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In arecent videoon his channel, Singh explained eight key skills he says you should probably build wealth.
Heres aquick look at each skilland how even the financially savvy can benefit from them.
Out of college, he invested in real estate by buying a house.
He continued to make mistakes in his following few deals but refused to give up.
To do this, he needed to constantly understand and learn from his mistakes.
Most people live somewhat comfortable lives with a place to live and a steady income.
Resilience
Singh highly discourages self-victimization and wallowing when times get tough.
To be resilient, you must put any challenges and adversity behind you and continue to move forward.
Some of his jobs, like planning events or making videos, required him to work constantly.
And to take time off meant less business and income.
Today, he doesnt consider these to beviable long-term businessesbecause they have no room to outgrow his involvement.
Delegation
Delegating tasks means paying a bit more to free yourself up for other kinds of work.
As Singh explains it, many find delegating problematic because it requires cash outflow.
However, to grow and do more, you must delegate.
Singh learned this lesson when he started investing in real estate.
He didnt want to deal with the tenants, so he delegated tasks to a property manager.
By scaling up early and building a framework for delegating tasks, he set himself up for future success.
Communication
Sales is key in just about every business.
Singh admits that while hes not the best salesperson, hes hired people who have the skills he lacks.
Delayed Gratification
The skill of delayed gratification is easy to understand but can be challenging to enact.
If you want more money tomorrow, you need tosave moneytoday.
Wealth building requires sacrifices.
Singh uses the example of someone who makes $50,000 a year.
Over two decades, that person has made a million dollars.
You must invest money that will continuously compound and produce more income for the future.
Thinking Independently
The ability to think independently is vital for building wealth.
He had to begin investing and starting businesses secretly because his parents saw it as a distraction.
However, Singh knew what he wanted and needed to think independently to attain it.
The skill of independent thinking extends to how you think about money.
In todays society, everyone wants to buy a fancier car, nicer clothes or the latest gadgets.
Singh often notices how many people make less than him but drive nicer cars or live in bigger apartments.
Securing your wealth requires a different approach to finance.
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