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5 Ways for Entrepreneurs to Build Wealth Faster

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Financial Success and money decisions

Most people today spend more than they earn and also have credit card debt that is spinning out of control.

As an entrepreneur, it’s especially easy for expenses to spin out of control and cause instability in your personal life. No matter what kind of business you own, and how much money you already earn, its always important to go back to the basic principals of building long term wealth.

Many times, the process doesn’t even involve as many difficult sacrifices as people might think. It can require some patience and a little planning, but with these five tips any person can find themselves on the road to building a strong foundation of wealth.

 

1. Save More

This tip should come as no surprise. If you want to have more, then you have to save more. The goal should always be to save 20% of the money you make every month. For some people, this simply is not possible, so shooting for 10% (or even less and than scaling up each month until hitting 10%-20%) is acceptable.

Remember to be conservative both in your small and large purchase decisions. The old idiom to not be penny-wise and pound-foolish is very important for business owners. It’s an easy tendency to look for the hardest bargain on paperclips and office supplies while recklessly spending larger amounts of bigger expenses before they are even necessary.

Wait 30 days to make a large purchase and this will give you the best clarity in your decision making.

 

2. Invest Right Now

Saving money is a great first step, but no one becomes wealthy from putting their money into a savings account. As soon as you set money aside for the month, invest as much of it as you can.

The sooner you start earning returns on your money, the faster you will build wealth. Invest in a variety of different assets, and create a diversified portfolio.

Also, never spend your investment principal.

 

3. Pay Off That Credit Card Debt, Now

Credit card debt means lots of credit card interest. Many times that interest is as high as 21%. Avoid the damage this high interest is likely doing and start paying off your credit card debt as fast as possible, and keep your charges to a minimum.

It can really add up over time.

 

4. Track Your Expenses… And Take Time To Review Them

Write down every expense down to the penny. Do this every day, and at the end of the month take the time to review it. You may be surprised to see how much you are spending on things like eating out or shopping.

For some, these expenses can add up to more than their ‘big items’ like utilities or mortgage payments. Look at areas you can cut and think about places where you are spending money wastefully.

A few simple cuts here and there can really go a long way.

 

5. Set a Monthly Goal, and Stick To It

At the beginning of every month, you want to set what is known as a “wealth goal” for how much money you want to have in your savings and investment portfolio at the end of the month. Write it down somewhere where you will see it and look at this goal every day. Put in the work, hustle and do what it takes to meet that goal.

At the end of the month, you will love the feeling of satisfaction you have over meeting your goals and will find that you are quickly building up a great deal of wealth.

 

Don’t forget!

These tips are changes that any entrepreneur can easily make to their lifestyle to start multiplying their wealth and running a more profitable business. But they don’t work unless you do the work, so start implementing now!

Paul Scolardi is a millionaire stock trader, financial educator and the CEO of Super Trades LLC. Widely known as the “Superman of Stocks” on Twitter, Scolardi is known for his preternatural ability to spot momentum before it appears on nearly any other radar. His twitter handle @super_trades was named one of The Top Ten Traders to Follow on Twitter. Visit him at http://www.super-trades.com

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13 Comments

13 Comments

  1. Noida Web Design training

    Nov 27, 2018 at 3:35 am

    save more and invest more is something which was always in my focus. I am amazed that you have mentioned those things in your post.

  2. kailash

    Sep 27, 2017 at 6:18 am

    Greetings ,

    Truly decent tips.

    In this day and age we spend more than we win so it is imperative for us to fabricate riches

  3. Marshall

    Jun 30, 2017 at 5:27 am

    I think investing is huge, over the long run there are few places where you would get the returns you get from investments. You also don’t have to over think it either, just by the S&P 500 ETF Index, as the market grows so will your investment.

  4. Richard

    Apr 22, 2017 at 4:45 am

    Do you know about a software I can track my daily expenses? If you know, please share it. I’m looking for a software to track my expenses. I really don’t want to use pen and papers to do this.

  5. Shaswat Mukherjee

    Feb 25, 2017 at 8:29 am

    Hi ,
    Really nice tips .
    In today’s world we spend more than we earn so it is very important for us to build wealth.

  6. Jack

    Feb 21, 2017 at 2:18 pm

    I think one of the best ways entrepreneurs can build wealth is by saving, saving, saving! It’s so easy to live bigger in this world but choosing quality over quantity and minimizing purchases is the best habit to learn. It can be so very difficult as we all have triggers but avoiding those or learning new ways to get fulfillment is the best way to break overspending habits. The best place to start is on the biggest expenses as that will make the biggest impact. Great article and great topic!

