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While most people have run into a get-rich-quick strategy at some time or another, many wonder what the main steps to becoming rich actually are.

From my work as a wealth manager, I have experience helping others build and protect their wealth. I’ve also been on my own journey of building wealth and becoming rich. I’ve seen what works and what doesn’t.

So while this post is not a substitute for professional guidance, it will get you looking in the right direction.

Money blocks usually develop when you are young and impressionable. They are things you learn and subconsciously take for granted. You believe them to be an absolute truth. 

Saving money is the first step to wealth. With smart investing and compound interest, small savings grow over time, helping you achieve financial success.

I have a quick anecdote that will illustrate two different approaches to generational wealth.

These characters are based on my two friends, Jeff and Dirk, who grew up in the same area.

Dirk seems to have the world by its tail. He’s confident, intelligent, and comes from a very successful family. He hasn’t had to work for anything because it has always been easy.

Jeff, on the other hand…

Being rich doesn’t make you happy or unhappy; it is your thoughts that make you happy.  So make sure you’re aware of yours!

During a recession, smart moves include saving cash, investing in companies that pay dividends and make everyday items, buying gold, and getting bonds because they’re safer.

While some view “being rich” as a specific dollar amount, others see it as being surrounded by people they love.  So first, you must understand what being rich means to you and have a goal.

Rich is what you see, and wealth is what is in your bank account. Rich people tend to be more “in-your-face,” trying to keep up with their neighbours and always looking to show off the fact that they just purchased the latest tech toy.

The right money mindset for growing wealth is the belief that you can grow and change, combined with the desire to release limiting beliefs that are holding you back. 

While nearly every Canadian likes the idea of becoming rich, whether or not you achieve this goal depends on many factors, including how much you earn and save and your money mindset.