Becoming Wealthy – The Slow And Steady Way

You have likely heard about any number of get rich quick schemes, and hopefully, you recognize that you should avoid them.

To get rich quick is not something that can be planned for and occurs very rarely.

Instead, your focus should be on how to get rich slowly, which means to take a slow, steady approach to invest over a longer period time.

Money of course isn’t everything.

Not by a long shot.

Where your definition of success is concerned, money may rank far down the list. Everyone’s definition of “success” is different.

For me, money doesn’t matter all that much, but I’ll confess, it did at one time (probably because I didn’t have very much).

So, let’s say money is on your list.

Let’s say, like millions of other people, that you’d like to be a millionaire.

What kinds of things should you do to increase your chances of joining the millionaire’s club?

Here are the steps I’d suggest. They’re neither fast nor easy. But, they’re more likely to work than the quick and easy path.

Stop obsessing about money

While it sounds counterintuitive, maintaining a laser-like focus on how much you make distracts you from doing the things that truly contribute to building and growing wealth. So shift your perspective.

“See money not as the primary goal but as a by-product of doing the right things.”

Start tracking how many people you help

Even in a very small way. 

The most successful people I know – both financially and in other ways – are shockingly helpful. They’re incredibly good at understanding other people and helping them achieve their goals. They know their success is ultimately based on the success of the people around them.

So they work hard to make other people successful: their employees, their customers, their vendors and suppliers… because they know, if they can do that, then their own success will surely follow.

And they will have built a business – or a career – they can be truly proud of.

Stop thinking about making a million dollars

It’s time to start thinking about serving a million people.

When you only have a few customers and your goal is to make a lot of money, you’re incented to find ways to wring every last dollar out of those customers.

But when you find a way to serve a million people, many other benefits follow.

The effect of word of mouth is greatly magnified. The feedback you receive is exponentially greater – and so are your opportunities to improve your products and services.

And, in time, your business becomes something you never dreamed of – because your customers and your employees have taken you to places you couldn’t even imagine.

Serve a million people – and serve them incredibly well – and the money will follow.

View making money to create more opportunities 

Generally speaking there are two types of people.

One makes things because they want to make money; the more things they make, the more money they make.

What they make doesn’t really matter that much to them – they’ll make anything as long as it pays.

The other wants to make money because it allows them to make more things. They want to improve their product. They want to extend their line. The want to create another book, another song, another movie.

They love what they make and they see making money as a way to do even more of what they love.

They dream of building a company that makes the best things possible … and making money is the way to fuel that dream and build that company they love.

While it is certainly possible to find that one product that everyone wants and grow rich by selling that product, most successful businesses evolve and grow and as they make money, reinvest that money in a relentless pursuit of excellence.

Focus on becoming better 1% every day

The 1% rule is simple: improve just 1% each day.

The idea is that if you do this, the good habits you develop stack over time. Rome wasn’t built in a day and you won’t be either.

Stop focusing on the end result and start paying attention to the process.

It doesn’t take much to do every day, but it also doesn’t take much to NOT do it.

The difference is a slippery slope. Are you going to be the person who improves 1% each day or the one who gets worse each day?

If you think staying the same is an option – it’s not. Every day you don’t get better, you simply get worse.

So when it’s nighttime and you’re winding down for bed, ask yourself:

“What have I done today to improve by 1 tiny percent?”

Tomorrow, you probably won’t notice a difference. But what’s the result when 1% happens every day?

Improve a little each day. It compounds.

When 1% compounds every day, it doubles every 72 days, not every 100 days.

Track your progress 

We tend to become what we measure, so track your progress at least once a week against your key measures.

Maybe you’ll measure how many people you’ve helped. Maybe you’ll measure how many customers you’ve served. Maybe you’ll evaluate the key steps on your journey to becoming the world’s best at one thing.

Maybe it’s a combination of those things, and more.

Ready To Fire Your Boss? This is how I was able to replace my income

Build routines that ensure progress

Never forget that achieving a goal is based on creating routines. Say you want to write a 200-page book; that’s your goal.

Your system to achieve that goal could be to write 4 pages a day; that’s your routine.

Wishing and hoping won’t get you to a finished manuscript, but sticking faithfully to your routine ensures you reach your goal.

Or say you want to land 100 new customers through inbound marketing.

That’s your goal; your routine is to create new content, new videos, connect with new prospects on whatever schedule you set.

Stick to that routine and meet your deadlines and if your content is great you will land those new customers.

Wishing and hoping won’t get you there – sticking faithfully to your routine will.

Set goals, create routines that support those goals, and then ruthlessly track your progress.

Fix what doesn’t work. Improve and repeat what does work. Refine and revise and adapt and work hard every day to be better than you were yesterday.

Soon you’ll be good. Then you’ll be great. And one day you’ll be world-class.

And then, probably without even noticing, you’ll also be a millionaire. You know, if you like that sort of thing.

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8 responses to “Becoming Wealthy – The Slow And Steady Way”

  1. jim morrison says:

    Great article and loved how well it was presented, will be back for your next post.

  2. Hi Nate,
    Oh boy did you get this one on point! So many put money first and when they do they lose sight of what’s really important to own a business. Indeed, money is an incentive, but if you love what you are doing, and doing it well, money will always follow.
    I like the way you explain things in small steps. We know our ultimate goal, but have to place importance on each and every step we take to get there. Being in the process is fulfilling no matter what business you’re in.
    That’s my take!

    • Nate Leung says:

      You couldn’t have said it better, Donna!

      It should always be the purpose and impact and never about the money.

  3. Hi Nate,
    I like your article and your perspective on making money and wealth. If we do our work with passion and improve ourselves, the money we need will come to us. Maybe we should shift slowly the view on wealth. The real wealth is not the money, but the people who are ready to give you the money for your work and the people who produce or provide what we can buy with money.
    Thank you for a post that makes people think.

    • Nate Leung says:

      There is an exchange of energy when people buy from us.

      We provide a service or product in exchange for their money.

      Well said, Erika!

  4. Lisa Sicard says:

    Hi Nate,
    I love the idea of improving yourself or your business by 1% every day. That is more doable than 100% that most think about! Having an achievable goal each day will help you get there by and by.
    As Donna has mentioned you must love what you do to become successful. And that will in time = more money.

    • Nate Leung says:

      Exactly, Lisa!

      Your motivation to make money will only go so far. The passion and the willingness will take you further long term!

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