There’s no better time than right now to accelerate your wealth-building efforts and transforming your financial future through a handful of savvy decisions.
Even though we are currently dealing with an economic downturn caused by a global pandemic the reality of the situation is that fortunes are made during the direst moments in history.
You have to be smart, you have to be savvy, and you have to be strategic. And if you are, you can transform some savings into a nest egg that you can live off of for years to come.
Let’s dig right in!
Your Investing Mindset is Everything
More than anything else—even more than the cash and capital you have to invest, the market conditions you are looking at, the investment vehicles you’re thinking about leveraging—your mindset and your thoughts about money and investing, in general, will dictate your success or failure.
This is critically important to hammer home. If you are gun shy about the idea of investing, aren’t able to take calculated risks with your money, and are generally “playing scared,” the odds are pretty good that you’ll never achieve the kind of wealth you are hoping to. Your money might be better off in an index fund or something similar.
If, on the other hand, you can embrace the realities of investing, there are plenty of rewards on the other end.
Your mindset and your feelings about money and investing are going to hold you back more than anything else. Conquer this piece of the puzzle and you’ll find everything else (EVERYTHING else) sort of falls into place afterward.
Embrace the “Invest to Learn” Approach
If you are serious about accelerating your wealth in a hurry you’ll need to embrace this mentality and approach to investing, and approach that as you focus on learning new markets, learning new investment vehicles, and learning new opportunities to create wealth. Do this as opposed to “investing to earn,” which takes the slow road to success.
An “investing to learn” approach can steer you towards the world of entrepreneurship, can steer you towards new and exciting investment vehicles you might otherwise have missed out on, and it can help you capitalize on investment opportunities that other people aren’t even aware exist.
This experience is going to make you a more comfortable and more seasoned investor, which in turn helps to armor your risk tolerance at the same time.
Entrepreneurship is a Rocketship
While a lot of people outside of the entrepreneurial world see entrepreneurship as a risky endeavor, there’s a reason why the wealthiest people on the planet are almost exclusively people that have started their own business. The important thing to embrace here is the full and total understanding of the fact that entrepreneurship is the wealth creation approach that offers you the most control.
Conversely, you won’t ever be able to control what the stock market does. You won’t ever be able to control what the real estate market does.
But when it comes to your business, you have an opportunity to pull an almost infinite amount of levers to create real wealth by making calculated decisions along the way.
It’s always a good idea to build your business with an exit in mind if you’re after true wealth creation, too. Systemize every step of the way, optimize your business as much as possible, and always remember that you are creating an asset that will generate wealth for you as opposed to a “pet project.” If you can sell this asset to a larger business, your net worth will balloon.
Every Dollar Has a Responsibility
The last thing we want to highlight here is the importance of understanding that every single dollar you have coming in (and every single dollar you have going out, too) should be tied to a very specific job and responsibility. When you start thinking of individual dollars as individual soldiers in your wealth-building army, your entire focus on wealth creation transforms overnight.
Now you’ll start to see these assets as force multipliers that can offer you a tremendous amount of leverage. This is a game-changing kind of mindset shift that can transform your wealth faster than maybe anything else.
You’ll be able to capitalize on opportunities that other people would have missed out on completely, but more than that, you’ll be able to create the kind of financial future you’ve always dreamed of—the kind of financial future that can change your life and the lives of your loved ones.