Wealth Creation Tips: Don’t Let Debt Hold You Back

No matter what your station is in life, your current financial situation, and your dreams, there is nothing wrong with wanting to increase your wealth. If you have managed to amass some debt during your lifetime thus far, one of the most important things you need to know is you can’t get very far with wealth creation without doing something about your debt.

It doesn’t matter how old that debt is, and even though it may seem like it is counterproductive towards your goals, keep in mind that debt cancels out wealth. To help you to overcome many of the challenges that you may encounter on your journey, here are some wealth creation tips you can use.

Wealth Creation Tips: Don't Let Debt Hold You Back

Assess Your Situation

Take time to take a realistic view of your situation. Think about where you have been and where you plan to go, You need to have a good understanding of why you are in the position you are in now in order for you to be able to plant the seeds for financial greatness. Knowing also prevents you from making many of the same mistakes that you have made in the past.

Improve Your Mindset

You can’t make money if you are scared to put it out into the universe that you want it. Remember the primary law of attraction, you have to put out there what you want to make a reality. By keeping money on your mind, speaking your wealth into existence, and improving your habits you can increase the amount of opportunities that you are presented with. You have to remain focused and keep money in your foremost thoughts and in time you will see an increase.

Don’t be Afraid of Failure

You won’t get far in any endeavor in life if you are not willing to take risks and chances. The same goes with money. If you want it, you have to be willing to go out and get it. Don’t take no for an answer and if one door closes, there is always another one for you to use. The goal is for you to always be on the lookout for money making opportunities so you can take advantage of them. If you happen to fail in any endeavor, be prepared to pick yourself back up and move on to the next.

Learn the Art of Management

It is hard for anyone to make money, keep it, and to remain productive without knowing how to manage themselves accordingly. Learn how to manage your time and energy so you are productive and prosperous. Remember, you want to grow your wealth not waste it.

Remain Positive

Maintaining a positive mood in the face of adversity and challenges can often be a challenge in itself. While you don’t have to be happy about any negative situations, it is far more beneficial for you to remain positive about them. Keeping a positive and healthy mindset attracts positive opportunities to you. This is very important in the wealth creation game. Remember, you get what you put out there so if you spend your time walking around grumbling about some missed or failed opportunity, you’ll never notice the new one that may have a far better outcome that is on the horizon.

Stop Procrastinating

Ask anyone who has amassed a fortune and they will tell you that you won’t get very far if you spend all of your time procrastinating. Understandably, you don’t want to make the wrong decisions, but taking too long to choose an option or not choosing one at all is the same as never even starting the game. Again, you can’t make money if you are too scared to put forth the effort. On the other hand, there is nothing wrong with wanting to research your options. Just make sure that at some point you are ready to jump on the ball to get it started.

Stay in the Moment

It’s all too easy to get caught up in a dream and excited about the potential of your investments. . You can’t keep a clear accounting of how your investments are performing if you are always somewhere off in the clouds thinking about what could be or could have been. Instead, by keeping your mindset in the present, you can know for certain what is going on and how much wealth you’ve gained or lost so you can take immediate and appropriate action to gain more.

Know the Full Value of Returns

Inexperienced investors and amateur wealth generators tend to only view returns in terms of how much money they’ll make minus the amount of money they invested. Smart, savvy, and experienced investors know that the best way to measure returns is to consider all of the money, energy, time, and risks that are necessary to pursue them. By converting your thinking to mirror that of successful investors, you can actually increase your returns and minimize the risks on any investments you make because you are now capable of making smarter investment decisions.

Becoming a person who amasses wealth and not debt requires you to make changes to your mindset, lifestyle, and financial habits. Even though these adjustments may seem challenging at first, with regular practice they’ll become second nature.

About the Author

Ankur Shah
Ankur Shah is the founder of the Value Investing India Report, a leading independent, value oriented journal of the Indian financial markets. Ankur has more than eight years of equity research experience covering emerging markets, with a focus on India and South East Asia. He has worked as both a buy-side investment analyst for a global long/short equity hedge fund and a sell-side analyst for an emerging markets investment bank. Ankur is a graduate of Harvard Business School. You can learn more about his latest views on global markets at the Value Investing India Report. -- He can be emailed at AnkurShah47@gmail.com