It is not uncommon for people to ask me how I build my wealth. My own company has grown 10x over the past two years, so I think I am quite qualified to advise on this matter.
What pains me is when I see people already getting into heavy debts before they come and see me. It is for this reason I write this article, with the hope that I can lift off the curtain for many of them, and they have realistic, practical expectations on how wealth is actually built.
- Cut Spending
Whether you are a young person just coming out of society, or someone who has been working for some time, it is a good practice to always look at your expenses and think how you can reduce it. I know this is quite unconventional of many other speakers who will probably advise you on how to grow your income, rather than to cut spending.
However, I believe in a two-prong approach and that both attack and defense is necessary. If you are always complaining that you have no money, then stop spending it unnecessarily.
Every cent that you have saved is a cent towards your investment. Don’t save for the sake of saving – but safe knowing that the money saved will eventually be invested.
Financial investment is one of the ways to strengthen your finances, but unfortunately, you cannot be in the game if you don’t have any money to invest in the first place. So start saving and live frugally!
- Quit Your Comfort Zone
After you have cut and limited your spending, the next step is of course to scale your income. But how do you quickly and efficiently scale your income? You can have two sources of income, get more experienced in your work and what not – but the bottom line is that you need to increase your skill and network.
How do you increase your skill and network? By attending more class. I used to be a seminar junkie before I am a speaker today. Make it a point to attend at least THREE seminars a week – and there are so many free seminars offering so much valuable information these days!
Go learn some new skill and distribute your name cards around the room! Better skill, make a website and get traffic to your website. A website is a good way to showcase your skill, just like my Facebook and LinkedIn Page. It is also a tremendous way to stay connected with your customers.
Not necessarily you must attend my course, but don’t just go back home after work and sulk that you have no money. It doesn’t help with your situation. Get more contacts and have more skills will eventually increase your income.
- Your Job
Start thinking are you suitable for your job? If you are not – then change your job! Don’t get me wrong, I am not saying that you must completely change your industry, but merely the level in which you are at right now.
Within the same industry, each level will require different expertise. Take for example if you are an interior designer. You will need to design and satisfy the need of your clients. It is the safest job, but definitely, the one that comes with the most hassle?
If you don’t like it? Consider being the person who builds the showroom instead. The person who builds the showroom, however, incur a different kind of risk because they usually have to fork out their own money – apart from the minimal deposit – to build the showroom before being reimbursed. What if your client doesn’t pay up?
I hope this short article clarifies on how you can get in a better position financially. If you need any further advice, please contact my team at details below. Besides that, follow the link below and join me in my FREE three hours “Die With Massive Debts” preview class – you’ll discover some ways to make some side income.
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