Strategies for building wealth
In many ways, owning a business is a metaphor for life; it’s a balancing act that requires resilience and skill in order to stay afloat. If you’ve been in business for long enough, however, it’s likely you’re beginning to wonder if simply making a profit is a worthy enough goal. Rather than subsistence, you’re likely craving abundance and the sense of security it provides. You might realize that building wealth is key to creating prosperity. But many people struggle with creating wealth due to misconceptions about the nature and process of wealth-building. The good news is that with the right mindset and effective strategies in place, you can master how to build wealth, elevating your business – and your life – to the next level.
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Building wealth is about more than just money
The first step in understanding how to grow wealth is realizing that abundance is about far more than just money. Tony Robbins makes a distinction between monetary wealth and true wealth. While the former secures your purchasing power, only the latter can secure genuine, lasting happiness. The difference is simple: Instead of purchasing happiness, money itself is merely a vehicle to carry you to financial freedom. Then, with financial freedom in place, you become able to pursue your dreams and find lasting fulfillment. Keeping this distinction in mind will prepare you for the second step in building wealth: focusing on finances as they relate to your values.
How to build wealth and keep it
The second step in building wealth is cementing an unshakeable mindset that recognizes your finances as a tool for pursuing what matters most to you. By building your deepest values into your approach to creating wealth, you align your financial decisions with your passions. To discover your deepest values, ask yourself: What do I want most out of life? What is missing in my life? What are my biggest fears? What do I feel is impossible? What do I want for the people I love? Once you get in touch with your value system, you can align your spending priorities accordingly. Incorporate these priorities into a feasible budget for living below your means and track your spending to hold yourself accountable. Once you’ve developed a baseline of financial freedom, you must “put your wealth to work” by investing it wisely.
Overcoming emotional spending to retain your wealth
A critical component in building wealth that stands the test of time is keeping the wealth you accrue. Like growing wealth, keeping wealth requires making mindful decisions about how you invest and spend your money. Instead of letting emotional (unmindful) spending derail your finances, you must learn to control your emotions. As you develop emotional mastery, you’ll find that, by becoming aware of how your feelings are influencing your financial choices, you gain the ability to make deliberate spending choices. In turn, as you tap into your inner creativity while sticking to your financial strategy, you’ll become confident in your ability to manage your finances. The resultant cycle creates upward momentum – in learning how to build wealth effectively, you increase your self-efficacy, which in turn allows you to build more wealth.
Learning how to grow wealth requires self-discovery
Tony Robbins’ philosophy on financial freedom centers on self-discovery and personal growth as linchpins for growing wealth. Self-discovery is so pivotal to responsible money management that research studies have investigated the relationship. A study of more than 600 millionaires found that millionaires invest more time in personal-growth activities like reading and exercising than do non-millionaires. Millionaires also manage time wisely, likely recognizing time as a limited resource that must be utilized strategically. The study concluded that, with millionaires as the ultimate example of how to build wealth, a person’s ability to develop prosperity hinges on their ability to engage in self-discovery.
Growing wealth: Strategies to jump-start your process
The process of self-discovery in learning how to grow your wealth doesn’t need to be complicated. Instead, discovering your true self is really just a matter of bringing awareness to your actions, behaviors and underlying beliefs. Take, for example, actor Russell Brand who famously overcame addictive behavior by cultivating discipline and awareness into his life.
In learning to recognize negative patterns, you too can take the first step in breaking free from unhelpful behaviors that are holding you back from creating wealth in your life. To jump-start your own process of self-discovery, incorporate mindfulness meditation into your daily routine. Tony Robbins completes a 10-minute priming exercise every morning to channel his energy and focus for the day. By bringing your body and mind into alignment via focusing your breath and attention, you become able to master your emotions and gain deeper insight into your values and motivations. As such, mindfulness meditation is a simple yet effective strategy for learning how to grow wealth.
Want to learn more about developing financial freedom as your first step to building wealth? Get all the details in Tony Robbins’ bestselling book, Unshakeable: Your Financial Freedom Playbook.
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