  7. Steven Millstein

    Dec 20, 2016 at 3:30 am

    Great advice on how to build wealth. These are some very practical strategies which are easy to implement.

  8. Malin Civelek

    Apr 20, 2016 at 6:47 pm

    I’m wondering what would be the best option for me to grow my business. I have around $25k in my bank account and I want to invest in my business to grow faster but also I want to pay my student debt ASAP. I can’t decide which way go, any suggestions?

  9. Mary

    Oct 8, 2015 at 4:19 pm

    Hi, there.
    Thank you so much. I found lot of useful information in your article.
    Recommended…

  10. Simon

    May 13, 2015 at 7:47 pm

    Hello Neil.

    Neither invest nor pay off the loan with all that cash. Divide the cash with you into reasonable percents. Make a decision with yourself and the creditor involved to settle the debt bit by bit. You can choose to spread the debt load through 4 months: $4000 each for the first 3 month & $5000 for the last month. While doing this, use the other percents for important things in your life (such as investments, necessities amid others).

    I believe I have been able to help.

  11. Ashok

    Mar 30, 2015 at 4:48 am

    Alright, this is cool stuff. Ah, well in the 2015 business years the entrepreneurs are now heading to start ecommerce business and specially they are in mad on custom ecommerce solutions. This is very nice tips for young entrepreneurs for fresh start up.

  12. Matija

    Mar 23, 2015 at 11:00 am

    Hi there, nice tips. Specially second on invest right now. For my bussines; I am investing all the time, but it looks I will have to take the courage and invest not only time but also some money. Thanks, Matija, Slovenia.

  13. Neil Stills

    Mar 22, 2015 at 7:37 pm

    Hey Paul,

    Do you suggest paying off student loans before investing? Right now, I have about $14k to spend. My student loans stand at $17k or so right now. Should I pay down that debt, or should I invest all of the $14k? Your thoughts?

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Life

2 Simple Steps to Help You Break Through Your Fears

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If you are addicted to success you most certainly are addicted to fear too. Why? Because they are a direct consequence of each other. When you achieve success, it’s because you have taken actions and broken through fears that were holding you back. Every success you have comes from breaking a fear you held onto.

It is incredible to think how much energy and time entrepreneurs waste looking after their fears, making sure they are listened to. It is much harder to feed the energy of fear than feed the energy of success. I want you to think about the mental dilemma you face every single day, the battle you will probably have in your mind when it comes to taking certain actions in your business.

Shall I take that risk?

What if I’m rejected? What if I’m not good enough? What if I’ll be ridiculed in front of others? What if I fail? Just think of how hard it is to constantly listen and obey these thoughts.

The battle in your head is real and challenging. The good thing is you can win it, and the bad thing is there will always be a battle going on in your head. However, you can become a more consistent winner.

Success will always require a new level of expansion which will result in a new level of fears needed to be broken. Imagine this like an elastic band. Every time you face a fear, the elastic will stretch more and more, and the tension will be greater. When you become brave and take the action, the tension will be released and the elastic band will fly further creating a bigger expansion.

“The biggest risk is not taking any risk… In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg

Fears are normal and essentials to your success

If there are no fears, there’ll be no stretch and no expansion from you. If you want to succeed, you must break through some fears, and this is obvious. But how can you break through fears with ease? I personally used all the possible solutions available in the world to win my fears: meditation, counseling, talking therapies, exercises and many more.

Although those helped, the ultimate way to conquer your fears is to go straight through them. I won some of my biggest fears since starting my entrepreneurial journey that no one else and nothing could help me break. This seems better said than done, but by following a few simple steps, you can do it too.

Here are 2 simple steps to help you breakthrough those fears:

1. Becoming aware of what your fears are

Often they’re very well camouflaged, and they’ll appear in your life as if on autopilot, in the same way electricity comes when you flip a light switch. They’re often triggered by someone else’s actions or words, or by your idea on what the consequence of a certain action will bring to you.

Fears contain so much energy on their own, so imagine what you could do with that energy if you could use it to your advantage. Imagine fear being a close wrist. Every time you activate the fear, you give more energy to it. Every time you think of the fear, you feed the wrist with more power.

As you live your life controlled by fears, the wrists will get more and more powerful. Picture that. Then you try to take certain actions in your business like going live for the first time, proposing a deal to a certain client, writing an article where you express your very own controversial opinion about something, or invest money you currently do not have.

