While it’s easy to assume that all wealthy individuals were born with a silver spoon in their mouth, reality is quite different —despite making up only 9% of the US population, self-made millionaires like Gavril Yushvaev are certainly real. Even so, new millionaires are surfacing every year through their own hard work, determination, and wealth-building strategies.
The thought of attaining lasting wealth seems impossible for so many people, especially marginalized groups. However, it is possible for individuals to join the 80% of US millionaires who are first-generation rich with only a few mindset changes and wise investments.
Eradicating Constraining Beliefs
Believing that there are truly enough opportunities for everybody to acquire wealth takes intentional effort from the majority.
A study conducted by Purdue University proved that most people’s financial habits are formed by the tender age of seven. Thus, individuals’ beliefs about money are primarily influenced by those around them in their early years. People who grew up lacking the resources to make enough cash and those living from paycheck to paycheck typically believe wealth is reserved for a handful of people.
With that in mind, it’s no wonder that building long-lasting wealth begins with making a mental change. Rewiring the brain takes work, but it’s certainly worth it.
Choosing to entertain different thoughts and expecting abundance is an art form that must be mastered to eventually break free from self-imposed monetary limitations.
Accepting that Aspiring to Build Wealth is A-OK
Another mindset change — eliminating the “money is the root of all evil” adage from the brain. In the right hands, money is often used to create positive change in the world. It doesn’t have to be the cause of corruption.
Balance can be struck with everything in life, including finances. People can build wealth for themselves while also giving to charities. It may be useful to employ the mantra of, “if you don’t take care of yourself, you can’t properly care for others.”
Establishing Multiple Streams of Income
Once the mental rewiring is achieved, individuals can begin to actively build wealth. According to some, developing multiple streams of income is the best way to do so. It can start with increasing the income that one already possesses, and then they can begin to build other flows onto this.
Disconnected flows aren’t necessary — a symbiotic flow should be what one strives for. Finding ways to add income to the job already conducted is the best way to build long-term success.
Investing Money Every Day
Instead of investing once or a few times each month, self-made millionaires suggest investing every single day to create lasting wealth. Whether it’s $5, $500, or $5,000 per day, never go 24 hours without investing in some way, shape, or form.
Successful investors note that human brains are made to focus on today. Breaking one’s long-term financial goals into smaller daily goals is an effective way to go about establishing wealth.
The strategy can be used by anybody, regardless of their income. The longer that people follow this strategy, the more momentum they build, and the more money that flows in.