5 Skills You Need To Perfect To Create Wealth
By: Chris Isle
Tags: Self Improvement, Startup, Life Lessons, Business, Entrepreneurship

5 Skills You Need To Perfect To Create Wealth

Financial success and wealth in general, is simply about developing and mastering a set of diverse skills.

Photo by Austin Distel on Unsplash

There are many more than 5, of course, but these are perhaps some of the most important ones especially in today’s younger generation.

Skill # 1: Personal Marketing

Knowing how to promote yourself, promote your business.

Today we have the greatest opportunity in history, it really has never been so possible and easy to carry out a business idea, undertake and do something new that allows us to create much more abundance.

At this moment it is possible to put aside the mentality of “slaves”, (if we can call it that) that gives us the job and working to fulfill the objective of another person.

So, when we say “well, let’s create our own business“, or even looking for a good job, it is no longer enough to simply know an art, have the necessary degrees, or whatever it takes to have that job…

… I need to promote myself, I need to know how to do marketing.

Previously, having a good social profile, knowing how to advertise or something else, perhaps it was something new and something that few people mastered, but today it is becoming more and more difficult as more people begin to understand how to promote themselves.

And it’s these people who dominate personal marketing who are getting a better slice of the market.

It is no longer enough to have a good resume and hope that some employer will see the value you have as an employee.

Or that you create a business and just by having it open to the public, people will come by, go in and buy.

Worse still on the Internet… Just having a website or a social profile is simply not going to be enough.

This ability is something that is really differentiating the companies that are successful today from those that are lagging behind.

So, both on a personal, business and professional level, marketing is now more than ever essential and it is a skill that you must acquire and perfect.

Skill # 2: Negotiation

It is not about taking advantage of the other, trying to reduce the price as much as possible to pay less and take advantage of the other person.

But to understand and know how to do so that the other person also wins but that you really get a very good deal.

In other words, don’t be scammed, know how to understand what a good deal is, who is offering you something fair.

That it does not happen to you like many people who, because they do not have the ability to negotiate, accept anything, the first thing that crosses them.

These people end up spending more money, or receiving much less money for the things they have to sell or for their services, and they do so for years.

They are not able to negotiate their salary when looking for a job, because they feel at a disadvantage and believe that the employer is the one with the ability or the leverage to negotiate, and many other things.

This ultimately translates into a loss of opportunity, enormous cost, and far less abundance in the long run.

And therefore, acquiring the ability to negotiate very well and knowing how to do it with excellence is basically one more way to create wealth in your life.

Skill # 3: Mastering Digital Tools

Perhaps many people have preferences, such as reading a book on paper instead of digital, or closing a deal in person and not so much by phone, much less by chat or something like that.

But it is not a surprise that especially this year, we are realizing that digital tools and new technologies are changing the world at an ever faster rate.

This is something that has been repeated for years and perhaps decades, but today more than ever digital colleagues are eating the world, and people who are left behind simply for saying “I’m not technological, technology runs me over, I don’t understand computers or cell phones”, or whatever …

… They are missing great opportunities that perhaps for who knows what reasons, younger people are taking advantage of today.

What happens is that there is more and more competition, it is more and more difficult, so if today you try a little bit, it is not about becoming a programmer, or an engineer, or a systems hacker, not much less…

Rather, put in a little effort to improve your skill, to know a little more, to understand how at least the systems that are relevant to whatever you want to achieve in your professional and financial life work.

The safest thing is that just by acquiring those skills you will be above many other people later on and have an advantage over them, because most people are afraid of change, they are afraid of adopting this new paradigm.

Skill # 4: Consistent Planning and Taking Action

What’s more, even better a perfect balance between the two.

Because there are people who are perfect at making plans, they are inveterate dreamers and they are not capable of doing anything more than visualizing, imagining, seeing all the opportunities they have in their hands to get rich, to become millionaires, to “make money” as some call it.

And when you see what they are really doing, either they are not doing what is leading to results, or they are not doing anything at all.

While other people who work hard all the time, every day, get up early, go to bed early, they are very persistent and very disciplined, very consistent, and yet we still don’t see tangible results in their lives.

Because they need planning, because they don’t know what to do if something in the activities they are carrying out goes wrong, they don’t know what a contingency plan is, they don’t have a structure regarding what things are worth doing.

Really the most successful people know how to plan, design an ideal plan taking into account even some unforeseen events, and they know what to do when things do not go as expected.

They also know how to measure results every day, so they know for sure whether or not they are progressing at the rate they need.

And based on that if yes, they continue to do so; and if not, what adjustments should they make.

For people who don’t take this into account, it is no surprise that some years later they find themselves in exactly the same place or perhaps a little further back.

Skill # 5: Simple Financial Math

I’m not referring to complex calculations, amortization tables, or compound interest formulas, or anything like that.

I am referring to a skill that in Colombia we call “putting a pencil to things”.

Basically it is, when buying a car, do the math.

Not only how much does the car cost, how much are you going to have financed with the bank, but also analyze the fees:

What is the interest rate

What are the associated insurance

The cost of gasoline

The tax to be paid annually

What is the cost of the all-risk policy if it is to be acquired

Mandatory insurance, and many other things.

Even a budget for unforeseen repairs, even if it’s a new car, doesn’t matter.

Many people fail when it comes to buying a car, when it comes to buying a house, when it comes to starting a new business, when it comes to doing just about anything financially, not doing the math correctly.

It applies both for a decision that I am going to make, and for a decision that I am failing to make out of ignorance.

In other words, both the cost of acquiring an opportunity and the cost of not acquiring it.

The mere fact that I know how to do the math, know at least how much money is required, how much money you don’t have, what is the profitability.

Take into account many factors that ultimately it is as simple as writing on paper, or looking for an online financial calculator, or whatever.

No study or advanced knowledge is required, and in an afternoon of analysis you can do practically anything.

What is required is the habit that you really know how to “put a pencil” on things every time you make a decision.

But why do it? Simply so that the financial decision is not made emotionally, do not get carried away by your subconscious that many times has other motivations other than profitability, different from making a decision that makes sense, different from one that basically maximizes the value of your money in the long term, even in the medium term.

Even many times motivations other than those that make sense when we think about it out loud, such as when we make decisions to impress other people or to try to prove what we are really worth, and many other things.

If you get used to having a simple financial math running all the time in the back of your mind, basically you become a machine that composes financial decision after correct financial decision and in a short time you will see yourself in a better situation because you apply the numerical principles of success.

These are some of the skills that are required to create wealth, in fact they are practically those that many people who have reached great levels of wealth have carried out knowing or not knowing.

Either because they were educated that way, or because they realized that it was basically what worked and began to develop them.

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