1. Spend less than you earn:
This one if obvious but how many of us actually put this wealth principle into action? How can you expect to save enough to become wealthy if you spend more than you earn?
2. Every day, work on wealth building activities:
It's important to focus some time every day into building your wealth. That means staying informed as to what's going on in the stock market and in the world in general. You need to keep up to speed with what's going on around you if you want to be wealthy. Also, unless you put some effort into your wealth building activities, you won't make any real money.
3. Stop trying to keep up with the Joneses:
Most of us fall into the trap of trying to keep up with our neighbors when it comes to the cars we drive, the houses we buy, the clothes we wear. We buy things we don't need to impress people we don't even like. This is one big pitfall you need to stear clear of if you want to build real lasting wealth.
4. Pick the right career:
An interesting fact I uncovered is that entrepreneurs are pretty much 4 times more likely to become millionaires than those who work for someone else. This is huge! Of course, entrepreneurship is risky but if you are willing to risk it, you should go for it!
5. Find a mentor:
Seeking out someone who has already reached the financial goals you'd like to reach one day and asking them to mentor you can really help you greatly. I remember Robert G. Allen saying that the best way to get rich is to get a mentor who is already rich and do exactly as they say or do.
6. Invent something and get into the licensing game:
If you're interested in becoming an inventor as your path to wealth, I'd highly recommend you get yourself a copy of One Simple Idea by Stephen Key. It talks about how to get into the inventing and licensing your ideas for profit game. It's a must-read for anyone who wants to become an inventor for passive income.
PS. Check out my signature box at the top right corner of this page. This is how I plan on building a Web BUSINESS. I bet you can do it too!