The wealthiest people in the world have more to offer than their Scrooge McDuck piles of gold. Strategy is the real name of the game when it comes to growing wealth. And there’s a lot we can do right now to start growing. let’s know about Strategies for Growing Wealth from Self-Made Millionaires
Create Multiple Streams of Income
This advice comes from self-made millionaire Grant Cardone. Think of multiple streams of income like branching out your business strengths. You already have the strong foundation of work you want to do. Take the opportunity you have to create a new branch on your business tree. Are you a writer who also loves anime? It’s time to reach out to anime shows to write for them. Are you a marketer who loves making videos for your clients? Set up a video portfolio and hit the video market on a freelance platform.
When you look at your contacts, interests, hobbies, and traditions, you can find all the opportunities you’ll need to grow your business tree. This doesn’t mean working your writing business and picking up a retail gig part time. Splitting your resources in ways that don’t work together is kind of like getting into a debate with yourself. Someone’s going to lose and it’ll always be you.
Creating a complex tree of income can actually protect you in the quickly moving markets. When one branch breaks from a windy blow of change, you’ll have the stability you need to pivot to another new branch without starting over from scratch.
Pay Yourself First
You’re the main character in your life and you deserve to feel like it. YOU are the best investment you’ll ever make and the ROI will prove it. We work our best and create our best ideas when we feel our best too. So before you pass along those dollars to anyone else, make sure your needs are met. Self-made millionaire David Bach was among the first voices to advocate for this strategy.
It may seem revolutionary. The work and grind culture of yesterday was all about sacrifice for the greater good of the business. But sacrificing our own care will leave us feeling like victims in need of escape. When we take the power to care for ourselves and our financial well-being into our hands, we’ll create the kind of ROI that keeps on giving.
Adopt a Growth Mindset
We’ve heard this one from so many places. There’s this children’s book version, The Bubblegum Brain. All the way up to Billionaire Bill Gates with his advice to focus on development and the organization he created to drive growth in education. Gates believes that “people with the growth mindset believe that basic qualities, including intelligence, can be strengthened like muscles.”
Adopting a growth-mindset means that we shift the way we view challenges. Each challenge we bump into can be an opportunity to learn and grow. The reason we don’t have the skills for the challenge is simply that we haven’t built those skills yet. When we adopt a growth mindset, we don’t have to be bad at anything again. We can just learn.
Do the Thing that’s Deeply Important To You
You have a unique perspective in the world and a mission that’s all your own. If you lean into that mission, you can tap into an infinite supply of motivation. As Billionaire Jeff Bezos puts it, “For a missionary, business is just a means to something much bigger.”
You already have everything you need to create your mission in the world. Ask yourself, if I could change anything in the world, what would it be? You have your answer and once you know it, you’ll have the motivation to become the extroverted, networking, business-building mogul you’ve always wanted to be.
Be a Competitor
We’re all different from each other. We choose different skills as we grow and live through different experiences. So the skills that your competitors bring to the table will be different from yours. When you show in business as a competitor, you allow yourself to find the strengths in your competition and learn from them. And since our potential for learning is literally infinite, you never have to give up. Competition can do incredible things in the world too. When we compete with someone else who shares our mission in the world, we can drive each other closer than we would alone. Billionaire Bernard Arnault considers competition to be his driving force. And I think he’s pretty happy with where he’s ventured.