15 Skills You Need to Master Wealth Creation

you know too many people focus on making money when they should focus on mastering the skills that create it wealth isn't some kind of Lucky break it's a game of strategy patience and execution the ones who win aren't just moving blindly from one thing to the next no they're stacking skills that multiply their advantage over time take Sam zel one of the greatest Real Estate Investors ever he didn't just wake up rich he started managing student housing and colle learning how to negotiate leases spot undervalued properties and structure deals long before he had any big

money by the time he was making multi-million dollar Acquisitions the skills were second nature the more skills you master the higher and faster you'll go can you master all of them well let's see but as a quick note here we knew this needed a deeper dive so today on the alock app we've got an exclusive daily session just for you we're asking the question to master wealth do you have to master yourself first what do you think the conversation continues in the app you can download the app now and listen to it and we've got

an extra exclusive offer for you you download the app you scan this QR code on screen and you'll get 25% off your yearly membership all right so let's dive into this one shall we number one you need to be able to sell like your life depends on on it if you want more money you need to convince people to give it to you in this case selling is more than a skill it's survival if you're making the bare minimum then it's because you don't know how to properly sell what you're offering you're blending in with

everybody else the opportunities and earning potential that you get comes down to your ability to persuade and you do that in three ways first talk less listen more most people think selling is about talking but the best sellers rarely speak they listen they pay attention to what the other person actually wants not just what they assume they need when you stop selling and start solving people stop resisting and start buying secondly they sell the outcome not the product because nobody buys a product or service they buy what it does for them a watch isn't just

a Time piece it's a status symbol a fitness program isn't just workout it's confidence your skills aren't just hitting a check mark on a list they will generate revenue for a company and third they make rejection their fuel when somebody says no it's not the end of a conversation it's an invitation to dig deeper what's holding them back what haven't they seen yet train yourself to see rejection as feedback aluer not failure number two Master the skill of boredom look being able to sit in your boredom is an invaluable skill truly because wealth is not

built on excitement it's built on repetition patience and delayed gratification the problem is most people are addicted to stimulation they jump from one shiny opportunity to the next chasing excitement instead of results the biggest things that grow your wealth aren't exciting look at investing you buy assets you hold them and you let compounding do its work the excitement comes years later right building a business that's boring too you repeat the same processes improve the small things over time and grind when nobody's watching mastering a skill is boring as heck you put in hours of unseen

work refining things that most people won't even notice and if you cannot sit with boredom you will absolutely sabotage your own progress you'll sell too early abandon strategies that work just fine or jump onto the next big thing before anything even pays off money comes from doing the same thing well over and over again and building on this point number three make boring things interesting okay okay we know we just said you have to master boredom you'll have to sit through it like it's some kind of punishment instead of a trade for Building Wealth but

you'll fa better in the long run if you put effort into making the most boring parts of creating wealth just more interesting for you when you start something new and you don't understand it that's when the boredom is at full force and it's when you just need to embrace it however as you spend time doing that boring thing you start to learn about it whatever is boring to you now can be interesting to you if you just learn enough about it and when you do that learning the tools that create wealth becomes easier and a

lot more exciting number four understand how the market Cycles a skill isn't just something you learn and then regurgitate like a parrot it's a tool you keep building the more you apply it in the real world so when we talk about the skill of understanding Market Cycles we don't just mean knowing the basic rules or principles no you have to use and adjust this skill as the world changes that's what will help you to know where you are in the market cycle so you can make the Right Moves before anyone else catches on in the

