If you polled North Americans you would probably find that almost everyone would agree that they could use more money. The challenge many people face is not knowing how to get their hands on some extra cash flow. This ís why it is important to know some wealth secrets so you can apply them to achieve your financial goals.

When looking for ways to generate more money, whether it is from working for someone, investing or starting a business, the best source to find out how to be successful is to study people who have already accomplished what you seek. If you want to know more about investing then look into investors who have consistently managed an impressive portfolio. If a business is appealing to you, seek out successful entrepreneurs, read their biography and interview them if possible to learn how they became successful.

But before you embark on your wealth building journey, you have to decide how far you are willing to go. Some people would like to have some extra income, or more money in order to pay off debt and pay for their children’s tuition. Others might wish to be rich beyond their wildest dreams. Breaking down what you want to achieve into categories is necessary since you will be studying different people depending on what your goals are.

You also have to be open to a change in mindset. If the need or the desire is there, but the passion to commit and persevere is lacking, then you are wasting your time. As the old saying goes: planning, to get ready, to commence, to start, to begin doesn’t get you anywhere. Having a plan and taking action is the key.

But in this plan, you have to be leery of get-rich-quick schemes. Since there is no such thing as get-rich-quick — even a lottery winner will tell you that he has been buying the lottery for many years so he deserves to win — the sooner you realize it, the better off you will be. Becoming wealthy is not a microwave plan: it’s more like a slow cooker plan, taking time to get things just right over a reasonable period of time. 

If someone tells you that they have a foolproof plan to get money fast, and easy — start running. There is no free lunch in life — everything takes time and effort to achieve.

When you start your plan, be prepared to change the way you look at or think about money.  This might sound simplistic, but if your current mindset about money was working you wouldn’t be considering something new. This comes back to being able to commit to change. In this case, change is good because it is taking you from what you are used to, and moves you into the direction of where you actually want to go and not where you feel compelled to go based on your current mindset or decisions.

Knowing just a few wealth secrets can change your life forever. And the more you know, the more you can apply them to achieving your financial goals. Here are a few wealth secrets that will help you to go a far way.

  1. Write down your financial goals and your plans to achieve them — The more often you write down your goals, the more often your subconscious mind identifies ways to achieve them.
  2. Time is money — If you procrastinate today to execute an idea, tomorrow it may cost you more to bring it to fruition.
  3. Leverage other people’s money — While relying on other people’s money may be more risky, it can greatly increase your rate of return, compared to using just your own.
  4. Leverage other people’s talent — You don’t have to figure out everything on your own, seek out the experts in the field to help you get the job done.
  5. Leverage other people’s time — Outsource the small time consuming task to other people. Don’t spend your time doing a job that you can pay $20 per hour to complete, when your target is to earn $500 per hour. 
  6. Have a positive mental attitude — Despite what happens, expect to win.
  7. Surround yourself with like minded people — A mastermind will build you up but naysayers will tear you down.
  8. Invest in yourself because you are your greatest asset — Having a mentor, attending seminars, reading books and listening to podcasts are great ways to increase your learning.
  9. Having multiple streams of income gives financial stability — The more stream of income you have the more you will be able to weather life’s storm.
  10. The compound interest effect — the 10% effort you put in each day will compound to large amounts over time. 

The rule of 72:

72 / (rate of return) = years to double your money

The list is not exhaustive but these are certainly a few secrets which if incorporated in your wealth building plan can save you a lot of time, headaches and money in the long run. 

Having said that however, your net worth will never exceed your self worth and your wealth is usually correlated to the amount of value and service you provide for the masses. So the faster way to grow your wealth is to serve as many people as possible. When you focus on serving the reward is certainly deserving.