunities in front of you. Once you have knowledge and combine that with taking action, that is when you have absolute power. Remember, learning never stops.


5. Finances

“Become the CFO (Chief Financial Officer) of your own life.” - J.D. Roth

The last part of having a strong foundation consists of having your finances in order, which include having no debt, the right protection (i.e insurance if necessary), and an emergency fund. Debt is “a parasite to wealth” as Ann Wilson calls it in the book, and it restrains millions from ever getting ahead with their finances. Getting out of debt is the first major step towards being financially free. In addition, the only thing you can expect is for the unexpected to occur. So, you have to be prepared. Insurance, or an emergency fund, are the key ways to be prepared. It is prudent to keep at least $1,000 in cash on you and perhaps 6 months worth of expenses in an easily accessible account in case you lose your job, or other unfortunate things happen. Expect challenges and surprises and be ready for them so they do not deter you from achieving your goals.

Build each of these five aspects of the foundation and you will be able to go further faster in achieving your dreams and becoming rich.

Content Credit: Austin Netxley as shared on under30ceo.com 

Image Credit: shutterstock.com