There is a definite pattern when it comes to building wealth or obtaining riches. I’ve been fortunate in my career to have worked with, consult and /or become friends with 23 millionaires. What I’ve seen is a definite skill set these individuals focus on.

And, I am here to tell you that any middle class American can implement these skills to achieve riches or at minimum the “rich” lifestyle. Unfortunately, most of my wealthy clients don’t know that they are applying certain steps in their lives. So I took it upon myself to record their practices to develop what I call, “The 7 Little Known But Powerful Skills of Building Wealth”.

1. Master the 10 money disciplines.

The top three are: Debt management, Credit Management, Tax Strategies

Once you have mastered these three things, you are on your way to developing a great relationship with your money. Meaning, you are controlling it and it’s not controlling you.

By mastering these 3 disciplines you’ll begin to see where your money goes, how much your borrowed money is costing you, and how much more money the government will let you keep if you’re set up correctly.

The mastery of these 3 disciplines alone could mean thousands of dollars that you get to keep in your bank account every year.

2. The “Need more milk, get more cows” technique

There’s an old story about a farmer who had a few cows that were not producing enough milk. So he tried to figure out how to get more milk out of his cows.
He tried everything from newer technology, better foods, even hypnosis… (I didn’t know you could hypnotize a cow?).

Anyway, as the story goes, after all that, the cows were still not producing enough milk.
What does this have to do with building wealth?

Good question.

At some point in your economic career you will ask yourself, “How do I get more money” or maybe “How can I increase my paycheck this month?”.

If your cow is not producing enough milk, get more cows. It sounds simple once you say it, doesn’t it? Obtaining riches in today’s economy is about adding multiple income streams.

Stop wasting your time trying to figure out how to get more money from your current paycheck. Instead focus on the answer, “what income streams can I add in addition to my current paycheck?

This way you find hidden assets and opportunities. If you don’t look, they are not going to land in your lap.

3. Principle of Association
Napoleon Hill, author of Think and Grow Rich, says in his book, that there are two groups of people in the world; those who expect wages and those that demand riches.

Assuming he is correct, then who are you hanging around? Are you rubbing elbows with other people who have the same dreams and goals? Are you learning from them, networking and taking notes?

These are two totally different sets of people with different economic perspectives.

4. Taking score (Play to Win).
Most of us Middle Class Americans get caught up in the “rat race”. We go to work and get a paycheck. Then we repeat this process over and over. It’s just not what the rich even considers. They take score and play to win. Wealthy people know how much money they are making right now.

They know what their goal is this month, in a year and in two years. Not just in savings, or 401k’s, but in cash flow. If they are straying from that goal, they change the game plan. They figure out what is wrong and make it right. They take score and they’re serious about winning the game on their terms only.

5. Discipline.
This is a huge skill to develop when striving for riches. Discipline is the bridge between a wish and an accomplishment. Riches, wealth building, or just plain old success is determined by a systematic method that regulates your behavior.

For example, one day you won’t feel like building wealth. You may just feel like going on vacation, spending time with family, or just taking a break from the whole wealth building thing.

Whatever it may be, something will try to knock you off course. The secret is to know this up front and set rules before they happen. If you know what you need to do, then do it before you go play or rest.

6. Expect, but Manage Failures

Here’s where it gets interesting. Surveying some of my most successful clients and colleagues I have discovered an amazing fact. This fact shocks me as it may shock you! Most folks that are wealthy still expect to fail.

You would think that since they are successful, fear to fail would have eroded from their minds. But it’s just the opposite. What these individuals have done is to manage the fear and failure.

Don’t allow your fear to govern your start, progress or end. Understand that you will fail but each failure is a learning opportunity to improve and move forward.

7. Tenacity

Did you know that Walt Disney was thought to be ruining his company when he wanted to make Snow White and The Seven Dwarfs a motion picture? Movie critics at that time did not understand how a cartoon could hold the attention of an audience for hours.

The extreme pressure and anxiety caused Walt to suffer his third nervous breakdown in 1935 and almost ended his marriage. When the bankers refused to fund this story, Disney was out of money half-way through filming. But Disney did not stop.

His tenacity led him to getting Bank of America to loan him the remaining funds and the rest is history. At a time when movie tickets sold for twenty-five cents each, movie critics were amazed that Snow White would earn $8 million its first year out of the gate and an unprecedented $100 million by 1991!

Do you have an idea that someone or some people don’t believe in? Do you own due diligence to investigate your idea and pursue it? Be like Walt Disney. Make it happen!

I have a question for you now. What is holding you back from striving to build or create wealth?

            

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