Table of Contents
Building wealth is like building muscles. There is power in consistency and habits. You will not have a six pack after doing crunches for an hour, but do crunches for an hour on a consistent basis you are sure to see a difference.
The more you learn about fitness, the more you will understand which workouts to apply to your routine. Soon enough, you will see yourself reaching even your most ambitious goals.
The same goes for building wealth strategies!
Disclaimer: None of this is professional advice!
Speaking of, seeking out professional advice to help you on your financial journey can be a good idea if it is within your means.
“Better by far to consult the wisdom of those experienced in handling money for profit.” – The Richest Man in Babylon
Saving – Control thy expenditures
There is some debate on whether this is as important as making more income, but if you have bad spending habits, no matter how much you make those habits will continue and you will see all of your income as money for you to spend.
Probably the most fundamental wealth building strategy is simply to keep track of your money and have discipline on what to spend it on.
“That what each of us calls our ‘necessary expenses’ will always grow to equal our incomes unless we protest to the contrary.” – The Richest Man in Babylon
“For every ten coins thou placest within thy purse take out far use but nine.” – The Richest Man in Babylon
- “Part of all I own is mine to keep” – The Richest Man in Babylon
Planning and Budget Setting
Sometimes with a budget and savings goals things don’t go perfectly as planned but that is ok! The point is to keep trying and making any progress you are able to.
It can be easy to get discouraged but remember to give yourself grace and acknowledge all of the progress you have made and how awesome it is that you are trying to improve in the first place!
Remember: Every little bit counts!
Investing – Make thy gold multiply
“to put each coin to labouring that it may reproduce its kind” – The Richest Man in Babylon
Put that money to work! The main concept that all the money gurus and finance books is getting your money to make you more money.
There are multiple great methods of investing that are great ideas for anyone looking to find wealth building strategies.
One option is to start investing in a retirement fund such as a Roth IRA. In these Roth IRA accounts you can also usually invest the money into stocks and index funds while the money is still in the account!
There are also certificates of deposits (CDs) that can earn you much more interest if you allow your money to be held with them for a certain period of time. This option is super low risk and really helpful for building up non-emergency long term savings accounts.
Here is a list of a few really helpful podcasts to grow your investing knowledge.
Be wise and only invest in things you understand! Do not be tempted by some big instant pay out or a risky investment on something you know nothing about with money you can’t afford to lose!
“My treasure was lost. Today, my training would show to me at once the folly of entrusting a brickmaker to buy jewels.” – The Richest Man in Babylon
Whatever money you invest is money you are willing to throw away if there is a chance your principle is lost, for example, stocks. Or money that you can go a long time without having, like a retirement account or a certificate of deposit. (you should have an emergency savings that remains very liquid separate from investment money)
Learning! – Increase thy ability to earn
Investing in yourself and your knowledge of finance
One of the best first steps to learning about financial intelligence and building wealth strategies is to pick up a good book about it. Here are some fantastic books to help you on your financial journey.
- The Richest Man in Babylon
- Rich Dad, Poor Dad
- Think and Grow Rich
- The 4 Hour Work Week
- Atomic Habits
Start a business/ side hustle
Any start is better than nothing! Even if it is messy or you need to learn as you go, you still have begun! Which is much more than many people can say.
- The E-myth revisited is a fantastic book for any aspiring business owner or entrepeneur. It goes over the main pitfalls and mistakes people make and how to avoid/ recover from them.
“Because thou dost also labour and earn, thou hast every advantage to succeed that I did possess.” – The Richest Man in Babylon
Create a Better Relationship With Money
If you have a lot of struggles with money, chances are it isn’t the most fun thing for you to think about. Which means it is less likely that you will be in the right mindset to start a budget and look for smart investment opportunities.
If you have a lot of deep rooted issues with money and wealth, consider writing a letter to money itself. (it sounds odd but hear me out). Write about your experiences with it and really figure out why it is you struggle so much with it.
Are you afraid money will change you for the worse? Do you subconsciously think money is the root of evil? Maybe you think that you don’t deserve it? This is just a small handful of examples as to why people dislike thinking or talking about money.
Money is like fire. When you spend your life seeing and focusing on the damage it can do, you forget how it can also be a force for good when in the right hands. Which could be your hands.
Fire can keep you warm in the winter, it can cook your food and clean your water, and it can bring people together to sing songs and enjoy each other’s company.
Think about why building wealth is important to you. Perhaps you could provide a more secure and fulfilling life for yourself and your family, or simply have the means to help out a friend if they ever need it. Channel your desires and dreams into these wealth building strategies and go after it! You got this! Turn your “one day” into “day one”.
