The 4 Essential Wealth Skills
It is probably silly to ask people who want to be a millionaire. Without the need for further studies and researches, the answer will be a resounding yes. Earning beyond what you need and spending on the things that you do not only need but also the things that you want are luxurious dreams of many. It is everyone’s dream to trot around the world, send the children in esteemed universities, indulge in lavish pampering and donate to charities to help the poor. To take pleasure in all of these seems to be a distant ambition.
Everyone wants to be a millionaire. But the key to being one of the richest men in the world is to know the essentials to bring all the luck you need. Although there is no exact formula for richness, there are keys that will help you unlock the doors to success. It boils down to an effective system that rich and wealthy people apply. This should probably be very effective for them to live in luxury and their children’s grandchildren. To employ the same skills will lose you anything. Anyway, yes, you eat three times a day but you barely fit in the trivial income your family has.
Before introducing the essential wealth skills, it is only proper to prepare you for your journey to prosperity. Like in any endeavor, you need to prepare and arm yourself with the anticipated needs. In trotting through the road of financial abundance, you have to organize yourself. Here are the important things that you must bring with you as you move through the road to success.
Vision
The start of financial abundance is the vision you have to set. As your vision gets bigger, your chance of becoming a millionaire is also bigger. Anyway, what is there that you have to lose? To count the countless millions in your hands, you need to visualize yourself with hands-on your fortune. Do you want a car, two cars or three? Do you want to have one successful business or an international business with branches all over the world? Think and imagine what your power can accommodate. Focus on the positive outcome of things and envision a comfortable and financially abundant life for you and your family. If you believe this will happen, it will. Otherwise, your doubts will keep you stationary.
Plan
Wealthy people do not just dream. They plan things and they do it specifically. They have a plan every day and they stick to it. They consider each day as a day to contribute to their future success. You just cannot leave your life to luck or as poor people see it, to destiny. Millionaires do not believe in predetermined fate. Instead, they hold responsible for their lives. They are in perfect control of their destiny. Instead of sitting down, they write all their goals and make a systematic wealth plan that they religiously follow.
Understanding
For you to reach your goal and set plans, you need to understand your whole situation. Look at your status from a wider perspective. Millionaires understand the flow of many in their hands. They know how much comes in and how much should they let go. Poor people only try to balance this flow. Sometimes the output is even higher than the input. But for millionaires, their cash output is lower than their cash input. Therefore, they can save from their earnings.
Commitment
To become a millionaire, you have to be committed to your dreams. Earning millions need a lot of effort and commitment. Remember, the road to financial abundance is not very easy. There will be a myriad of obstacles. If you have little commitment to your dream, you can quickly give up when you stumble.
Here are the essential things that you have to bring with you along the road to millions. If you are ready to take a major turn in your life, read on below to know the secrets of those sleeping in luxury. Be ready to assess your own life and take action to make a change. As you read the article, you will be surprised to know that all you need to have are four wealth skills and you are ready to commence the journey to prosperity. Now, let us see if you can reach the end of the road.
WEALTH SKILL #1: Making Money from Scratch
It may be quite skeptical to become a millionaire from scratch. But it is true. Many rich men started from nothing.
Unlike other people who have a thick checkbook, plentiful savings and many properties to liquidate to start up a business, you are probably thinking that you can never be a candidate to become a millionaire. However, you do not need all these. All you need is yourself. You are the biggest and most indispensable asset of your future business. There are many known ways to make money from scratch. If you think this is impossible, then look around. Most successful people started out of scratch. All you need to do is to let your imagination work, be creative and confident.
1. Selling
Garage Sale
Selling is the traditional way of making money from scratch. You can sell your stuff especially your second-hand things, junks or other odds. Instead of keeping the items in your storeroom, you can turn these into cash. When you do this, you will be one of those who will say, “There is money in the trash.”
Real Estate
If you have good communication skills, then, you have the power to convince people with your words and your words can be your best asset. Many successful real estate entrepreneurs started from scratch. With only their voice and words as starting capital, they were able to create millions.
Commissioning
Aside from real estate, you can also sell other people’s products. You can offer selling their stuffs along with your own. In return, you can get a commission for every item sold.
