A very common phrase is ‘Slow and steady wins the race’, we’ve grown up hearing the expression because of the childhood fable of the Hare and the Tortoise. So how can we apply the moral of the story to increase our wealth?
Thanks to the highs and lows of the economy, these fluctuations have a major impact on our savings as well as investments and on a much broader scale, on our jobs and companies. Challenges such as these might make it seem impossible to build up a steady supply of wealth, but it is actually quite simple to make sure a constant supply of money gets invested into your bank account.
Sacrifices must be made
Those people who live off their salaries, as well as financially struggling students, might find it difficult to save a small portion of their income every week or month, the key to this problem is that a steady source of income is absolutely essential. Of course, sacrifices must be made in order to save up a certain amount.
- Increase your potential: The way you think about yourself can increase your potential. Positive self-reinforcement boosts up moral and in general, make you more self-confident and assured. If we think a goal is impossible to achieve, then the only obstacle in the path of the said goal is our way of thinking. The more you start believing in yourself, the more will you work towards your goal, making it achievable.
- Have long-term goals, than shorter ones. You can either choose to survive on a day to day basis or a monthly one. Rather than satisfying your immediate wants, think of investing in those stocks which will benefit you in the long run.
- Serious changes to your life: You have to be prepared to make some serious changes to your life. If you really want to achieve something, then you have to be prepared to lose something to achieve that. Compromises can be made in your everyday life, just to build up wealth; you can wear dresses for a longer duration, don’t splurge on unwanted items or even make major renovations to your house. Think of saving every penny.
- Do what you love. Granted, most of us have jobs and careers that we don’t like, but what builds up wealth is a job that you like with a passion. Passion is what drives and motivates a human being to wake up in the morning and investing in this passion with your job makes it easier to build up the cash.
- Try outsourcing yourself: Instead of having one job that pays you the bare minimum, try outsourcing yourself. Earning extra cash in the weekends is always a good opportunity to increase your wealth. Thanks to the fast-paced digitalization, freelance opportunities are at your fingertips.
Ask yourself what does success mean. Of course, riding around town in a limousine is a wish that we all secretly hope will come true, but you should also make sure that you try and build something valuable to the society to make it a better place in the future.