Fears will come in, fully charged. You try to win by punching towards the wall of action. You want to break through, and you know that on the other side of the wall there’s success.

You punch and keep punching but nothing happens. Then, imagine you taking the leap, pointing the wrist towards the wall and BANG! You break through.

Now, the energy of fear has been released and is now ready to be used to your advantage.

The energy will disperse and free itself and it will transmute into freedom and power to take further actions.

“If you are not willing to risk the unusual, you will have to settle for the ordinary.” – Jim Rohn

2. Figure out why you fear that certain thing

After you realise what the fear is, ask yourself, “Why do I fear to take this action?” Explore the consequences that breaking that specific fear will bring you. “What will happen if I break this and I achieve the results I desire?

These questions are vital, as you’ll realize your fears are just trying to keep you safe. Humans are not wired for success, they are wired for survival. So anything to do with success will be filtered through your lens of fear.

Once you realize WHAT will happen if you achieve the success you desire, which usually are negative scenarios, calm your mind and imagine a positive scenario instead. Write this down for each negative scenario your mind will create.

One of my biggest fears is the fear of being successful as I believe (my scenario) that people won’t like me anymore, and that I won’t be able to spend time with my family. So once I detected the fear, I changed the scenario. Instead of thinking people will not like me anymore, I create a new reality I desire which could look something like this: I will be able to help and impact more people and I will make sure I take lots of days off and delegate stuff to my team so to spend time with my family.

It is that simple. Once your subconscious mind is reassured with the new positive outcome, it will become easier for you to take action. In the end, always remember you’re in charge of your life, no one else, let alone your fears.

How do you conquer your fears? Let us know your advice and thoughts below!

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Being Alone With Yourself Is the Most Important Skill We Have Lost

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We live in a world where we’re always around people either at work, in the store, and on our phones through social media. In fact, our society tends to label anybody who wants to be or is alone, as a lonely person or even more terribly, a depressed person. We have forgotten how to enjoy our own company.

This is particularly surprising since some of the admired and highly celebrated icons in human history are well known to be “loners.” We have mastered a lot of skills from society, but perhaps we have neglected the most important skill of all. The ability to learn alone, to learn about your strengths and weaknesses, to reflect on the way forward in life, to just sit and appreciate nature, is invaluable.

Here are 4 ways to make being alone fun and productive:

1. Change scenery

You don’t have to do this all the time, but one way to enjoy your time alone is to take a trip or a very long drive or run. It can be difficult to spend time alone when you’re around familiar faces. It’s one of the reasons why people go on vacations away from home. Just get out and spend some time alone reflecting and enjoying your own company.

2. Switch off everything

We live in a world of digital communication. If you truly want to be alone for a while, it would be better if you didn’t login to Facebook and Twitter at all. Better yet, turn off your phone.

3. Reflect

Now that you are alone, it is time to reflect on what you want, what you have done, what you want to be doing. Silence or cool music might be good here. Whichever way, one of the things that make being alone rewarding is the fact that it affords you the opportunity to reflect.

“I’m reflective only in the sense that I learn to move forward. I reflect with a purpose.” – Kobe Bryant

4. Give yourself a treat

Go see a movie, buy a plate of food or a cup of ice-cream. Being alone is not only a time to think, it is also a time to pamper yourself. Treat yourself to the best things that you can afford and be happy and proud about it.

Now that you know how to make being alone fun and productive, it’s time to see the benefits of being alone. Here are 6 benefits you can expect from embracing being alone:

1. It aids personal growth

Apart from all the skills we get from self-development books, being alone helps build us. Through it, we are able to make plans, to ask critical questions and put our lives in the proper perspective. To grow, it is important that you take yourself out and properly assess your life alone, away from friends, families and colleagues.

2. It energizes

There are times when we’re stressed out by work, family, and friends, so being alone is a wonderful way to renew yourself with extra energy. This is the time to give yourself treats and plenty of rest and leisure, away from the stress of the world.

3. It increases the value you place on relationship

When you come to a point where you love being alone, it makes it so that you’re very intentional about your relationship with others. Being alone can also help you properly evaluate and see all there is to love and enjoy about your relationship with others.

4. It increases self-confidence

Another wonderful benefit of being alone is that it helps to boost your self- confidence and self esteem. The more time you spend alone with yourself, the more comfortable you are with your skill and with your strengths and weaknesses.

