6 Simple Ways To Build Wealth: Advice from Multi-Millionaires

7

September 18, 2013 by Asher

YNABPhoto: YNAB App.

Money alone won’t make you happy, but it sure does allow you to do the things that do. In other words, it’s an important means to an end. If you have money concerns, you won’t be able to free yourself to focus on doing what matters to you most – work that is fulfilling and projects that bring you joy and satisfaction.

When you have “financial freedom” – when your income covers your lifestyle costs, you can fully dedicate your time and energy to doing what you love. Paid or not.

Imagine what life would look like if you had no concerns about money! I’ve been blessed to meet and work with several multimillionaires over the years, who all share common beliefs and practices about money that I try to live by (though some more successfully than others…).

Here are 6 tips to get you closer towards financial freedom – Most of which come directly from Dave Ramsey, the most famous financial coach, bestselling author, radio host, speaker, and entrepreneur:

1. Develop An Abundance Mentality:

Money is not a finite resource. We say “how much do you make?” – it’s literately there to be made, to create. Many people grow up with unhealthy, limiting beliefs about money – we’ve all heard people say “money doesn’t grow on trees”, “money is the root of all evil”, etc. But the truth is, money is abundant and available to be made by anyone. It all depends on how you approach and understand money. Furthermore, money has no inherent value – it’s a tool, what you choose to do with it makes all the difference.

You can change how you think about money by intentionally re-framing the concept in your mind and opening up to new ideas from successful people. Some of my favorite books on the topic are: Think and Grow Rich (Napoleon Hill), Thou Shall Prosper (Rabbi Daniel Lapin), Total Money Makeover (Dave Ramsey), and Secrets of the Millionaire Mind (T. Harve Eker).

2. Live Below Your Means:

Dave Ramsey says: “Act your wage.” This simply means spend less than you make and avoid debt at all cost! But most people live above their wage, and most people are in debt. And when you’re in debt, it’s very difficult to build wealth.

“We buy things we don’t need with money we don’t have to impress people we don’t like. But if you will live like no one else, later you can live like no one else.”
– Dave Ramsey

 

3. Get on a “Zero Based Budget”!

A Zero Based Budget means you assign each dollar to a specific category before you spend it so you don’t have “too much month left at the end of the money“… and doing so, you can ensure you pay off debt or invest each month with intention.

The best way to set up a Zero Based Budget is by using a personal finance app such YNAB (my personal choice).

4. Track Your Progress:

What isn’t measured, will never improved. Schedule time each week with yourself or your spouse to have regular “Wealth Creation” meeting to review, analyze, and plan your financial future. At first it may feel like a burden, but once you gain full control and “feel on top of things” with specific goals and a clear plan, you will feel excited about it.

“Pray like it all depends on God, but work like it all depends on you.”
– Dave Ramsey

5. Get Proactive:

Every human being has a been blessed with their own skills and talents. Everyone – including you! Some choose to ignore them, but you shouldn’t. Aside for making your impact in the world, you can find creative ways to utilize your skills and talents better to create additional streams of income. Don’t just wait for a promotion at work – earn it, expect it, and demand it of yourself. Get creative about ways to make additional income: Sell stuff on eBay or create a course to teach online… There are so many ways to make money online – but you need to get proactive!

Asher Abraham

6. Donate 10% of Your Income:

This is the most important tip. When you do good with your money, more will come to you. This is the one area you can even test God on – and I do every month, and it always comes back in the form of new clients or new income opportunities. If you want to be wealthy, this is a tried-and-tested formula! Be sure to have a 10% Charity category in your Zero Based Budget and track exactly how much you donate to good causes.

If you’re looking to make a difference with your charitable donation, here is an opportunity: Help heal a child and sponsor my off-road bike ride in Northern Israel to benefit the Alyn Children’s hospital.

 

So now it’s your turn: What are some of your tips for creating wealth? Please leave your comment below.

 

Want to stay #PluggedIn and get more high-performance life and business strategies? Be sure to connect with me on LinkedIn, “Like” the blog on Facebook and subscribe with your email (on the right side bar) so we can stay in touch – and hopefully, meet in person one day soon!

7 thoughts on “6 Simple Ways To Build Wealth: Advice from Multi-Millionaires

  1. Gaston says:

    Heya i’m for the first time here. I found this board and I find It really useful & it helped me out much.
    I hope to give something back and aid others like you aided me.

  2. each time i used to read smaller articles or reviews
    which as well clear their motive, and that is also happening with this paragraph
    which I am reading now.

  3. Brady says:

    It’s hard to find your posts in google. I found it on 13
    spot, you should build quality backlinks , it will help you to increase
    traffic. I know how to help you, just search in google – k2 seo tips and tricks

  4. Solomon says:

    I see a lot of interesting content on your page.
    You have to spend a lot of time writing, i know how to save
    you a lot of time, there is a tool that creates readable, google friendly posts in couple of minutes, just search in google – k2 unlimited
    content

  5. Do you have a spam problem on this site; I also am a
    blogger, and I was wantkng to know yokur situation; we havve developed some nice
    practices and we are looking to swap solutions wwith others, be sure to shoot me an email if interested.

    Feel free to surf to myy bloog postt …
    social media management in hertfordshire

  6. Leola says:

    I see you share interesting stuff here, you can earn some additional cash, your
    website has huge potential, for the monetizing method,
    just search in google – K2 advices how to monetize a website

  7. Kareem says:

    I read a lot of interesting articles here. Probably you spend
    a lot of time writing, i know how to save you a lot of time, there is an online tool that creates readable,
    google friendly posts in minutes, just type in google
    – k2seotips unlimited content

Leave a Reply

Your email address will not be published. Required fields are marked *