Quidditch games of the Harry Potter books and movies he plays the Seeker right a person who needs to catch the golden snitch that will help him to win the game keeping an eye out for that snitch the small signal going off in a big world where everyone's distracted that's what you have to develop and yes we just made a Harry Potter reference about this okay real estate stocks crypto even entire economies all follow the same Rhythm expansion Peak contraction recovery none of it lasts forever yet most people spend behave by and panic like whatever season

they're in now will be the season they're in forever there is a pattern and you need to pay attention to it number five read and understand your financial statements now this sounds so obvious of course you need to understand your financial statements to grow your wealth but do you do you understand them do you even read them or does it just look like a wall of numbers and text the statements tell a story okay that's how you tell if a company is actually profitable if an investment if an investment is worth it or if your

own Financial Health is as strong as you think learn where that money comes from revenue where it's going expenses and what's left over profit understand assets versus liabilities what's Building Wealth versus what's draining it look at cash flow because profit on paper means nothing if there's no actual money moving the more you study these numbers the faster you spot opportunities and the better you become at avoiding disasters number six spotting ways to increase your earning power now most people approach money backward they obsess over budgeting looking for ways to spend less but never asking the

real question how can I make more if you don't ask yourself that you'll spend your entire life managing your income instead of growing it and growing it doesn't look like directly immediately adding money to your bank account when you're able to spot ways to increase your earning power you can create leverage and that moves the needle towards something that can pay you repeatedly or you get yourself into an industry where the top performers make exponentially more than the average you don't have to be the smartest or even the most hardworking to create wealth all you

need to do is figure out how to make your knowledge and assets pay you consistently for something that you do just one time number seven making decisions under pressure and uncertainty now decisiveness under pressure is a skill and if you don't train it you'll crumble when it matters most wealth is built in those moments of uncertainty when nobody knows what's going to happen next and everyone is afraid it's okay to be scared sometimes fear makes you think carefully but it shouldn't stop you from moving forward most people freeze because they wait for more information certainty

and reassurance by the time they get it the opportunity is gone to be a good decision maker you have to know how much that hesitation will cost you really that hesitation could be more dangerous than taking action so commit what you can and don't look back to train this skill you have to get comfortable making decisions without all of the answers so set a time limit when you're faced with choices that forces you to act before overthinking kicks in learn to separate emotion from logic especially when the pressure is high and most importantly build a

mindset where failure isn't the enemy in action is number eight master patience and delaying gratification now impatience is a cryptonite for all of us in your daily life it's walking out of a queue for a good deal because you couldn't wait any longer it's selecting the fastest delivery option because you don't have the patience to wait a few more days all of those small things creates a loop of impatience so when it comes to building your wealth you expect it to happen quickly there too and you've trained yourself to expect it and when when it

doesn't happen you walk away but all you needed was a little more time a little more patience patience isn't something that you're born with it is a skill that you train and if you don't Master it you'll always be at the mercy of your impulses chasing short-term wins while long-term wealth just slips between your fingers number nine knowing when to make your exit leaving gracefully in a timely manner that's a skill too okay patience will help you win but knowing when to leave will help you hold on to that win it starts with a gut

feeling and without even realizing it you're already mapping out possible Escape Routes and plan B's the worst thing you could do is stay because you're scared of missing out or having regret or having to admit that you made the wrong call those are not good reasons to stay they're driven by how you think you might look to other people and they're not living your life you are number 10 to separate money from your emotions now money isn't just numbers it's psychology if you don't understand how emotions Drive financial decisions you'll make the same mistakes as

everybody else chasing quick wins losing Steam and then never Going the Distance the biggest money moves are made in your head okay not on spreadsheets so here's what we mean by that financial success comes from knowing how to control yourself fear greed and impatience are what separate the wealthy from the broke the market crashes and the unprepared Panic sell at the bottom prices sore and then they fomo by at the top they spend money to impress people they don't even like and then they wonder why they're always broke the biggest risk isn't losing money alexer

it's losing discipline you can't afford to let your emotions dictate your decisions so you have to develop the skill of separating the two to ASAP number 11 the skill of financial engineering because wealth isn't built on Willpower it is built on systems if you don't create systems for making managing and multiplying money you will always be stuck in a cycle of starting over relying solely on discipline or motivation is a recipe for disaster okay you need to set up systems that force them to succeed even when you're not paying attention learning and applying Financial Engineering

