15 Signs You Have What It Takes To Create Wealth
Wealth Is A Mental Game
“Everyone wants to be rich. And if you can’t be rich . . . you wanna feel rich. If you don’t wanna feel rich . . . you’re probably dead.” — -David Segal
Everyone wants to achieve, to live the good life, achieve the dream, buy the big house, the boat, have the pool boy (I have one of those now and I highly recommend).
What separates the winners who just haven’t won yet from everyone else? We all know stories of people who used to work at Arby’s but invested in Bitcoin before it blew up or IDK invested in AMC when it was $9/share and sold it off in the last rally, or maybe a buddy of yours started a mowing company when you were in high school and now is worth millions.
The key difference that separates those who win with money from those who don’t is mindset and discipline. Today we are going to look at a list of habits that people who will be wealthy in the future possess.
I think Kanye West said it best in Gold Digger
“He’s got that ambition baby. Look at his eyes. This week he’s mopping floors, next week it’s the fries.”
So let’s begin.
1) Abundance Mentality
There is more wealth changing hands right now than at any other time in world history. People who will become wealthy understand that and look for opportunity. The news can say it’s doom and gloom but those who are chasing the bag . . .their bag are focused on winning and understand that winning is possible.
84% of billionaires in the world today are self made. They didn’t inherit it or marry it, they made it.
2). Sense Of Urgency
On average, it takes about 7–10 years to create lasting wealth however there are always outliers. While the future wealthy are patient and understand it won’t happen overnight, they are also working diligently towards the goal consistently.
Rome wasn’t built in a day, it was built EVERY motherfucking day.
3). No One Became Wealthy Just Working A Job
Like not one. My father once said and by once, I mean consistently, you have to own the operation. If you are going to work for someone else, I get it. Sometimes you have to take that job to get necessary funds to pursue the next step in wealth creation. If you are currently working a job, you need to be investing . . . either in a business, in the market, or in yourself.
4). Live Below Your Means
Both the future wealthy as well as the currently wealthy value living under their means. It doesn’t mean they can’t spend more, they just choose not to because they understand that money can work harder than they can, so the wealthy chooses to spend less than they consume, which is just one reason why the rich get richer.
5). Saving and Investing 80% Of Your Income Or More
Sounds a bit extreme considering most financial planners advise saving around 10–15% of your income depending on which planner you are listening to. Most wealthy people invest FAR more than that.
I know what you’re thinking, Jessica, that’s impossible. I only make $40,000/year or maybe you are a student or out of work, listen those who are committed to becoming wealthy FIND A WAY.
One of the CryptoTriumvirate who is independently wealthy today, managed that feat in four years . . . working $10-$12/hour jobs. He invested 80–90% of his money. How did he do it? He slept in his car.
He was so focused on winning long term, he gave no fucks about what people thought about him, what people said, nothing. He focused on winning and investing.
Now he’s independently wealthy . . . forever.
He gave up four years of sacrifice to own his life forever.
Let that sink in.
6). Don’t Trade Hours For Dollars
At some point, you can only work so many hours physically. A great example was made to me by a good trader friend, G. His parents were super disappointed in him because they wanted him to go to medical school. G’s parents paid for him to attend The U, that’s the University of Miami for you non-Floridians out there.
Upon graduation, G realized, he didn’t want to go to medical school. So his parents cut him off financially and he got evicted from his apartment. He moved into an extended stay hotel and began massage therapy school. Once he got out of massage school, he was charging at the time, above market prices around $100/hour.
Now, $100/hour is good money right? G thought so too. Until one day one of the wealthy ladies he had as a regular massage client looked at him and said,
You are only creating money when you are working. I am an investor. I make money whether I work, sleep, or am getting a massage.
G had never thought about money like that before. From that simple interaction, it broke his mindset that you work for money. This client taught him to make money work for him.
G’s money works 24 hours a day. 7 days a week. The money doesn’t take a holiday, doesn’t call in sick, or get tired.
Now his company is called Doc Trading. He makes more than any physician out there and his parents made peace with the fact that he never became a surgeon.
When people asks G if he regrets not becoming a doctor his response is simple
A surgeon gets paid only while they are cutting. I get paid around the clock, even sitting here drinking Island Girl’s finest and smoking a cigar.
The takeaway is simple. Don’t work for money. The worst way to make money is to trade hours for dollars. You won’t beat inflation and you won’t create wealth. Period.
7). Collecting The Bag: Reinvesting Profits To New Investments
You have to realize the earnings. Collect the bag while you are “in the money”. Once you have made profit, get that money and put it into a new investment. This is a trader secret that many don’t talk about. Collect the bag.
