One of the most important and well-known steps to building wealth is spending less than you bring in. For true wealth, however, this is a very small part of the overall equation. Generating more money, even as you build your career, is also vital for experiencing true financial health and success. Saving more and spending less is easy. Creating additional revenue can be much less so. Fortunately, with the five tips that follow, you can start padding your future in addition to leveraging smart spending and saving strategies.
1. Adopt both a proactive mindset and a proactive approach to wealth-building
Some people are simply happy to go with the flow. These individuals accept what they get, learn to live with what they have, and never really ask for or expect anything more. While it’s certainly possible to eke out a comfortable existence with this mindset, it’s far from being the hallmark of a wealthy person. You can work harder than the average person to move up in the ranks and earn a bit more, or you
can choose to take total charge of your destiny. Proactive people have a strong sense of direction and a constant need to keep moving towards their goals. Understand that no one will ever care about your career, your goals, your financial health, or even your general well-being as much as you do. Being proactive means taking the right steps to get what you want because you know that no one else is going to do these things for you.
2. Find out what your employer’s expectations are
You can’t truly succeed or impress others in any environment unless you know what’s expected of you. This is true whether you’ve been hired by a company or you’re working for yourself. When expectations are both clearly expressed and fully understood, meeting them and even surpassing them becomes easy. Guessing and making assumptions in this area is always risky business. If you guess wrong, not only will you have missed an opportunity to please those who matter, but you’ll have also made an unfortunate and potentially long-lasting impression. For employees, the best times to discuss expectations are during the initial job interview and at each annual review. For company owners, try to keep lines of communication constantly open with your clients. Ask them for feedback and more importantly, ask them to detail their expectations before you start their projects. As a company owner, these discussions are excellent opportunities to help consumers develop reasonable expectations for their outcomes based upon what they’re paying for.
3. Outperform expectations
Always go the extra mile. If you’re in the habit of doing the bare minimum in any business situation, you should never expect truly outstanding results or rewards. In ideal situations, promotions, raises, and other shows of appreciation are generally given to those who deserve them. When trying to build both wealth and a strong career, many people mistakenly assume that working more is better. While putting in extra hours is sure to be a necessary part of meeting your goals, maintaining a superior quality of work is also essential.
4. Be personable, likable, and approachable
Countless people are passed up for promotion simply because they’re unlikable. While you might be tempted to forge you way to the top on your own, most people don’t achieve true success alone. The best way to increase your likability factor is by treating others the way you want to be treated. Brush up on basic communication skills and make a point of being known as someone who actively listens. This isn’t necessarily a call to become a social butterfly. Instead, try to be consistently patient, thoughtful, and kind.
5. Start building your talents
You’re worth more to both employers and private clients when you know more and are capable of doing more. Establish a personal development plan and stick to it. Keep in mind that adopting new skills is not enough. Invest in ongoing training to stay on top of new industry developments. Moreover, make a point of building a talent stack. This is a collection of normal skills that can cumulatively make you extraordinary.
For most people, wealth is the result of good discipline, diligent planning, and tremendous effort. Adopting a proactive mindset, a habit of overperforming, and a reputation for being kind, talented, and easy to approach is important. With the five tips above, you can start generating wealth right where you are, even as you work towards a bigger and brighter future.