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steve siebold who's the self-made millionaire said that building wealth is a skill that's easy
to learn which is great news for you and me in his book how rich people think he says people become
good in attracting money just as they become good in doing other things like learning a language or
a game getting rich doesn't come easily especially for the average joe it requires persistence hunger
and an excellent work ethic in this video i'll be talking about a couple of lessons self-made
millionaires and billionaires believe they had to learn before building their wealth
but before we delve into this fascinating video quick question is this your first time here if
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the first foundation is to work on yourself knowledge and wisdom are two of the most sought
after things in the world just about everyone from billionaires to politicians to celebrities
and even your next-door neighbor desires and wishes to have it unfortunately knowledge and
wisdom rarely come cheap it often requires one to make a few sacrifices to obtain it chief among
them is working on your self-development when it comes to investing time money and
resources many people have the terrible habit of placing themselves at the bottom of the list
they spend tons of money on other people and activities yet so little on themselves
but did you know that there's not a single better investment in the world than investing in yourself
if you desire wealth and a lot of it you ought to focus on enriching your body mind and competency
in terms of routine checkups personal development taking extra courses and so on another aspect
of self-development is your character which can also be referred to as your personality
you see there's not enough money in the world that could buy you a new personality
so therefore it's wise to improve the one you got for free there's a common perception that upon
obtaining wealth the positive and negative qualities in people become more pronounced
although one can indeed make changes to their lifestyle and actions after becoming wealthy it
is more difficult to do so suppose you want to be successfully and sustainably wealthy one day
in that case you need to work on yourself to become the person who can obtain it
2. humility you have to learn the lesson of humility a lot of people struggle with this
one because it means overcoming an urge for external validation however if you manage
to master this especially before becoming wealthy it will pay enormous dividends otherwise you will
likely have a desire to flaunt your wealth which often comes across negatively to other people
plus it will make you spend money on things you don't really care about just to impress people
it's interesting because this is something that old money people say that new money struggles with
hmm isn't that worth thinking about wouldn't you say three understand the impact you will have
with wealth comes some form of power you will have the ability to give back to others both charitably
and in business decisions plus there's also significant social power that comes with wealth
the world looks up to wealthy people in hopes of being able to emulate their success
that means that your actions and words can dramatically impact others choices
so even before becoming wealthy it is a crucial lesson to learn how your choices and conversations
influence others as you grow to be successful that understanding becomes ever more imperative it can
empower you to impact those around you positively 4. investing learning how to invest your money in
order to make more is a great skill even when you have little of it understanding investments
can significantly pay off as you grow in your financial capability for example receiving a 10
return on large sums can put you in a financially stable position for the rest of your life
a lack of knowledge about investing on the other hand can lead to poor financial decisions
that will lose you the things that you worked so hard to build five find things that make you happy
once you have a lot of money your attention can become easily diverted you will suddenly have
an opportunity to partake in a wider range of experiences and activities than before so if you
do not know what makes you happy it's easy to pour time and money into new things because you can
however having a baseline understanding of what you enjoy will allow you to spend time doing what
you love 6. the importance of having the right people it's wise to surround yourself with those
you enjoy their company and those who enjoy being around you when you do this regardless of your
financial situation you end up surrounded by the right people without learning this
lesson you might be disillusioned into believing that people you see as friends are actually not
an emergence into wealth can have a harmful impact on who you spend time with because your money will
automatically make you more popular therefore knowing what you want out of friends and having
a strong support network before becoming rich will prevent these mistakes 7. avoid complacency learn
to avoid complacency early on you should always strive to grow do more and be better this does
not have to be drastic life altering changes all the time rather it's finding ways to continually
get the most out of life and provide yourself with the necessary challenges to remain enthusiastic
upon reaching financial success you might be inclined to just relax without this mindset
however doing so will prevent you from using your financial situation for good and could decrease
your overall happiness levels eight experiences over items when many people think of obtaining
wealth they focus on buying expensive cars mansions accessories and other material things
however studies have revealed that experiences make us happier than tangible things learning
this lesson early enough will do you a whole lot of good it might be challenging to overcome the
ego of owning an expensive car or the joy an attractive piece of jewelry may bring to you
nevertheless these delicate items do not last and they soon become obsolete on the
other hand spending money on experiences will give you memories that will be with you forever
9. frugality you do not necessarily have to worry about looking for coupons when grocery shopping
however you should be very deliberate about how you spend your money the folks who have achieved
sustained wealth do this very well they do not buy things that they do not need instead that
money could be put to much better use in investing or charitable causes establishing this frugality
before becoming wealthy can help you maintain your wealth otherwise you'll soon be back where
you started this is despite the fact that stuffing yourself with things as i mentioned earlier will
add little value to your life 10. have your ego in check as a species we are ego driven people
and with wealth comes with it a big ego when you're wealthy you might have the mindset that
you're better than those around you this ego can be extremely detrimental even if you're humble
on the outside believing that you're better than others will make you act differently for example
you might not be willing to meet new people or even less open to others ideas therefore finding
ways to remove ego from your life will help you achieve success while continuing to grow and learn
from those around you 11. you're only wealthy to the extent to which your money can work for you
contrary to the assumption lots of people have being wealthy is not about making a ton of money
if for example something horrible happens to your business will you be able to stand up on your own
two feet what if you lose your job do you have something to fall back on you see it doesn't
matter how wealthy or big your bank account is if you do not have the strategy to swim through
unforeseen tragedies then you're not wealthy yet if you want to sustain your wealth you must seek
ways through which your money can multiply itself even when you're asleep like warren buffett said
if you don't find a way to make money while you sleep you will work until you die 12. you don't
have to buy everything you want with wealth comes a lot of choices and being able to differentiate
between your wants and needs is pivotal to your financial growth and sustenance before becoming
wealthy you ought to understand that the fact that you want something doesn't mean that you
should get it also just because you have the money to purchase an item now does not mean you
can afford it for example suppose you can satisfy your desire for a big house at the moment in that
case it's wise to consider whether you'll be able to keep up with its maintenance in the future
no matter how rich you are it's more profitable to identify your priorities and spend on them
than on your wants 13. money is just a means to an end if you take a look at the world you'll observe
that the majority of the people have the same ambition to become wealthy they spend their whole
lives trying to become rich when you realize that money is just a means to an end you'll be better
equipped to reach the proverbial end which is to fulfill your calling and make life easier for you
14. focus on how much you save you alone have the power to save and invest your money therefore
building your savings as fast as possible means acquiring a higher amount of money when you focus
on keeping more you're indirectly seeking ways to spend less and make money but if you
learn that you have little or no control over your investment returns you can then focus on acquiring
more knowledge knowledge will propel you to take actions that will make you obtain wealth faster
and increase your potential to remain wealthy 15. having goals is necessary in every aspect
of life including your finances having a goal is incredibly important many people make plans and
map out financial goals even when they're still struggling to amass wealth but when they achieve
that objective they forego goal setting which is unhealthy and may make them poor again you see you
must learn that certain financial principles are not to be taken lightly no matter how much wealth
you get although a budget is part of a physical goal it's not all there is to a financial plan
a financial goal is an asset you would love to acquire a savings target or even debts to pay
off 16. you can lose it all making money is hard but losing it all is quite easy with the wrong
decisions all the money amassed within years goes just like that you need to understand this fact
about money it's hard to obtain but very easy to lose it this is why wealthy people hire financial
experts to manage their money and create long-term financial plans well that's all for today thank
you so much for watching i hope you gained some knowledge and if you haven't liked our page yet
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you check out our other videos with that said have a great day and see you in the next one