5 Keys To 10x Your Net Worth ($10,000-$100,000)

Forbes Money Personal Finance 5 Keys To 10x Your Net Worth ($10,000-$100,000) Jeff Rose Contributor Opinions expressed by Forbes Contributors are their own. I’ll show you a new way to accelerate your wealth building. Following Jun 7, 2023, 05:35pm EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin Achieving financial freedom and building wealth can often feel like an elusive dream, leaving many of us trapped in a cycle of living paycheck to paycheck , burdened by debt, and yearning for a brighter future.

I understand this struggle all too well because I’ve walked that very path. However, through a series of transformative steps, I was able to break free from the constraints of a broke mindset and redefine my approach to finances. In this article, I will share the key strategies I employed to reshape my financial future, incorporating personal examples that have had a profound impact on my journey.

1. Drop the Broke Mindset One of the fundamental shifts I made in my financial journey was recognizing and abandoning the “broke mindset. ” Inspired by Robert Kiyosaki’s book, “Rich Dad Poor Dad,” I realized the importance of embracing a growth mindset and distancing myself from those who perpetuated a victim mentality.

My personal experience with my own father and stepfather’s contrasting advice exemplified the consequences of adopting a broke mindset. By taking a risk and choosing a path aligned with a growth mindset, I transformed my career and ultimately paved the way for the financial success I enjoy today. As shared by financial expert Melissa Houston in her Forbes article, ” Money Mindset Reset – 5 Tips To Align Your Mind With Your Profit Goals ,” breaking free from a broke mindset involves shifting our beliefs, attitudes, and behaviors surrounding money.

Houston advises reframing negative thoughts, setting realistic goals, and seeking financial education to foster a positive money mindset. MORE FOR YOU At The Bleeding Edge Of Ukraine’s Counteroffensive, The Ukrainian Marine Corps Switches Up Its Tactics Twitch Hit With Backlash And Boycott Threats—As Streamers Say New Rules Threaten Their Income Do You Have An Avoidant Partner? Research Explains How You Can Make Them Feel Secure 2. Stop Buying Liabilities The next crucial step in my financial transformation journey was to halt the habit of buying liabilities.

Instead, I learned to discern between wants and needs, focusing on investments that generate income , dividends, or interest payments. I vividly recall my desire to own a brand-new luxury car after graduating college – a BMW 5 Series! – driven by societal pressure and a misguided notion of success. However, a wise college professor imparted invaluable wisdom, leading me to inherit my grandmother’s paid-off 1998 Chevy Lumina .

Embracing this unconventional choice saved me from falling into the trap of car payments, freeing up cash to invest in my future and kick-start my journey towards financial independence. 3. Investing Over 20% (or More) Investing became a pivotal aspect of my financial growth, but it required redefining what investing truly meant.

Initially, I adhered to the conventional notion of investing in stocks, mutual funds, and retirement accounts. However, I realized that investing in myself and my business was just as crucial. By dedicating a significant portion of my income, at least 20%, to various income-accelerating ventures, I exponentially multiplied my net worth .

Financial columnist Stephanie Burns, in her Forbes article ” 5 Reasons You Need To Invest In Yourself As Much As Your Business ,” underscores the significance of self-investment. Burns argues “The solution is taking time for yourself. You may have multiple businesses in your life, but there is only one you.

This is not self indulgent or selfish, it is an absolute necessity. . ” 4.

Redefining What Investing Is Through personal experiences and the wisdom gained from thought leaders, I realized that investing extends beyond traditional avenues. I began to view investments as income accelerators, encompassing not only financial instruments but also opportunities to outsource, delegate, and seek guidance. For instance, hiring a virtual assistant to handle time-consuming tasks such as image selection for my blog posts allowed me to reclaim valuable hours and redirect my focus towards revenue-generating activities.

This investment in outsourcing translated into increased productivity, energy, and ultimately, business success. 5. Embracing a Holistic Wealth Mindset As my financial journey progressed, I realized that true wealth encompasses more than just monetary gains.

It involves cultivating a holistic mindset that prioritizes personal fulfillment, purpose, and overall well-being. I learned to value experiences, relationships, and the freedom to live life on my own terms. By aligning my financial decisions with my values and embracing a more balanced approach to wealth, I discovered a sense of abundance and contentment that transcended mere monetary success.

In her Forbes article titled ” What Exactly Is Financial Wellness And How Can I Achieve It? ,” financial expert and author Dani Pacarella highlights the importance of holistic wealth. Blair advocates for a shift towards considering emotional well-being, mental health, and relationships as essential elements of overall wealth, emphasizing that financial success alone is not synonymous with true fulfillment. The Bottom Line Transforming my financial future required a series of deliberate steps and mindset shifts.

By dropping the broke mindset, curbing excessive spending on liabilities, investing over 20% in income-accelerating ventures, redefining the concept of investing, and embracing a holistic wealth mindset, I was able to pave my path to financial freedom. Along the way, I drew inspiration from experts who shared their insights on Forbes. com, reinforcing the strategies that propelled me towards success.

Remember, building wealth is not solely about accumulating money but also about aligning your financial choices with your values, investing in yourself, and creating a life of purpose and fulfillment. By adopting these key strategies and seeking guidance from experts, you too can embark on a transformative journey towards financial independence and create the life you’ve always envisioned. Follow me on Twitter or LinkedIn .

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