Are You Ready to Be Wealthy?

October 30, 2020
no money

Are you ready to be wealthy? That may seem like a silly question; after all, who isn’t ready to be wealthy? To build wealth properly, though, you need to be ready. If you aren’t in the right mindset, or don’t have the proper discipline, you won’t be able to build wealth no matter how “ready” you think you are. There are a few boxes you need to check and signs to look for to know you’re ready to be wealthy.

Live with the future in mind.

If you are only living for today, you probably aren’t ready to start building wealth yet. To build wealth, you must be able to defer a little bit of today for the promise of a much greater tomorrow. In the case of wealth, deferring a little today means saving, and the much greater tomorrow is a financially successful future. If you are living for the moment, you’re probably spending most of your money on things you enjoy and aren’t too concerned about leaving any for your future self. To build wealth, though, you must be able to keep the future in mind.

Don’t keep up with the Joneses.

No matter how wealthy you become, there is always going to be someone who has more than you. Attempting to keep up with the Joneses is a futile exercise; someone will always have a bigger house or a nicer car. Make sure you aren’t spending money just to impress friends or family members. There’s nothing wrong with treating yourself once you’ve reached a certain level of success, but falling into the trap of spending more and more to keep up with the neighbors will prevent you from building long-lasting wealth.

You have the discipline required.

If you are struggling with the basics, like high-interest credit card debt, you may not be ready to build wealth yet. To become wealthy, you must first have the basics down; financial discipline needs to be second nature. There’s no shame in spending more time getting the basics down before you move onto building wealth. Download our free Financial Order of Operations resource and evaluate which step you’re currently working on. If you are on an earlier step and struggling with debt, it may be a good idea to create a budget and stick to it. Building a solid financial foundation is essential to building wealth.

Your life has direction and purpose.

Some savers have seemingly everything in place required to build wealth: they’ve got the basics down, they’re saving plenty and spending well within their means, yet they still might not be successful building long-term wealth. If you don’t have purpose or direction in your life, it will be extremely difficult to cobble together the motivation to build wealth. Why become wealthy just for the sake of being wealthy? Don’t forget to dream and plan out your future goals, and make sure you know what you’re building wealth for.

You are mature enough.

As we grow older, we naturally become more mature. Our spending and saving habits normally also change as we get older. Dollars saved at young ages are more powerful than any other dollars, but often the hardest to come by. Not only are incomes lower at young ages, but spending priorities might be different. However, there’s no minimum age for building wealth; if you have the maturity and discipline required to set aside a portion of your income at a young age, you will set yourself up for an abundant and exciting future.

In our latest show, “5 Signs You’re NOT Ready to Be Wealthy!”, we discuss several indicators you might not yet be ready to build wealth, and how you can become ready to be wealthy. Watch it now on YouTube below.

TAGGED WITH: wealth building

Most Recent Episodes

How to Win With Money in 2023!

Financial resolutions are always near the top of the list of Americans’ most popular New Year’s resolutions. Whether you want to save and invest more, pay off debt, or have other financial goals, we will give you the tools you need to win with money in 2023.   In this...

TikToks That INFURIATE Financial Advisors

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

5 Levels of Wealth AND How to Achieve Them! (2023 Edition)

We believe there are five distinct levels of wealth, but they aren’t solely dependent on income or net worth. We’ll walk you through each of the five levels - including how to know where you are at, how to advance to the next level, and signs you are doing it right.  ...

Average Net Worth By Age in 2023!

It’s time for one of our most anticipated shows of the year: our annual Net Worth By Age show! In this year’s edition, we’ll shared updated numbers and data for 2023 and discuss the most important things for you to focus on in each decade.   In this episode, you'll...

Win Financially During a Recession! (Everything You Need to Know)

The bear market we've experienced in 2022 has been longer than many in recent memory - and some are concerned that the economy may soon enter into a recession. Here's everything you need to know to stay on-track and win financially during a recession!   In this...

The Fed Just BROKE the Car Market! (What You Need to Know)

Car prices have been on a rollercoaster ride the last few years, and it looks like they might finally be coming down. In this episode, we’ll discuss what you need to know about the current car market, pitfalls of buying a car, and how to do it the right way.   In this...

Top 4 Money Mistakes People Make During the Holidays!

There’s a reason why financial resolutions are always near the top of the list in January - many Americans spend the holiday season making financial mistakes. In this episode, we’ll discuss the top money mistakes people make during the holidays and how to avoid them....

Financial Advisors Share What They WISH They Knew About Money Earlier!

Have you ever felt like if you just knew this one thing about money earlier your finances would be in a better spot? In this episode, we’ll share the five biggest things we wish we knew about money earlier!   In this episode, you'll learn: What we wish we knew earlier...

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...