We'll discuss 4 Innovative Ways to Build Your Wealth:
Conventional wisdom tells us to start planning for the future early to ensure long-term financial security. But actually doing so is harder than it sounds, and for many, it can be difficult to know how to start.
A recent survey from bankrate.com found that just over 1 in 4 Americans reported having more credit card debt than emergency funds. Furthermore, a report by PwC found that almost a quarter of Americans have no retirement savings at all.
While these numbers reveal a systemic issue, you can learn from personal finance gurus who share their secrets to success, such as former corporate America leader turned self-made entrepreneur Chenadra Washington.
Washington, the founder of Black Orchids PR, left the financial services sector after 13 years to pave her own path. Today, her business empowers other minority women to share their voices and secure their financial futures.
To help you maximize your chances of growing your wealth in today's world, Washington offers the following tips for success.
1. Invest in Yourself
Finance experts consistently maintain that self-investment is key to success. In line with the idea of “paying yourself first,” there are many ways to accomplish this idea. It could mean developing a new skill set as a side hustle, taking that online course to start your business, or investing in a mentor or life coach who can help.
Washington described how she's always valued personal development and steering away from stagnation.
“You have to be willing to invest in yourself to get to your next level. I invest in myself with time, financially, and by keeping my energy as pure as possible,” she explains. “Take the time to check in with yourself and ensure that you understand your why.”
2. Keep a Wealth Mindset
When it comes to success, part of the battle is external, and another part is staying motivated and believing in yourself.
Washington emphasizes that sustaining a wealth mindset is her favorite of these tips and perhaps the most important.
“I tell myself every day that I have the power to create wealth, and I am worthy of having wealth,” she says. “It's important to fuel your mind and evolve from the cycles of the unknown.”
To stay aligned with your dreams, find a practice that works for you – whether it's writing SMART financial goals, building vision boards, or meditating. A wealth-focused, growth mindset can motivate you to take the concrete steps you need to succeed in both the short and long term.
3. Stay in the Know
In today's world of 401(k)s, IRAs, stocks, and crypto, it's crucial to be knowledgeable about your options and plan accordingly.
Personal finance experts agree that committing to your financial education is time well spent. Thomas J. Stanley, author of The Millionaire Next Door, says that “the average wealthy person spends 10 times more time planning their finances than the average middle-class individual.”
Whether or not you're part of the 56% of Americans invested in the stock market, you should have a basic understanding about the activities in the global market. That also means making sure you're an expert on your own situation.
“Stay in the know about your personal and business (if applicable) finances,” suggests Washington. “Do your spending patterns still work? When prices increase, are you thinking of ways to generate more income or a strategy to increase your pricing?”
4. Find a Wealthy Tribe
Have you ever heard the expression, “Show me your friends, and I'll show you your future”? The people you surround yourself with are a reflection of your own values and habits, even as it relates to your financial success. Washington recommends that part of your wealth-building journey includes identifying your “tribe.”
“You have to keep company with people that speak the same language,” said Washington. This might mean a lonely adjustment period, but you're certainly not alone.
Research shows that we're more likely to reach our goals when supported by our networks. So gather your like-minded friends for a monthly stock trading circle or create a group chat for sharing your financial milestones.
While the road to financial success is challenging, Washington has nurtured her positive mindset, and encourages others to do the same.
“You too can be wealthy. Live a life that welcomes wealth.”
- Chenadra Washington, Founder of Black Orchids PR