Selling gives you an unlimited source of funds. As long as you are industrious in dealing with different people, it is a sure hit. However, since you work in a customer-related environment, be sure to have a lot of patience. You will meet people with varied personalities that will test your character. But do not get into them. Keep in mind that they can be your potential key to success.
If you are into selling, you have to be always on the go. If your business calls for it, you need to be where the action is. Time flexibility is very crucial since many clients do not want to wait and there are many competitors out there yearning to earn as much as you do. Although it may seem to be a tough start-up, you will
gain the fruit of your efforts as you create a name for yourself. When that happens, you can be the boss of your own company.
2. Offer your Service
Each person has a unique skill to offer. The secret to making money from scratch is by taking advantage of your uniqueness. You can stand out from the crowd when you show your exceptional ability, talent or skill. To turn your skill into cash, offer your service to others. Advertise yourself and keep your customers satisfied to ensure a repeat customer or referral from others. Aside from the usual forms of advertisements, do not forget to charm people. Millionaires have a certain charm that draws people to them. As you bring more people closer to your services, your very own company will be a multi-million worth in no time.
Offering services is not only easy money. It also serves as an outlet for your talents, skills, and abilities. Remember, you were not here to keep your uniqueness within. You have to share it with the world and make it known. It does not only improve you, but it also benefits other people.
The whole idea is to look for problems with clients and find a solution to those problems. If people worry about broken things, fix them. As long as you find a solution for their most common problems and needs, then you will never lose your business market.
3. Go Online!
With the advent of online businesses, you do not need to go out of your own comforts just to get a six-figure income. You can earn money right from your home as long as you have internet access. When you are online, the possibilities of making money from scratch are endless. Money is just under your nose and only one click away. The good thing with the online job is you get to stay at home, with no bosses and still you earn better than those working within the bounds of their office. Here are the common online money making jobs.
Online Blogging
Online blogging started out as a hobby of people. It was their outlet on their emotions and everyday sentiments. However, as people relate to your own stories, you acquire followers that contribute to your blogs. As your blogs increase in number, visitors come and interact with you. When online advertisers see the increase in traffic in your site, they begin to ask for ad space, and this can be your chance to earn income from something that started out as a hobby.
Article Writing
People use the internet as their primary source of information. This is the reason why online marketers require a huge amount of information to satisfy the majority of online searchers. However, not all people have the time and talent to write and this is where you can come in. You can write to somebody and get paid for it.
Making money from scratch is tough. Your capital is only yourself. However, do not worry; you have the best starting capital that even big companies do not have. In investing a huge amount of money, you also risk a lot. However, when you start from scratch, you have nothing to lose and everything to gain. It may be quite challenging but the rewards are gratifying. If you want your first million now, you can have it right away. It is your own pace and no one will dictate how much or how little you can earn.
WEALTH SKILL #2: Budgeting Your Money
In the first part of the article, it mentioned about understanding your money. If you want to be a millionaire, you need to learn the wealth skill number two, budgeting your money. Rich people do not spend more than what they earn. Instead, they religiously keep a portion of it and let it earn interest. To follow their footsteps, you learn to manage your finances. Unless you learn this important skill, you will never reach the road to financial abundance.
Importance of Budgeting your Money
Provides Insights
Budgeting your money gives you knowledge of your earnings and spending. When you a basic knowledge of the whereabouts of your money, you create financial stability which is the crucial step to abundance.
Teaches Self-Control
When you know how to budget your money, you develop self-discipline. You are able to control your finances and avoid unnecessary expenses. Learning to budget makes you the boss of your money instead of being a slave to your finances.
Organizes your Finance
Organizing your finances warns you for any potential financial problem. Your budget can serve as a record of all your financial transactions, a guide for paying utility bills and immediately warns you when you overspend.
Offer New Opportunities
When you know how to budget your money, you can grab opportunities that you may otherwise miss. Because you know the flow of money, you can exactly determine if you have excess funds to invest in other moneymaking opportunities.
Provide More Cash Flow Money
The greatest benefit of budgeting your money is having extra money. When you cut unnecessary payments like penalties and late interests, you can save up for your future needs. When you pay your bills on time, you not only avoid late charges but also create a good name for yourself and your company.
