Believe it or not, there are some secrets to women building wealth, and the best part is, they’re not as complicated as you might think.
The majority of things you read about building wealth are missing the key element of taking immediate action.
Starting now and with what you have is the first and most important step to building any kind of sustainable financial future.
Just like getting fit and healthy, there are no quick fixes, shortcuts or secrets to creating the future you dream of. It takes time, it takes effort and it takes learning.
By taking small steps each day you create solid financial habits that little by little, day by day, increase your wealth and help you build your own sustainable future.
Time is the key ingredient and the sooner you start the more you will have in your favour.
As financial mentor Todd Tresidder brilliantly puts it “Procrastination is the single biggest wealth killer”.
In his article A Ridiculously Simple Way to Build Wealth, he points out that it’s one thing to know what to do and something else entirely to get it done.
By taking action, you start building daily habits that are so crucial to wealth creation and are the exact reason why lower income earners become millionaires and why lottery winners become broke.
Small changes over long periods of time is where the magic lies. For two main reasons, according to Mr Tresidder:
- The daily habit of smarter spending and slowly saving will compound and grow over time;
- The daily habit of learning about wealth and slowly increasing your earning capacity will add small amounts to your income potential over time.
The combination of these two elements is the common denominator in any sound financial plan.
Another factor to consider
The majority of us are behind the eight-ball when it comes to our knowledge on money management in general. We don’t even have a baseline.
Starting now will not only begin to transform your financial situation into one that’s aligned with your desired lifestyle, but will kick start a much needed education about money.