Building wealth isn’t just about working your fingers to the bone or begging the boss for a raise. From cutting expenses to embracing self-promotion, here are some effective strategies for increasing your wealth and quality of life:
Stop watching the clock
If all you ever do is focus on how much you get paid per hour, you will be working long hours for the rest of your life. Take a lesson from Tim Ferriss’ “The 4-Hour Workweek” and start thinking about how you can get paid for results instead of time. You will be motivated to work smarter, not longer.
Don’t shy away from self-promotion
Whether you are advertising your skills or a business, you need to feel comfortable doing it. Promotion can sometimes feel pushy, but it’s a critical part of business — especially if you are trying to establish a customer base. Use social media, local advertising and other marketing methods to get your name out there.
Stop confusing wealth with the appearance of wealth
You don’t need to become a full-fledged minimalist, but it’s time to trim the proverbial fat. Look at your budget and identify the ways you are throwing away money on overpriced nonessentials. Spa treatments, expensive restaurants, retail shopping excursions and unused gym memberships are excesses that can sabotage your financial health.
Change your playlist
When you are not working, you should be learning and gaining as much knowledge as you can, whether it’s related to your business or not. Listen to audio books and podcasts while you drive, shower and clean your house. You will find that it’s as relaxing as watching a show at the end of the day, but you will be getting a brain workout instead of just vegging out.
Monetize your talents
If you dream of earning $1 billion, start with your talents. If you have a valuable skill, you could create a business around your talents. Whether you are a skilled programmer with a vision for launching a development company or a fashionista ready to create your own product line, use your interests, passions and abilities to make money.