in your life means finding and applying automation tools for your Investments savings and debt payments so your money is always working for you creating Financial processes that allow for scale like reinvesting profits or setting up tax efficient accounts or figuring out the best place for your cash flow and removing the pressure of constant decisions the more you automate the less mental energy you waste on repetive money decisions allowing you to focus on bigger wealth building moves the goal is to take wealth building out of your hands and put it on autopilot number 12 the skill

of living your life without feeling like you're stuck budgeting sucks right you tune out when you hear about budgets everybody knows that you have to have a budget the problem is that most people use budgets to restrict their spending and that's going to make you feel trapped and miserable first of all you're missing out on good years and great experiences and secondly you're always going to feel like money is limiting your life and when you think about money in limitations it can't Flow To You budgeting should be for the things that you want to prioritize

it's for the things that are important to you if you think of it in that way it adds to your life and you don't feel stuck because you're directing it toward where you want it to go now where you want it to go and where you need it to go might be two different places when you think about it you want to spend your money on a trip abroad but you have to pay your rent and mortgage right so now money feels like a trap because you can't do what you want to do but what

if you reframed that do you want to live in a different place to where you are now somewhere cheaper and maybe not as nice probably not right that's why you are right there right now so it is something you want and since paying your rent gives you more long-term stability and peace of mind than a holiday it does get priority service here you also don't have to and shouldn't be chucking all of your income into one single area if for the next few months you plan to focus on beefing up your savings don't make that

goal suffocating okay leave enough room to enjoy other things too that way you don't feel guilty about spending when you do spend because you will okay this this is a strategy not a set of rules okay so change adjust hit your markers and just enjoy what you have left number 13 the skill of strategic paranoia you know we can be a little harsh towards paranoia and fear sometimes and being so critical of those feelings or States we lose the superpower that they can bring us to forecast potential risks fear is a signal to you that

you've missed something you haven't properly protected an asset or you've overleveraged somewhere so pay attention to that signal plan for the worst while working toward the best don't ignore risk anticipate it calculate its impact and create safety nets that protect your wealth from being wiped out risk forecasting is the ability to imagine everything that could go wrong without letting it paralyze you investors hedge downturns entrepreneurs plan for failure wealthy people protect their downside you do these things because you've thought about the worst case scenario and you're prepared and now you can move forward it's like

killing two birds with one stone you're conquering your fears and protecting yourself against them you know just in case number 14 the skill of playing the Fool on purpose now most people try to prove how smart they are they jump into conversations correct others and flex their knowledge at every opportunity but the real power move is letting other people think they know more than you do when people assume you're not a threat they lower their guard reveal their strategies and give you an advantage without realizing it in negotiations play uncertain instead of acting like you

know everything ask basic questions let the other side overe explain they'll reveal more than they should giving you some leverage in business let competitors think you're kind people get sloppy when they think they've already won if they believe you're not a serious Contender they won't defend themselves properly when you make your real move and in conversations be curious instead of combative the moment you challenge someone they tighten up but if you let them talk and feed their ego a bit they'll reveal their real thoughts weaknesses and blind spots the goal isn't to be ignorant it's

to control perception when people underestimate you they give give you the space to gather Intel assess the situation and strike at the right moment which leads us to our last skill you play the fool with others but in reality you've mastered number 15 the skill of teaching others about money because if you can't teach it you don't really understand it the final step in mastering wealth is passing that knowledge on because the more you teach the sharper your own skills become it helps you to think about money differently explaining Financial Concepts forces you to look

at what you actually know it exposes your weak spots and keeps you accountable to your own principles when you can teach others how to win with money you prove to them and yourself that you've mastered the game and that's all we have here for you today but our conversation continues on the alux app in today's daily session on the app we're diving deeper into what wealth means for the self we ask the question to master wealth do you have to master yourself first here's that QR code again in case you missed it we'll see you

on the inside