7 Strategies the Wealthy Follow to Get Richer The upper class do these things to stay focused. You can too.
By Timothy Sykes Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
The rich are getting richer as the median household income in this country not only fails to rise, but has stagnated. There are people that are making less than $44,000 a year and struggling to live.
Grit your teeth and bemoan your situation, but if you're like most people, you want to know how the rich do it. I'll share seven ways they build wealth.
1. Work toward long-term, not short-term goals.
Long-term goals take a minimum of one to five years to accomplish. Long-term goals are excellent motivators. They enable you to look beyond the moment and put into perspective why you are spending your time today as you are.
Your daily tasks should have a direct connection to your long-term goals. If they don't, you need to re-examine them and decide whether to cut them out completely or reduce the time you are spending on them.
To stay focused on your long-term goals, it is vital to set a date they will be accomplished. Put a note on your phone, your planner or on an index card taped to your computer. It should be somewhere where you will see it every day and be reminded of what you are working toward.
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2. Understand the best goals play out over time, not spontaneously.
The rich understand that the best goals play out over time. They don't happen spontaneously. Goal setting is an ongoing activity. The rich know that they need to remind themselves to stay on track. The rich don't write down their goals and put them away. They make regular appointments on their calendars to review their goals.
The destination for long-term goals may not seem to change but the steps they take to get there will. No matter whether your long-term goal will take five or 20 years, remember that the journey takes time. Keep moving forward, knowing that over time you must attain your goals.
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3. Create long-term value that pay dividends.
You need to build businesses that will pay you long-term dividends into the future. In some types of business, such as trading, you need to trade over and over to keep revenue coming in. Each day you are starting fresh. You need to find add-on businesses that will generate residual revenue for you and don't require starting from scratch each month.
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4. Acknowledge weaknesses and outsource.
The rich know that it is more efficient to capitalize on strengths. They do not waste time trying to "fix" weaknesses. Instead they acknowledge those weaknesses, outsource to appropriate sources and do what they love.
Even in down times in the economy, outsourcing remains popular. The pace of changes in technology will continue to drive the outsourcing need, which shows no signs of slowing down. If your core competency is customer contact, it's crucial that you spend your time and focus there. Don't bother wasting time trying to master the tasks you are only mediocre at.
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5. Go "all in" on projects that best utilize strengths.
Rich, successful people don't jump out of bed without a plan. That fine-tuned plan doesn't just list goals. Those goals are carefully honed, focusing on big goals that we know are attainable because they are aligned with our strengths.
The wealthy get richer because they determine what their strengths are and then invest all of their efforts into it. Not only do they not attempt to fix their weaknesses but they ignore them altogether. There's no time to waste.
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6. Follow passions and work harder than anyone else.
The average person believes that the rich work all the time. They do. The difference is they find and follow their passion. Then they work harder than anyone else does. They'll tell you they don't feel like it is work because they're doing what they love and getting paid for it -- and very well at that.
The average person's mentality equates making money with working hard, whether physically or mentally. As Confucius said, "Choose a job you love, and you will never have to work a day in your life".
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7. Strive to be better even when goals are achieved.
The upper class don't rest on their laurels. This is the biggest obstacle that keeps most people from getting richer. The average person sets goals, achieves them and then sits back and relaxes.
The rich never quit. Once they achieve their goals, they set more goals. They look for goals that will better themselves. They challenge themselves to be better, to reach the next level. The rich know there is always more to learn, more to accomplish and more money to be made.
There you have seven ways that the rich get richer. Which can you use to start making your money dreams come true today?
