Its time to start thinking about wealth creation

April 26, 2015 Sam Saggers

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“Your beliefs become your thoughts,

Your thoughts become your words,

Your words become your actions,

Your actions become your habits,

Your habits become your values,

Your values become your destiny.”

  • Mahatma Gandhi

This is a fantastic quote.

Read it over again carefully and think about how your life has been impacted through this chain of events.

Let’s start at the beginning.

Where do your beliefs come from?

They come from what you have heard – and said – about yourself. Repeat the truth – or a lie – over and over (whether it’s you or someone else speaking) and after awhile it will become part of your belief system.

For example, do you believe that you can’t become wealthy? Or that it’s something “someone else” can achieve?

How has that belief helped you?

Think about your own beliefs for just a minute. Are any of them inconsistent with a wealth creation mindset?

A survey of wealthy individuals discovered that they share many of the same behaviours.

These behaviours or “actions” come as a result of their beliefs, which were then put into thoughts that then led to the actions that resulted in their wealth.

Their lives are the result of living out the quote I referenced earlier.

So is yours!

Let’s see what the survey says…

  1. Wealthy individuals devote all of their energies to a single goal at a time. Research has found that 80% of them do just this!
  2. Wealthy individuals take care of their health, with 76% exercising aerobically. This really shouldn’t be surprising as our health impacts everything else in our life!
  3. When was the last time you read a good book? Wealthy individuals (63% of them) listen to audiobooks as they travel to work, making good use of their “free” time.
  4. Use a “to-do” list? So do 81% of wealthy individuals!
  5. As they say, “no man is an island.” Many wealthy individuals (79% actually) network for five hours or more each month.
  6. You’ll find that more than half (67%) watch less than 1 hour of television weekly.
  7. Many wealthy people (44%) are early birds – waking at least 3 hours before starting work!
  8. Luck is not part of the wealthy’s belief system. In fact, 84% say that good habits rather than luck creates opportunity.

These habits are a great place to start, but let’s keep going.

Cultivate the following beliefs to lead you on your wealth creation journey.

1. Anticipate the worst-case scenario

This isn’t “negative” thinking. It’s “forward” thinking.

Think of the worst possible thing that could happen right now to your wealth creation strategy and come up with things you can do to minimise or avoid the consequences of a negative event.

Another plus? Knowing that you’re prepared is a fantastic confidence booster!

2. Protect your assets

Estate planning is important, even if you’ve just started to build your wealth. Think insurances, trusts, estate planning and tax strategies.

It’s easier to protect it than to try and build it again!

3. Be attentive to your finances

When you know what you’re spending you’ll make better financial decisions. Pay attention to each expenditure that you make and spend it on paper (budget) before spending it in reality!

4. Improve your negotiation skills

Negotiation doesn’t mean there are winners and losers. Good negotiators find a result that each party can feel good about.

Learn how to negotiate – you could save 10% or more simply by learning strategies to getting a good price.

5. Ask for better terms

Ask for lower prices when purchasing and ask for higher ones when selling. Seems simple, right? It is, but it’s harder to execute because we don’t want to have people think badly of us.

We can’t control what others think of us but that doesn’t mean we shouldn’t try to get better terms.

Bottom line: don’t be afraid to ask for what you want. You just might get it!

For more wealth creation ideas and strategies, come along to our next Property Investor Night. We’ve got up to date market information, advice on how to grow your portfolio, slash your taxes and much, much more.

Seats fill up fast so book yours now!

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