“You have to expect things of yourself before you can do them.” – Michael Jordan

5. It helps you become more empathetic

One thing about having friends and those we relate with very often is that we unconsciously develop a mentality that makes us empathetic towards them rather than others. Findings have shown that the more time you spend alone, the more compassion you’re able to show to a wider range of people.

6. The difference between being alone and being lonely

The desire to be alone is quite different from loneliness and sometimes, we do not take the required time to be alone because we don’t want to be perceived as “lonely” by others. To be lonely is to deeply want to relate and have communication with someone or some people but to be unable to.

It’s an ache that you carry around throughout the day, and it seriously affects all you do. It could make the entire world seem frustrating. The death of a loved one can lead to loneliness after a while.

Being alone on the other hand, as seen earlier, is intentionally deciding to get away from everybody and enjoying being with yourself as you reflect on your life and all that’s to come.

Taking time to be alone is very productive and it can be a wonderful thing for you. Take time away from social media and friends and find a nice spot to relax with yourself and analyze your habits and see how they affect your life.

Do you enjoy spending time by yourself? Share your thoughts below on if you think it benefits you and helps you recharge!

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Simple Meditation Techniques To Enhance Your Productivity

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At times, the workplace can be a stressful place to be. Whether you are faced with demanding clients, even more demanding colleagues, or just the incessant activity of the environment itself, the workplace can at times feel like it is exerting a pressure down upon your shoulders that is difficult to extricate yourself from.

Not only is this unhealthy and detrimental to your wellbeing, it is also highly counterproductive for your organization. A stressed or unhappy employee is, for the most part, an unproductive employee who you do not necessarily want interacting with valuable clients, while its difficult to forge fruitful relationships with co-workers.

However, with these easy-to-use techniques, you can help turn your business space into an oasis of calm, boosting your work productivity at the same time.

At-desk meditations

It may be that you want to invoke some form of meditative state, but the last thing you want to do is draw attention to yourself from wide-eyed colleagues. If this sounds like you, then there are a number of at-desk meditations you can perform which will not only assist in destressing and boosting performance, but will do so without attracting unwelcome glances.

Here are a few of the most easy to use:

1. Tap your fingers to the rhythm of time

Put both of your hands on your thighs or on your desk, and proceed to start tapping each finger individually, starting with your pinky finger. It is important that you use a sequence, and time it effectively to a slow rhythm. The last part is to then recite a five-word mantra that relates to time.

There is an infinity of options here, but you could go with ‘I do have enough time’ or ‘Time is my best friend’. The idea is to create a zen-like state where you are breathing regularly and focussing on the small activity at hand (literally). Continue until your breathing has become regular and the repeated-mantra has eased though you to your core.

This is an immensely achievable meditative process that I love to utilize in any number of situations because it is so private.

“Nothing can bring you peace but yourself.” – Ralph Waldo Emerson

2. Shake it off

Now is the time to focus on exactly what or who is causing your stress. Take some time out, sit quietly on your chair, and take a few deep breaths while you think about the origin of your stress. Next, start to recite to yourself a mantra along the lines of ‘It’s OK and I can move on from this.’ Then, start to take a few deeper breaths and use the time you breathe out to really sigh away your frustration.

Finally, shake your body to release the tension from you. There is no need to make any deep noises or draw unwanted attention to yourself, but that really shouldn’t be a consideration anyway, and will only exacerbate your stress in the process. This is about breathing and release.

3. Eyes to the flame

If you are feeling a little braver, and you understand that an open flame will not cause any undue disquiet in the workplace around you (or that you are breaking any health and safety regulations), using a candle can be a wonderful tool to help create a meditative state. Start by switching off your computer. In fact, this is a good place to begin with any meditative activity as the glare from the screen will distract your attention.

Light the candle and then bring the flame towards your eye level, holding it approximately 20 inches away, or into a position that is comfortable. Then, stare into the flame for up to 2 minutes, remembering to breathe regularly as you do so.

“Calm mind brings inner strength and self-confidence, so that’s very important for good health.” – Dalai Lama

Meditations for a private space

If you have access to a private space in the workplace, there are other types of meditative positions which you can undertake, including, lying on the floor. Lying down immediately helps to put you in an unfamiliar position for work, which is helpful in itself, but a familiar position for feeling comforted and relaxed.

Close your eyes and then once again, start to breathe in a rhythmic manner. It is essential that your breathing becomes your primary focus, so you breathe in and out with a deep concentration on what you are doing.

When starting out, five minutes is more than apt, as long as that’s five minutes of a concentrated nature. You can then start to push out those times, and there is no reason why before long you shouldn’t be able to manage 20 minutes of perfect meditative calm. This can easily be done during a lunch break or even a mid-morning break.

