So you want to be wealthy? Well, becoming wealthy isn’t exactly something that just happens overnight. It takes skill, discipline, patience, and a deeper understanding of how money works. I’m going to share with you the top three ways for you to know if you’re going to be financially successful.
1. Check your perception on wealthy people.
The first way to know if you’ll be financially successful is to check your perception on wealthy people. When you see someone with money, how do you feel? Do you have positive or negative feelings? People who tend to have negative feelings about wealthy people may think that they’re selfish and evil. Why? They might have developed these feelings at an early age, whether it was learning it from their parents, friends, or from the media.
There are a lot of people who always criticize wealthy people by saying things like, “All they care about is materialistic things,” or “Look at them in their nice cars. What a show off.” Some people will see wealthy people with their businesses and say things like, “They’re so rich because they take advantage of the poor” or “All of them are cheaters and evade taxes” or “They’re only rich because they had an inheritance.”
The fact is, not all wealthy people are evil and conversely, not all poor people are good. There are many millionaires and billionaires that give back to their communities and make positive impacts to several individuals.
So what happens when you have negative perceptions of wealthy people? It’s simple. You psychologically train yourself to not become wealthy. Why? It’s because nobody wants to become someone they dislike. If you spend most of your life disliking wealthy people, why would you want to become one yourself? Your subconscious goal would be to make sure you will never be wealthy, which then acts as a self-fulling prophecy. You ultimately teach yourself to be poor and justify it by doing so.
"It’s because nobody wants to become someone they dislike. "
On top of that, the people you’ll tend to gravitate towards will be people with the same thoughts and feelings. You will most likely hang out with these people because you want to reaffirm your beliefs. I’m sure that you’ve heard of the saying, “Birds of a feather, flock together,” and that you are the average of the 5 people that you hang out with the most.
On the contrary to all of this, if you are a person who has positive perceptions of wealthy people, then this is an indicator that you will also find financial success. People with positive wealth mindsets will look at wealthy people and think, “How did they do it?” “What habits do wealthy people have?” “How can I do the same thing?” They will try their best to see how they can emulate wealthy people, rather than criticize them.
And who do these people hang out with the most? Of course, they tend to gravitate towards people with similar beliefs! This is just human nature. They want to be in an environment of similar positive-minded people. They want to reaffirm each other's thoughts and feelings.
2. Value Time
The second way to know if you’ll be financially successful is if you understand the value of your time. Let’s be real here. Time is finite and wealthy people are well aware of this. Wealthy people always try to find ways on how they can make more money by spending less time. Think about this. If you make $40 an hour at your job, how do you make more money? There are only two options; you can either get a raise or work more hours. But you see, there’s only a limited amount of time in a day so your income will always be capped by how much time you have. Wealthy people recognize this dilemma, which is why they have the mindset of paying others to do things that would save them time.
"Time is finite and wealthy people are well aware of this. Wealthy people always try to find ways on how they can make more money by spending less time."
"If you earn $40 an hour, would you want to do yard work that would cost $10 an hour to hire someone else to do?"
Well, if you’re passionate about yard work, then sure. But I’m almost positive that the majority of you don’t like to mow the lawn and rake the leaves. People who are financially successful tend to outsource these jobs to other people so they can utilize that time to make more money elsewhere. If you have a job, this is also why your boss hired you. It’s so he or she can save their time by paying you an hourly wage or salary so they can make more money themselves!
Now let’s dive deeper into that and talk about your value. First of all, why are you only worth $40 an hour or whatever it is that you’re paid? Is it because society says so? Is it because that’s what minimum wage is? Is it because that’s what your boss dictates? Financially successful people understand that just because they are paid a certain amount per hour, doesn’t necessarily reflect how much their time is truly worth. They often understand that their time is much more valuable than what others think. Financially successful people know that if they continue to have a scarcity mindset in thinking that their time is not valuable and sell themselves short, they will never become wealthy because they will believe they are not worthy of having a lot of money.
3. Invest and be Patient
And at last, the third way to know if you’ll be financially successful is if you invest and are patient. Financially successful people understand that they can never obtain financial freedom by just saving their money and putting it in their savings account. They know that inflation will always rise over time and eat away the value of their money if it stays stagnant in the bank. They understand that there will be one day where they won’t be able to work anymore so they have to find a method in letting their money grow passively.
So what do you do? You invest and let your money grow. By investing for the long-term, your money doesn’t just grow in a straight line, but in an exponential curve! Financially successful people know that investing in the stock market creates millionaires in the fastest amount of time! They understand that they shouldn’t work hard for money, but rather have their money work hard for them.
"By investing for the long-term, your money doesn’t just grow in a straight line, but in an exponential curve! "
I became financially free this year, meaning that I am able to let my other income sources, specifically with my stock market investments, pay for my monthly expenses. How is this possible? I invested in a lot of fundamentally strong companies and collected quarterly dividends. I also exponentially grew my wealth using this stock market income-generating method called the Wheel Strategy, which involves selling covered calls and cash-secured puts. I am still amazed to this day on how I can make thousands of dollars each month, just by spending 5-15 minutes each Monday morning on my phone.
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