5 Signs You'll Become Wealthy 10 Years From Now
Did you know that most people do not build wealth in their lifetimes not because of things they can’t control but because of things they can control? 🤔
For some people, “wealth” means being able to pay their bills without worry and for others it means good health and Financial Freedom.
Whatever your definition of wealth, everything we share in this post will help to shift your thinking so that you can go from where you are now to where you ultimately want to be.
Buy Our Bestselling Book:
Financial Joy: Banish Debt, Grow Your Money and Unlock Financial Freedom In 10 Weeks
5 Signs You'll Become Wealthy 10 Years From Now
Here are 5 everyday things you need to stop in order to actually build wealth.
1. You're Not Doing Everything Yourself
The idea of doing everything yourself is borne out of scarcity.
In our lived experiences, one of the most effective ways to achieve your goal is to do it through other people.
Let’s say you want to own certain assets one day, e.g. property.
Combining effort, ideas and money with other people will help you get there faster.
Apart from examples of this in our own lives with family, we’ve had our community members a Financial Joy Academy put money together to buy a property.
They were only able to do this because they’d over time built trust and their mindsets were aligned.
The same goes for building a business or side hustle successfully. You need other people.
In addition to running The Humble Penny, we own a nursery business with other family members.
Although we don’t get involved day to day, we benefit from that business even though it is run by other people each day.
Making these successful moves in various asset classes required a subtle shift in mindset from only thinking of yourself as the source of your future success but instead thinking of others to come along with you.
If you take this deeper, you’ll realise that wealth building is rooted in creativity and creativity is rooted in connection to others.
Action Step: Stop doing everything by yourself. You’ll get further faster with other people.
2. You're Not Living With Expensive Debts
The UK, US and other similar major economies are built on debt with Debt to GDP ratio in excess of 100% for all of them.
This normalisation of debt can also be seen with the rise of household debts in the UK and similar economies.
Many households rely on expensive debt to afford their lifestyles.
Although some people need debt because of the challenges of the cost of living crisis, for most people, the issue of debt is driven by bad money habits.
Here is the UK household debt picture:
Outside of student loans, credit cards and hire purchase debt remain a huge growing problem for households.
We even asked The Humble Penny community what their debts looked like aside from a mortgage, and here is what they shared:
The trend is pretty similar to the national picture.
Not all debt is bad though. The way that wealthy and less wealthy households use debt is different according to research.
The Wealth and Assets Survey (ONS), shows that wealthier households use cheaper debt to acquire assets (e.g. property) that appreciate with inflation:
Wealthy households also have lots of pensions and financial wealth.
Here is the wealth picture by decile:
In our experience, acquiring wealth is possible (over time) but only once you've gotten rid of a reliance on expensive debts.
Action Step: You need to work on the root cause of your bad money habits. It’s only when you fully stop relying on expensive debts that investing in assets becomes a focus.
3. You're Not Listening To Too Many Voices
The chances are, you might be getting poorer right now simply because of who you listen to.
Since 2020 when we were all locked down and hooked to the internet, the number of people sharing information online has exploded.
Whilst this is great for creativity, it unfortunately also means that there is a lot of incorrect, scammy and poor-quality information out there.
Be very careful.
Before actioning anything you learn from people, do more due diligence yourself.
Action Step: Choose 1 – 3 people you listen to and make sure they have the credentials and lived experience.
4. You're Not Waking Up Without A Goal And A Plan
What is your current goal right now? 🤔
Too many of us wake up daily and go into autopilot and yet, we expect certain outcomes in our financial lives.
Having a goal and plan gives you focus, belief and a sense of purpose.
It also means that you’ll get better at saying NO to random ideas, business or career opportunities if they do not align with your plan.
Action Step: Write your goal and plan down in a notepad (not your phone) and look at it daily without fail. Make sure it relates to the vision you want for your life.
5. You're Not Standing In Your Own Way
We love the Napoleon Hill quote:
“Whatever your mind can conceive and believe, your mind can achieve”.
The problem is, that most people don’t give themselves enough ME time to conceive anything.
If you can’t conceive anything, how will you believe in anything?
If you don’t believe in anything, how will you achieve anything?
You need to get out of your own way.
Action Step: Make more ME time just to think about what you specifically want to achieve in your life. Then, ask yourself, who can get me there faster? This is one way to get out of your own way.
Conclusion
Wealth building is like doing admin.
It’s about shifting resources (time, skill and money) including other people’s time, skill and money to good opportunities.
Zooming out, wealth building requires a radical shift in mindset, a desire to improve your skillset and a need for you to follow a tried and tested toolset and plan.
One such toolset and plan is our step-by-step 10-week plan to help you banish debts, grow your money and unlock Financial Freedom.
In a world of uncertainty and high cost of living, many people need to know how to build wealth whilst enjoying life and prioritising their well-being.
This is why we decided to write our book from the lived experience of a couple with children who actually have a lived experience of achieving financial independence.
We know what it feels like to start from ground zero and try to build wealth with so many day-to-day challenges.
Financial Joy will help you to turn your life around from small beginnings and design a life of Financial Freedom filled with the small experiences that bring you joy.
Financial Joy is for everybody and is accessible to you now, not later. Start today to grow your money and create a life you love 😍.
Huge thank you to everyone who helped to make our book a number 1 bestseller on Amazon within 24 hours. We appreciate you 🙂
Other things to read on how to become wealthy:
- If You Have £5,000 In The Bank, Do These 5 Things
- Why Your First £100k Is The Magical Number For £1m
- How To Break The Employee Mindset And Build Wealth
Which of the 5 signs you'll become wealthy from today's post resonated with you the most? Comment below and share some thoughts.
Number 5 which talks about ‘you are not standing in your own way’ resonated with me the most because I usually do a quarterly review of my finance, career, health and spiritual aspect of my life. However, recently I have not done my quarterly review and I have not had enough me time to do it. After reading this post, I believe it is time for me to do it. Thank you.
Thank you for sharing. You sounds pretty disciplined with the quarterly reviews. Number 5 hits home for a lot of people. We’d suggest maybe having someone who you’re accountable to every quarter. It could be as simple as knowing that you have to call them to tell them that you’ve done your quarterly review. Something as simple as that can keep you motivated to make sure that you do it.
I like the most nr 4 You’re Not Waking Up Without A Goal And A Plan, Having a clear ‘Goal and a Plan’ is crucial for achieving success in any area of life. A well-defined goal gives direction and purpose, acting as a compass to guide your efforts and keep you motivated. On the other hand, a robust plan provides a structured roadmap to reach that goal, breaking down the journey into manageable steps and outlining the necessary resources and actions required. Great piece!
Thanks, Ryan!