Yahoo Finance I’m a Self-Made Millionaire: 7 Ways To Build Wealth Without Sacrificing Things You Enjoy
According to a study of millionaires conducted by Ramsey Solutions, 79% of millionaires in America didn’t receive any inheritance from their family. This means that the majority of millionaires build wealth on their own.
Many people will assume that you can’t build wealth without sacrificing pretty much everything that you enjoy. The good news is that there are ways to get serious about your savings without compromising your joy in the moment. GOBankingRates contacted a few self-made millionaires to find out how you can get rich without missing out.
Learn More: I’m a Self-Made Millionaire: Here’s My Monthly Budget
Find Out: 4 Genius Things All Wealthy People Do With Their Money
So how can you build wealth without sacrificing things you enjoy?
Wealthy people know the best money secrets. Learn how to copy them.
Change Your Mindset
“Wealth is a mindset before it becomes a reality,” said Justin Crabbe, the founder and CEO of Jettly. “Cultivate an enough mentality that there is enough for everyone to thrive.” If you don’t want to feel like you’re missing out, it’s essential that you change your mindset.
Crabbe said many will think that they have to deprive themselves or that there’s only a limited amount to go around. The goal is to adopt an abundant mindset that recognizes opportunities for growth and win-win situations. This means building wealth doesn’t have to leave you feeling like you’re missing out just because you had to make some sacrifices.
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Invest In Yourself
Many experts will agree that your greatest asset is your ability to generate income and create value, which can often happen through investing in yourself. By investing in yourself today, you can increase your income in the future so that you don’t feel like you have to sacrifice too much.
“Before you invest in outside assets, invest in yourself by spending money on your skills, knowledge, health and personal growth,” Crabbe said. The money that you spend on yourself will allow you to increase your income so that you can have more options in the future.
Try Flexible Budgeting
Budgeting may often feel like it limits you, but it doesn’t have to be like that. Creating a budget with space for spending money on things you enjoy will allow you to stay on track with your finances without feeling like you’re missing out.
“Imagine your budget as a guide, not like strict rules you must follow no matter what,” said Noah Lydiard, co-founder and CEO of Conductor. “Keep part of your money for fun things, not just saving or investing all.”
You don’t have to spend every dollar on building wealth as long as you have a financial game plan that you can commit to. When you know where your money’s going, you’re in control of your financial future.
Outsource Tasks To Free Up Time
Crabbe stressed that time is the most valuable resource. Too many people get caught up in the weeds when trying to grow a business and forget the importance of free time.
“Whenever feasible, outsource, automate and streamline. You can use that time to focus on what really matters. Your time is more valuable the more wealth you possess,” he said.
You don’t want to get too caught up in unimportant work when trying to build wealth, which is why it helps to outsource certain tasks. You want to free up some time to enjoy moments when building wealth.
Find Like-Minded People To Be Around
You’ll want to find like-minded individuals to surround yourself with so that you have friends who share your values and aspirations. This will help you feel like you’re not missing out on something constantly.
“Your peers can influence your mindset, habits and decisions,” Crabbe said. “Find people on a similar wealth-building journey because this support system can provide motivation, accountability and shared experiences.”
When you have friends with similar values, you don’t have to worry about spending money to impress them. Too many people get caught up in the cycle of trying to keep up with their peers, which can hold them back financially.
“Look for mentors and friends who push you to do better and stand by your side. These relationships can make new chances happen and lead to working together, matching your aims and interests,” Lydiard said.
Try To Find a Work-Life Balance
“Burnout can happen if not careful, and it can really set back your progress,” Lydiard said. “Spend time with family and friends, do hobbies or just rest.”
This balance will help you stay motivated while ensuring that your path toward financial freedom is enjoyable. You don’t want to feel like you’re constantly miserable when building wealth because if you don’t enjoy the ride, the destination may not be worth it.
Embrace Mindful Spending
Thoughtful spending isn’t just about limiting how much money you put out, but it’s about emphasizing how you distribute your funds. By embracing mindful spending, you won’t feel like you’re missing out on much and sacrificing.
“Before, I liked to buy the newest gadgets just because they were new. Now, I think more about what really makes my life better and more valuable,” Lydiard said.
When you choose not to make a purchase, you’re saving money that could help you build wealth faster. Every decision you make today impacts your future self, and that is something you want to keep in mind.
Closing Thoughts
“Creating wealth does not always mean you must give up what brings happiness to your life. It involves making wise decisions and finding a balance between financial aims and personal pleasures. Learn about money, create passive income, be flexible with your budget, spend wisely, invest in self-growth, balance work and life well, and find mentors,” Lydiard said.
You don’t have to deprive yourself of all joy when building wealth. You can still take your finances seriously while maintaining a high quality of life.
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This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: 7 Ways To Build Wealth Without Sacrificing Things You Enjoy