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Career Tips - April 24, 2022

7 Skills Wealthy People Have Mastered and How You Can Acquire Them

There are certain strategic skills that the wealthy have mastered. However, many creative people will tell you that they have a wide range of skills, which can be a blessing and a burden.

As you try to fit everything into your weekly routine, excelling at diverse things can make your head spin.

The skills wealthy people have mastered to achieve great success will tell you that this is the most important factor in their achievement.

These are all abilities you’ll develop during the course of your life, just like many others. 

The good news is that you can acquire the fundamentals of each in under 20 hours of diligent practice. 

That won’t make you a multi-millionaire overnight, but it will make you richer.

Even if you work full-time, you should be able to learn most of these in around two months if you follow these fundamental approaches to learning any skill in 15 hours.

Here are seven skills wealthy people have mastered and how you can acquire them.

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1. Accounting

Understanding your money flow is critical to maximising your assets while reducing your liabilities. 

You’ll need assets with a high yield and few obligations. You would not understand what that means if you don’t have any accounting knowledge.

Like many of the other seven skills, accounting has a lot of jargon. Familiarise yourself with it. Make financial statements for your own accounts to practice. 

Request that your accountant clarifies the principles to you. Make a mental note of everything. Play the Cashflow game and read books.

2. Investing

Knowing where to place your money can make a huge difference, especially when you factor in compound interest.

In 20 years, $100 invested today might be worth $8,000. While $800 may not seem like a lot, if you’re clever about investing, it can double every seven years or so.

Familiarise yourself with the vocabulary. “The Intelligent Investor” is a book worth reading. At least once a week, play Cashflow. 

Discuss your alternatives with your bank. Keep an eye on Yahoo Finance. Experiment with various Real Estate Investment instruments. 

To get your feet wet, start with small investments—review frequently. “Unshakable” is a book that you should read.

3. Marketing

You can construct the best car ever made, but your revenues will be close to zero if no one knows about it. 

Only half of the battle is won when creating a product or service. Sales are the other half of the equation.

Understand SEO, Facebook Ads, and Google Ads. Discover what targeting is and how to use it effectively. Follow Neil Patel and read Seth Godin’s books. Take a look at online courses. Discover what an influencer is and how to use their services.

4. Law

The majority of your money will come from company investments. It’s crucial to understand your rights and how to safeguard your possessions.

The field of law is vast. The first step is to become acquainted with the area of law that most interests you. 

Start with online courses to get your feet wet. Familiarise yourself with the vocabulary. Read best-selling novels. Anki can be used to review concepts regularly.

5. Copywriting 

Messages are used for the majority of communication these days. You grow from a decent marketer to a great one by writing powerful copy eliciting emotion.

Read a lot of books. Write every day and post on blogs or Medium regularly. 

Make use of Grammarly. Definitions, synonyms, and antonyms can all be found in the Thesaurus. 

Filler and dull words should be avoided. Every day, force yourself to learn and utilise a few new terms. Keep a journal of your thoughts. Learn how to tell a story.

6. Sales

Getting others to say “yes” is one of the most effective strategies to increase your wealth. 

Sales are typically the first step toward high-ticket sales as well as growing your network of influence.

Learn the skill of narrative, just like copywriting. Take some public speaking classes. 

Participate in Toastmasters events. Learn the fundamentals of selling psychology. “How to Win Friends and Influence People” is an excellent book. 

Create a modest eCommerce site and import your products from other countries. Get to know these 25 sales techniques.

7. Public relations

The way you show yourself to the public impacts how people perceive you and your brand. 

Knowing how to approach your target market can make or break your company’s or brand’s reputation.

Find out what a public relations agency does. Learn how to approach strangers on the internet. 

Learn how to approach people in a non-online setting. Learn these 11 ideas if you plan to accomplish them on your own. 

Read a lot of books. It would help if you learned how to compose press releases. Consider taking an online course.

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