There are also walking meditations for more adventurous types, which involves focusing on your steps and breaths simultaneously, concentrating always on a forward motion, both literally and figuratively. Emotional calmness and wellbeing in the workplace is just around the corner.

Have you tried meditation? If so, do you like it? Let us know your thoughts about meditation below!

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Life

5 Areas of Your Life That Need Improvement to Become the Strongest Version of Yourself

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We live in a time of abundance. Despite what you see in the news daily, beauty and opportunity are all around us. We have the ability to create success in every area of our life if we’re willing to do the work. That work is the things that help you become more self-aware and help you implement true self-love.

The work is hard. It’s the reason that too many people quit somewhere along the way. Then, years later, they look at the life that has passed them by wondering where it all went wrong. That doesn’t have to be you.

Become the strongest you and create success by doing the work in these five important areas of your life:

1. Become a Jedi mind master

Mindset gets thrown around like a dirty personal development buzzword. While there are those teaching about it that shouldn’t be, mastering your mind is a skill and important part of the success equation.

Your thoughts have a direct effect on your feelings, emotions, and the action you take. When you can focus your thoughts on gratitude, on what’s possible in your life, and on your goals, you’re putting yourself in the best place to take the necessary steps to create success. Train your mind. Learn to get into peak state, as Tony Robbins often talks about.

When you feel off or a negative emotion, feel it through. Acknowledge what you feel in that moment but then get your mind back into peak state as quickly as possible. Listen to music, watch a motivational video, listen to great podcasts like Addicted 2 Success’, change your state. Master your mind and you’ll change your life.

“The mind is the limit. As long as the mind can envision the fact that you can do something, you can do it. As long as you really believe 100 percent.” – Arnold Schwarzenegger

2. Treat your health like it’s your only job

Physical fitness and movement have a direct impact on creating success. You’ll need energy and focus to accomplish your major goals. You’ve heard Les Brown say, “your health is your wealth” for good reason. True self-love means you refuse to do anything to your body that doesn’t honor it. That includes what you eat and how you move.

You know how to get and stay fit—there’s a wealth of information online about the tactics. Get there in your mind. Tell yourself a different story in regards to your wellness and commit to doing the work.

There’s a lot of research on the benefits of starting your day with physical movement. It teaches you discipline, gives you an opportunity to release stress, and builds your endurance in many ways.

3. Fire people out of your life that you know need to go

You know that you become who you hang around but it’s deeper than that. You need to fire and cut people out of your life that aren’t aligned with where you are and where you’re going. It’s hard enough to create success and do the work. It gets unbearable when you’re trying to take action while the negative energy of others is holding you back.

This means cutting people out of your life on social media, at work, in your business life, and any other place that needs cutting. Your intuition is speaking to you—listen. Surround yourself with people and the opportunity to challenge your self-limiting beliefs. Model success by surrounding yourself with it.

4. Make more money in a way that brings a smile to your face

We do live in a different time. Today, you can make a living by doing what you love and doing it all over the world. The “laptop lifestyle” doesn’t have to be a cheesy Facebook ad. You can build income teaching on the things that light your soul up. Whether that’s through an online business, a brick and mortar business, a remote job, or a job that you enjoy, we’re surrounded by opportunity.

What you do for “work” will take up a large part of your week. That time could be spent helping you move closer to your goals or it could be spent derailing and depressing you. You can find or create work or a business that you love and that helps you become a better version of yourself.

Use today’s tools, software, technology, and access to knowledge to create work that pays your bills and gives you true freedom. There is no shortage of information online that can teach you how to do that. Don’t settle for “good enough” or worse.

“There’s no shortage of money in this world. Start hustling.” – Grant Cardone

5. Love a person that craves growth as much as you

The romantic relationship in your life is one of the most influential parts of creating success and a better you. You need a partner in crime that understands and craves growth may be even more than you.

A healthy relationship is two complete people coming together and agreeing to support each other as you become better versions of yourself. It’s a partnership in which you come together to build an empire through love.

To get there, you should be with someone who shares your vision and values. Settling in your romantic life is a recipe for failure. This is the person you’ll spend a large amount of time with. Choose wisely and from a place of self-love.

You can accomplish anything if you’re willing to work for it. You can create success and true freedom in every area of your life. You have to believe this is possible for you and take the necessary steps. Work on these five areas and watch magic happen in your life.

What area of your life do you need to work on this week?

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