The key point in wealth building strategies is not to focus on the money directly. On the other hand, the focus must be on how you can use money as a tool. A tool in order to reach the aspirations in your life. However, there tend to be a misconception about the nature of building wealth. Being rich is not equal to being wealthy. While being rich is measured in the amount of present money, being wealthy is measured in time. Therefore, the major key point in wealth building strategies is to condition your mind in order to master the difference.
Money can buy you happiness in the current moment. However, this is a fact only dependant on your liquid assets at the time being. Any lump sum that represents an income today might be gone tomorrow. Of course, unless you put both your assets and liabilities into a wealth building strategy. The opposite might lead to creating a narrative for money that can be even more destructive. Therefore, at the moment you realize that money must be used as a tool to achieve true abundance, only then you will also be on your way to true happiness and financial freedom.
Clearly these facts leaves us with two important questions. Firstly, do you have a source of funds sufficient enough to represent an income stream? Secondly, and as a direct consequence of the first, can you develop a mindset for growing wealth rather than unconsciosly spending money? In many ways, a person owning a business has more experience in maintaining a stream of income. They are responsible and have the strategy for covering the expenses. If you are a Forex trader, then this might be your stream of income. However, is your Forex trading strategy consistent enough to be defined as an income stream?
Working additional hours is not equal to generating more wealth! Instead of exchanging time for money, focus on including passive income in your wealth building strategy. A passive income can come from automating your Forex trading strategy, creating a business (and let your team earn you money) or investing in other interesting products or financial instruments.
Keep in mind that you can always make more money, but you can not create more time!
Making plans, maintaining budgets and re-investing your assets are all good features in wealth building strategies. However, the driving force for all of these factors remains to be the power of investing. If your Forex trading represents a stream of income, then your focus will be on keeping it consistent. Otherwise, diversification i finding good ivestments shall be a constant source of knowledge.
Understanding how to invest wisely when building your wealth is absolutely a need!
Become aware of how your emotions influences your financial decisions. Keeping control of your emotions, just like discipline in Forex trading, is a really important feature in building wealth over time. Develop emotional mastery and you will also be aware of how your emotions can influence your financial life. On the other hand, mastering your emotions will make you become confident of your finances.
The latter is crucial by creating an upward momentum for building your wealth.
In ordere to discover your values you might ask yourself: What are your highest aspirations in life? What do I feel is impossible? Define what your biggest fears are. What do you wish for the people close to you? Create awareness for your deepest values. Then, align your deepest values with your highest passions! In this way you can align your spending priorities with your budget abilities. A budget with such priorities will always keep yourself accountable. This creates the baseline for your financial freedom. The next level is to keep your Forex trading strategy consistent or in other terms invest wisely in order to maintain your stream of income.
As soon as you start discovering your beliefs about money changes can be imminent. Once you start condition your mindset in order to let the money work for you, you are in changes. In addition, building wealth is also a question about examining your lack of knowledge. Be responsible and learn yourself more in the needed fields. On a final note; identifying where you can improve and being honest about when you need help from a mentor is also factors that will upbeat your path for buidling your wealth,