8). Emerging Industries
One of the best wealth creation tools is being in an industry or investment that is on the upswing. Stock brokers were great in the 1980s, then it was energy traders, now we have crypto. What will the future be? I can’t say for sure but I will be there and you need to be too.
9). Building Multiple Streams Of Income
Most wealthy individuals will have many sources of income. Multiple stocks, multiple cryptocoins, multiple platforms for generating money. What this does is a little thing called “risk mitigation”.
At any time, a government regulation, a market downturn, a miscalculation can happen, just ask any Youtuber who got demonetized . . . you need to have multiple streams of money generation.
10). Studying Money And How It Works
Wealthy individuals read. A lot. They watch. They learn and then most importantly APPLY WHAT THEY HAVE LEARNED.
If you just read and watch about becoming wealthy, but do nothing, you are not becoming educated. You are merely a spectator. I said what I said.
11). Don’t Buy Shit You Don’t Need
This is the judgey part. Most middle class Americans will purchase things the second they get money. A great example is a girlfriend of a friend of mine. Now keep in mind, she is surrounded by people who don’t have to work for money. She sees this everyday. Hell, they have offered to help her learn how to create passive income.
Well, this girlfriend receives a lawsuit settlement a modest sum of $50,000 after all legal fees and expenses were paid out. She openly brags about how she went out and paid cash for a new iPhone and a brand new SUV.
The girlfriend then judges all of us who have worse phones and worse vehicles. She goes to work everyday. The people she judges do not because their money is working for them.
There was a study done that said you could hand $10,000 to ten people who were poor and $10,000 to people who were wealthy. They gave these people a calendar year and then checked back in with them. The poor people were broke again but had lots of baubles. The wealthy people had multiplied the money BEFORE buying trinkets.
I guess it’s kinda like that quote from Fight Club
What you own ends up owning you.
Moral of the story? Own the right shit. The wealthy prefer to have investments that make money than a new car or a new Rolex.
12). Show Me Who Your Friends Are
Years ago, I had a business mentor named Randy, and he told me
Show me your five closest friends, and I’ll show you your future.
If your friends are ambitious, you will be too. If your friends sit around and bitch and complain about how it just keeps getting tougher, it will.
I experienced this phenomenon firsthand when coming back to Jacksonville. I purposefully surrounded myself by people who were doing better than me. So much better than me. My mindset shifted. I looked for opportunity. I assumed I would win because I was surrounded by people who were winning.
Winners don’t make excuses. They find ways to win. Winners win.
13). Be So Good At What You Do That Others Watch What You Do
Success, money, and abundance follow momentum. Momentum works fast. If you are pushing everyday towards the goal, eventually momentum will shift in your favor. Call it Law of Attraction or God answering your prayers, if you push hard enough, you will see an abrupt, dramatic swing in momentum.
One thing to remember about momentum. Momentum is a cruel mistress. You want it working in your favor so once momentum is working for you, keep your nose to the grindstone to keep the ball rolling.
This means no consumer debt. If you are leveraging, it is to control assets that produce money. Fun fact, credit was originally invented to lend to businesses. I know you may be familiar with the story of the Diners Club, if not, that’s an article for another day.
But CREDIT was originally designed for businesses and countries who could take out debt, control an asset or aide production, create more money and pay off what was owed with relative ease.
If you have debt on anything that does not make you money and I am including your primary residence in this unless the mortgage payment is covered by income from other assets, you need to deleverage forthwith, immediately, and expeditiously. Your wealthy future self will thank me later.
15). Extreme Volume Of Output
A famous quote by Dave Ramsey says
You can outwork 90% of the competition and outsmart the other 5% of competition. Which leaves you in the remaining 5% and if you are in the top 5% of any industry, you will be wealthy.
You can sell one car and become wealthy. Or own one stock share and become wealthy. You have to use quantity to rig momentum in your favor. If your competitor is selling 10 houses, you need to be out selling 15. You can outwork most people, half the battle is just showing up.
Real talk, you will beat most competitors in your industry by just showing up and outworking them and out investing them. The secret is to not relax once things start moving in your favor. That’s where most people quit and get comfortable. They don’t keep pushing for life changing, generation changing wealth.
Final Thoughts And An Added Challenge:
Above are the 15 qualities that separate wealth creators from those who just kinda want to be wealthy. It requires intentionality, sense of purpose, diligence, and discipline. But once you start you will find yourself moving the lever every day in your favor.
As an added challenge that was suggested by G who was mentioned previously in this article, don’t spend any earned income for the next 30 days. You can only spend your investment income or your passive income. If you find you can’t make it without tapping your earned income, you need to buy more assets.
Additional Reading For The Future Wealthy
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