Wealth-Building Wednesdays: How the Rich Get Richer

It was 2016 and I was just starting my business writing books for other people. I was speaking with my very first client, Suria. She was a multi-millionaire and serial entrepreneur who’d made and lost more money than I had ever seen in my lifetime.

Suria grew up in poverty, just like I had, but found her way to wealth and success at a time in my life where I was struggling just to put food on the table. As she shared her story with me, I began to learn more about why it is the rich get richer and the poor get poorer.

Five Things the Rich Do Differently

It really came down to five things that the rich do differently than the poor do. Once you understand why these five things make such a difference, you’ll begin to see – as I did – why it is the rich keep growing richer and you can then change your life to start growing in the direction you want to go.

1.      Rich people are always learning.

I’ve never yet met someone who has built a lot of money and doesn’t also spend a lot of time learning. Warren Buffet, one of the wealthiest men on the planet, spends about 80% of his day reading and 20% of his day taking action on what he’s read. They invest in courses, seminars, workshops, and are constantly working to improve themselves.

2.      Rich people are always serving others.

There are some very good reasons why you will never find a truly wealthy person who doesn’t give of their time and their money to causes. Yes, it’s a tax-deduction, but it goes beyond that. It is in being involved in community projects and service organizations that they make the connections with others that open doors for them.

It takes time to serve others, and that's one of the reasons the poor often do not. They struggle to find time in their schedule. That's one reason we started Time Management Tuesday. You can read our first post here: Why Focus on Time

3.      Rich people do not EVER rely on just one income.

This is one of the core differences between the rich and the poor. Poor people have one income: their job. They don’t have any way to make money apart from that job. If the job goes away, so does their income.

Middle-class earners are usually married, so they have two incomes coming in the door, which helps to cushion them if one of the earners can’t work any longer. That’s why married people traditionally do better financially than single earners do.

However, building massive wealth doesn’t happen with just one or two incomes. To build steady, stable, reliable income you need to have multiple streams of income coming in all at the same time. That way, if one of those streams of income goes away, you have 4 or 5 other streams still coming in that are supporting and sustaining you until you can replace the one you lost.

4.      Rich people strive NOT to work hard but to work smart.

Most of the poor people I know are some of the hardest workers I’ve ever met. They work very hard and find it very frustrating when they see people who do not work as hard as they do getting ahead while they are still struggling just to make ends meet.

Contrary to popular belief, hard work won’t make you rich. Hard work may generate one stream of income, maybe 2 or even 3, but will burn you out before you have a chance to enjoy what you’ve made.

Working smart means finding ways to do work one time and make money from it multiple times over. Books, for example, make authors money every time that the book gets sold. That’s an example of doing work one time and getting paid for it multiple times. Rich people strive to do this as much as possible.

5.      Rich people don’t go it alone.

Nobody gets super-wealthy as a solo entrepreneur. They build a support network to help them get where they want to go. They recruit investors to help them get the money they need to grow their businesses. They do not do everything on their own.  They make most of their money by leveraging other people’s time, money, and resources to achieve the goals they have in mind.

Take Advantage of the Opportunity

If you’re interested in building wealth, I’m going to be sharing strategies and best practices from the people who have built the kind of wealth that liberated their families from the labor pool and put them in charge of their own destinies.

As you know, Project FED also offers you the opportunity to leverage our creative designs and the hours we’ve spent adding products to our store in order to make yourself money. I encourage you to take advantage of that. It takes just minutes to set up a Zazzle affiliate store, you can follow my YouTube video and discover how to do it in less than 5 minutes, and you can begin posting online right away. The more places you post, the more possibilities you have for making money.

Don’t Go It Alone

Join Project FED and get the support you need to achieve your dreams while helping to support orphans in Nigeria.