Photo by Austin Distel
Many people have the misconception that wealth and money is the same thing but it is not. Wealth refers to assets that earn even when you are sleeping or not working. On the other hand, money can be earned by transferring time and wealth. All the wealthy people of the world focus on creating wealth instead of money. Achieving financial security is possible when you develop a wealth making mindset instead of a money-making mindset. Hard work will help you to make money and smart work will help you in making wealth. Another truth bomb is that it is hard to get rich if you are making money by renting out your time. To achieve financial freedom it is important to earn with your mind instead of time. The good thing is that in 2022, there are a plethora of options to make wealth instead of struggling to make money by renting out your time. Here is how you can grow your wealth instead of making money by following the hard way.
1. Say no to debt
The very first way to focus on growing wealth is by saying no to debt which acts like a marsh and it is difficult to escape it. Taking debts is like creating financial problems for yourself. Therefore, try to stay away from debt as much as possible. If you already have debt on your shoulder, try to repay it to save the extra money that you will end up spending because of the interest rate. If you are debt-free, vow to stay debt-free even in future.
2. Invest
The simplest way of growing your wealth is by investing it. Making investments is not rocket science. It is in fact recommended to invest as early as possible. On the basis of your needs, you can either go for short-time investment like investing in a stock market or Lottery Sambad or long-term investment. You can make investments in the stock market, mutual funds and keep your money in high-yielding savings accounts. Another popular way of investment includes investment in real estate. However, you will already need a huge sum of money to invest in real estate. While making investments, ensure that you do not put all your eggs in one basket. Try to diversify your investment to stay safe.
3. Work on developing a passive source of income
The internet presents you with plenty of options to create a passive source of income. For instance, you can start a blog, podcasts or a YouTube channel for something that you are passionate about. You can also create one digital product and sell it multiple times through platforms like Etsy or develop a website for selling different lottery tickets like that of Dhankesari. You can also start an online store for delivering tangible products. One will have to invest time and effort, especially during the early stage of such processes. However, once the structure is developed, it can work on automation giving you a passive source of income without any actual work in the later phase.
4. Start or invest in a business
If you want to accumulate wealth on a big scale, it is recommended to start a business. Many start-ups in the current world have millions and billions of investment. Nothing can fetch your wealth in a better way than starting a business. If you cannot start a business due to some reason, you should at least try to invest in a business and get some equity in it. Many angel investors invest in small start-ups and reap the benefit of their investment once the start-ups grow. However, judgment plays an extremely critical role in making such profit-making investments.
5. Change your mindset
Often middle-class people are taught to earn money and not to make wealth. However, if you really want to accumulate some real wealth, you have to change your mindset. The wish to make wealth is not wrong and you should not be told otherwise. Money can help you in solving many external problems and therefore, you should not be feeling bad for wanting to make wealth. Change your mindset and accept that you want to accumulate wealth. Once you are true to yourself, focus on growing your money and create wealth out of it. Let go of the fear.
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