Earning your first million is challenging and budgeting it according to your needs is more challenging. The key to being rich is to be in control of your finances.
Knowing the benefits of budgeting is futile if you do not practice it. To arm you with the competence needed in Wealth skill number 2, here are the tips to help you stay within the budget.
Tips to Budget your Money
Make a List When you receive your first million, keep it a habit to make a list of the things that you need to pay. Determine your future expenses and set aside funds for your needs. If you run a business, make sure you separate the working budget of your company. These include money for purchasing, maintenance, and the salary of your employees. If you do not have a company and only works for yourself or for others, know your expenditures until the next payday comes. Write specifically each item and opposite each, its corresponding amount. This way, you will know whether you are still within your budget or you are exceeding your earnings.
Separate your Money
For people who are very impulsive when it comes to spending, separating the budget into parts is ideal. You can allocate your funds based on the following:
✓ Working Budget
Your working budget includes your daily or monthly expenses. Usually, this comprises the biggest share in the budget. This is where you will get the payment for your monthly bills, food, allowance, and transportation.
✓ Savings
No matter how small your income, savings should be a part of your budget. To be wealthy means to save more than what you spend. Even a meager earner can become rich as long as you save enough for your future. The savings must comprise at least 20% to 30% of your monthly budget.
✓ Spending Money
Of course, life will be boring if you only work to live and save. Your monthly leisure activities must be a part of your budget.
As the cliché goes, “All work with no play, makes a boy a dull one.” Working is more rewarding and fun if you get to treat yourself occasionally. You can get the money for your new clothes, vacation or pampering yourself from spending money. To avoid overspending, make sure to leave your debit and credit cards at home and stay strictly within your spending money.
WEALTH SKILL #3: Making More Money with Money
Once you have your millions, you can become richer by comfortably sitting at home and letting your money do the work. Millionaires are richer not because they work hard to earn their millions but because they let their money work hard for them. If you are on the way to financial abundance, here are the proven ways to let your money do the work for you.
Invest
Investing is the wisest way to make your money work. However, a wise investment is important for you to keep your money working. Before you invest, make sure you have the knowledge of the field where you want to invest. Invest in properties that appreciate in time like real estate properties and stocks. Do not invest in appliances, electronics or even automobiles. These things depreciate through time. This means instead of making more money out of your money, you end up with less.
Save in Banks
If you have an extra amount of money, you can deposit it in banks. You can keep it safe and earn interest at the same time. Although the interest is not much, at least it earns compared when you keep it in your home. Other banks can give as high as 3% interest per annum. Time deposits earn more compared to an ordinary savings account. The disadvantage of the time deposit is you have to allow your investment to mature before you can withdraw your money.
Offer Loans
Many people and small companies need money to start their own business or meet the ends of their financial status. When you help these people with their financial needs, you can charge them with interest. Just be careful when you give loans to people. Make sure they have the paying capacity to ensure your money’s return or better yet ask for collaterals.
WEALTH SKILL #4: Protecting Your Money
Once you have the millions, you know how to budget and you keep the money working for you, the next thing that you should do is to protect your money. Protecting your money is important for you and your grandchildren to enjoy a luxurious life. Without appropriate guarding, you can be a one-day millionaire and live in poverty the next day.
Insurance
Insurance guards your investments and money. Like when you insure your house and other assets, you safeguard your properties from misfortunes. When you invest your money, keep them in banks with good insurance policies. Most banks guarantee deposits up to $100,000 per person. In that amount, it is wise to spread your money across many banks to get the best from insurance. The insurance does not only hold true to your money in banks but also to your other assets.
Be a Wise Investor
Your millions are your hard earnings. It is the fruit of your precious time and effort. Therefore, before you invest your money, understand the market where you will put it. A wise investor makes a research of the in and out of the business. You can do direct observation or work with a person known to be an expert in the field.
CONCLUSION
The road to wealth is challenging. Nevertheless, if you have the four essential wealth skills, everything will be easy. Remember, you can make money from scratch but once you have it, learn to budget your money, make it work for you and protect it. Although wealth does not come overnight, you can start adapting and mastering the skills now. The earlier you start with the skill, the earlier you become rich.
