Are you tired of living paycheck to paycheck? Do you dream of achieving financial freedom and building lasting wealth?
Although many wealthy individuals appear to live lavishly, they often live by a disciplined set of principles that allows them to build financial success and maintain their wealth.
Live Below Their Means
Some of the ultra-rich may zoom around in private jets or own multiple mansions; nevertheless, most wealthy individuals still live below their means and thereby save and invest more than they spend. Living below their means is a common strategy implemented by most common millionaires as a way to build and maintain their wealth.
Warren Buffet, the billionaire founder of Berkshire Hathaway, lives in a simple house in his hometown of Omaha, which he bought for $31,500 in 1958, and is currently worth $652,619.
Networking and Building Relationships
Even if you are happily employed, there might be a better job fit for you with higher wages or future opportunities. You might never be aware of or considered for such jobs if you don’t network. Try to branch out, as opportunities don’t present themselves to those who are reclusive.
Ultimately there are several ways that networking can help achieve greater financial success than you might have otherwise.
Take Calculated Risks
Taking risks is a part of the game, but you can take steps to minimize risks or choose investments that offer an outsized potential reward. Whereas less successful people sometimes take gambles with symmetric risk vs. reward, the wealthy often have significantly more upside in their risk analysis.
Always make sure to calculate or consider any risk you take and weigh the potential reward against the potential risk, and ensure the decision is justified.
Education doesn’t need to be time-consuming. You can learn about different topics on the go through podcasts, e-books, or online articles and publications. Another benefit of being well-informed and educated is that you know what’s going on in the world, which can lead to uncovering new ideas and technologies necessary to stay at the forefront.
The Bottom Line
If you’re willing to get out of your comfort zone, these tactics will help you go a long way toward achieving financial success and freedom. They are tried and tested by some of the wealthiest people out there. The only thing keeping you from building wealth and success is yourself.
Josh is a financial expert with over 15 years of experience on Wall Street as a senior market strategist and trader. His career has spanned from working on the New York Stock Exchange floor to investment management and portfolio trading at Citibank, Chicago Trading Company, and Flow Traders.
Josh graduated from Cornell University with a degree from the Dyson School of Applied Economics & Management at the SC Johnson College of Business. He has held multiple professional licenses during his career, including FINRA Series 3, 7, 24, 55, Nasdaq OMX, Xetra & Eurex (German), and SIX (Swiss) trading licenses. Josh served as a senior trader and strategist, business partner, and head of futures in his former roles on Wall Street.
Josh's work and authoritative advice have appeared in major publications like Nasdaq, Forbes, The Sun, Yahoo! Finance, CBS News, Fortune, The Street, MSN Money, and Go Banking Rates. Josh currently holds areas of expertise in investing, wealth management, capital markets, taxes, real estate, cryptocurrencies, and personal finance.
Josh currently runs a wealth management business and investment firm. Additionally, he is the founder and CEO of Top Dollar, where he teaches others how to build 6-figure passive income with smart money strategies that he uses professionally.