Understand the steps that can help you build lasting wealth
Find and develop specific knowledge and skills that are innate to you
Figure out what you were good at as a child or teenager and build on that knowledge. If you’re not sure what this is, ask your mother or best friend from childhood. For example, if you are good at persuading or negotiating with people, then you’re a natural salesperson. If you’re good at digging for information or gossiping, you may make a good journalist.
Play the long game by developing long-term relationships
Once you find the right career and right people to work with, invest deeply in them. For example, offer the other person something extra when negotiating a business deal. Work hard and show integrity to build trust.
Build or buy equity in a business to gain financial freedom
You can become financially free by gaining ownership of a business. You can buy a company’s stock, invent a product, or start your own business. Owning equity allows you to make money even while you’re not actively working.
Leverage your knowledge, time and effort
Find some knowledge (e.g. from hobbies and passions) that only you or a small number of people are aware of and use it to make money. If society doesn’t yet know how to train people to gain this knowledge, then you can get paid extremely well for it. You can also create a product that you can replicate cheaply, for example, books, movies, or software code. Copies of the original product can automatically sell themselves as you sleep.
Value your time at an hourly rate and be ruthless with how you spend it
Set a high hourly rate for your time and stick to it. Decide that you are worth more than what the market thinks and treat yourself that way. Then, avoid any activities that eat into your time. For example, if your sink is leaking, hire someone who can fix it for less than your hourly rate instead of fixing it yourself. Spend your time on tasks that help you maximize your time so that you can earn as much as possible.
Build your character and reputation to attract opportunities for wealth
When you have a good reputation and integrity, people seek you out to help solve their problems. They will approach you with lucrative deals and give you a cut of the pie because they know you’re trustworthy.
It takes time to build success and wealth. Create the right strategy and follow through on your plan no matter how long it takes. Focus on developing your skills instead of counting the years and worrying about success.