7 Uncomfortable Things You May Have To Do If You Want To Be Wealthy .Read Now!
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Who wouldn’t want to experience the freedom and abundance that come with being wealthy? It’s a desire that resides deep within everyone, but the truth is, not everyone will be fortunate enough to win the jackpot that instantly transforms their lives. For the majority, achieving wealth requires something far more profound: hard work and sacrifice.
To build the life you want, you have to do new things you’ve never tried before. You have to get out of your comfort zone and push yourself beyond the boundaries of what feels safe and familiar. Only then will you unlock untapped potential and discover hidden opportunities.
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So how do you get uncomfortable in order to get rich?
You need to change your current lifestyle and adopt new money habits and mindset that will require you to push yourself to new limits and embrace challenges.
This article explores seven uncomfortable things you may have to do if you want to be wealthy.
Think Beyond a Steady Salary
You have probably heard the phrase, “you cannot build wealth if you are working a 9 to 5 job only.” While you might be able to rise up the corporate ladder or change employers/career paths to increase your salary, that might not be enough for two main reasons.
First, it is not sustainable, as you will eventually reach your maximum earning potential. Second, it is risky as you can lose your job at any moment, which might slow your wealth-building plan, especially if you can’t find a suitable replacement soon.
So, how can you start thinking beyond your steady salary?
You need to be less dependent on your salary. You shouldn’t quit your day job but instead, find ways to supplement it by building passive income streams through investing and starting a side hustle. Wealthy people typically have more than one source of income and rarely depend on a monthly paycheck.
With passive income streams, you can increase your income, allowing you to save more and accumulate wealth. And if you start a side hustle, you can slowly grow it and later pivot from employment to entrepreneurship.
Read Also: What to Do When You Don’t Make Enough Money
Change Your Circle and Network
Your network is your net worth. To be wealthy, you might have to change your circle and start associating with more like-minded people. People who are already wealthy or those who share your dreams of making it.
It is easy to pick the money attitude of those we associate with daily. For example, if your friend circle comprises spenders who profess the “you only live once” or “tumia pesa ikuzoe” mentality, you will likely adopt that mindset too. And if your friends are focused on saving and investing money and acquiring assets, you’ll likely be infected by their smart money habits.
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If you want to become wealthy, it is time to vet the people in your circle to ensure they are not holding you back. And it is easy to identify them as they possess toxic traits such as a lack of long-term planning, encouraging extravagant spending, living paycheck to paycheck, and constantly borrowing money from you.
To be rich, you need to ensure your circle is made of people who:
- Provide new opportunities and expand your connections.
- Enhance your professional strength and generate ideas/solutions.
- Offer support during slumps and provide a platform to express and vent.
- Foster a positive mindset, promote accountability, and motivate you.
- Encourage learning, personal growth, and share similar values/goals.
d Also: Financially Toxic: 6 Types of Friends Who Are Harming Your Finances
Be Willing to Take Risks
The most uncomfortable thing you might have to do to be wealthy is take risks. In finance, this involves any intentional or unintentional financial act with a presumed uncertainty about the result that you undertake.
Investing your money or starting a business is the most significant risk you can take to get wealthy. They will allow you to increase your income, accomplish your goals, and be financially independent. But it is important to remember the risk-reward conundrum. If something like investing, promises high rewards, it typically comes with a higher level of risk. Similarly, starting a business involves uncertainties and challenges that can impact its success and profitability.
Apart from investing, other risks you can take include learning new skills to change your career, leaving a comfortable job for a higher-paying new job, and asking for more responsibilities and salary at your current workplace. Before taking any new risk, always consider your risk tolerance and have a risk management plan if things don’t go according to plan.
Be Ready to Be Frugal
Building wealth typically involves saving and investing money over time to accumulate assets and increase your income and, ultimately, your net worth. However, achieving this can be impossible if you are a chronic overspender. Overspending means spending more money than you earn or spending money on unnecessary or frivolous things, which can hinder your ability to save and invest effectively.
Overspending hinders wealth-building by limiting savings and can lead to debt. To be wealthy, you need to be mindful of your spending and prioritise long-term goals over instant gratifications. You can do this by learning to be frugal, i.e., conscious of your spending, minimizing waste, and prioritizing saving and financial responsibility.
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To be frugal, you need to adopt habits that pave the way for financial stability and long-term wealth-building. They include: living below your means, shopping smarter to save money, cutting out unnecessary expenses, not keeping up with the Joneses, renting or selling unused items, and avoiding “get rich quick” schemes.
Borrow and Use Other People’s Money
Using Other people’s money to build wealth refers to leveraging finances outside your pockets to increase your net worth. This process usually involves using borrowed money to finance a project or business. The money can be from bank loans, investors, family and friends, venture capital and angel investors, crowdfunding, grants, and mergers.
Wealthy people use this strategy to accelerate the growth of their business and investment portfolio. This increased pace of growth can lead to higher profitability. Additionally, depending on the type of funding /financing used, they can diversify risk, preserve their capital, and magnify returns.
While this strategy has the potential to help you build wealth faster, you should be aware of the risk associated with it. For instance, if you borrow money to finance an investment, you will still be on the hook to repay that money even if the investment fails.
Change Your Mindset
Your money mindset refers to the set of beliefs and attitudes you have about money and wealth. If you have a negative mindset toward getting wealthy, those negative thoughts can hold you back from reaching your potential. For instance, if you believe getting wealthy is luck or only rich people get wealthy, you are less likely to do anything to be wealthy.
Legendary investor and billionaire Warren Buffet once said, “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.” The first step to being wealthy is believing you can be wealthy. Once you have developed the right mindset, you can set your goals and be motivated to achieve them— because it is possible.
Stop Dreaming and Start Taking Actions
Success and wealth don’t come to those who just dream about it but to those who take consistent action. It doesn’t matter how grand your dreams of attaining wealth are; you will never achieve them if you don’t start taking action now.
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One thing that often holds people back and prevents them from taking action is procrastination. Whenever they don’t feel like doing something, they tend to procrastinate and delay the work. However, to realize your dreams, you must stop postponing your actions to the next month or year. Procrastination can foster many bad habits, including laziness, preventing you from accomplishing your objectives and negatively affecting your finances.
What sets wealthy individuals apart is their ability to take action even when they don’t feel motivated. To be like them, you need to develop a habit of taking action and overcoming procrastination.
