I knew the headline would get your interest but when you have read my seven tips ask yourself if this is really for you.  You see, most people who are not rich think they will be happy when they become wealthy.  Well it just ain’t so. What actually happens is the wealthier you get the more you become of the person you already were.  So if you were mean you become even more mean the richer you become, if you were happy then the happier you become and so on.

 

The truth is the majority of wealthy people are self-made.  They have generated their own wealth usually through sheer hard work, persistence and calculated risk-taking.  They have made sacrifices and they have practised deferred gratification.  They have focused on their goals until they have achieved them.

 

So before you decide to become rich you have to ask yourself do you want it so badly that you are prepared to work hard and make a lot of sacrifices in order to achieve your goal.  If the answer is yes then read on.  If the answer is no, don’t bother reading any more as being wealthy is not for you.


 

Here are my eight tips

 

  • Practise win:win

 

In all of your dealings with other people, always seek a win:win solution.  Don’t settle for a win:lose position because it will cause resentment and create a poor relationship between you both.  You always want harmony with the other person so there is never any bad feelings between you both.

 

  • Use the power of leverage 

 

Leverage means using something to maximum advantage.  So it follows that you should use other people’s time, skills and money wherever possible.  In other words outsource and delegate as much as possible but in an entirely ethical way.

 

  • Be a calculated risk taker

 

You need to speculate to accumulate but not in a reckless manner.  Carefully weigh up the pros and cons and use your common sense.  Make sure the odds are heavily stacked in your favour.  Most importantly ensure that the downside risk is very limited but the upside potential is very large and ideally unlimited or exponential.

 



  • Build your network  

 

Your network is literally your net worth.  You have to build your network of clients, customers, prospects and introducers.  Your personal network is your goldmine.  After all it’s not what you know but who you know.  Help connect other people and they will reciprocate.  Remember win:win.  Work at it continuously..  

 

  • Be a lifetime learner but not an academic one  

 

The more you learn the more you earn.  Learners are earners.  Self-education is far more important than academic education.  Formal education will get you a well-paid job but self-education will make you a fortune.

 

  • Be trustworthy, honest, ethical, well-mannered and likeable

 

It doesn’t cost you anything to behave this way.  It will earn you respect and most importantly trust.  It can take you a lifetime to build trust but you can lose it in an instant.  Ironically you will do more business if you behave this way than not.  That’s because people want to do business with people they trust and like.  It also means you will get lots of repeat business from existing customers and referrals to new ones.  Behaving any other way is costly and foolish.

 

  • Be persistent 

 

I left this character trait to last because it is the most important one.  The road to success is not a steady upward climb.  Far from it.   Expect a rocky road ahead and don’t expect it to be easy.  If it were easy everybody would be successful.  Remember you are the exception.

 

Persistence means never giving up.  Let me qualify this.  Never give up if it’s just a dip in the road.  If it’s a cul-de-sac think again.  No point pursuing a dead end.  You have to be realistic after all.



 

  • Follow your passion

 

Don’t wish to become rich just for money’s sake. Do something you love or at least something you believe in. Ideally, follow your passion. That way it will never feel like work and you are more likely to succeed.

 

Follow these tips and you are much more likely to succeed and become wealthy beyond your wildest dreams if that’s what you really want. Do keep things in perspective though. The best things in life are still free such as love, friendship, family, respect, experiences etc. You know it makes sense.*

 

 

RISK WARNING

*The value of investments can fall as well as rise. You may not get back what you invest. The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction. All information is based on our current understanding of taxation, legislation, regulations and case law in the current tax year. Any levels and bases of relief from taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future. This blog is based purely on personal opinion and experience.