15 Most Important SKILLS You Need To Develop If You Want To Be RICH

This website is not financial advice. Posts may contain affiliate links from which I earn commissions at no additional cost to you.

15 Most Important SKILLS You Need To Develop If You Want To Be RICH
15 Most Important SKILLS You Need To Develop If You Want To Be RICH Graphic © WealthPowerBoost

Here’s another excellent inspirational video from Alux. We have listed the 15 skills and added our own summary and notes:

1. Discipline

Discipline is your ability to practice self control over a prolonged period of time. It requires determined focus and will power. Discipline involves prioritization of the most important tasks and doing them whether you are “in the mood” or not. It means putting things that are “boring but important” ahead of things that are “fun but pointless”. Many people fail simple because they cannot stay the course. Discipline means holding yourself accountable and keeping the rules you set for yourself.

2. Emotional Intelligence

It is known that a high IQ does not necessarily correlate to financial success. Wealth is more strongly correlated to understanding human needs, behavior and drives than it is to abstract thinking.

3. Self-Motivation

Self-motivation, also known as drive, is that ability to go for your goals regardless of the opinions of others. A person who is able to self motivate is the one who decides purely of their own accord to put the hours in and push for success. Self motivation is very strongly correlated to wealth and success.

4. Maintaining Focus

Do you maintain pure focus and see something through to the end? Or are you easily distracted? How much of your work time do you actually spend working? Do you find your mind “butterflies off” on a tangent? Do you find yourself aimlessly scrolling on social media before suddenly “coming to your senses” and snapping out of it – or do you have a hard and fast rule NEVER to open that stuff during your work time.

5. Reading

You have no doubt come across the saying that “Poor people brag about the size of their TV, while rich people brag about the size of their library.” It’s true. Reading good books will draw you towards the most noteworthy thoughts of the greatest minds of all time, whereas watching TV will ‘entertain’ your mind without necessarily improving your knowledge.

6. Play The Long Game

You are in this for life. Do you have a five-year plan? A ten-year plan? Or do you bounce from one get-rich-quick scheme to another. Most people do not want to think about where they will be in 10,20 or 40 years time but the reality is that you are going to end up there, sooner or later. And I can promise you, you will look back and will say to yourself either one of two things “I am so glad that I _____”, or “If only I had done ___________”. “If only” are probably the two most tragic words in the English language. Don’t be that person. Start saving now for example. Even $5 per day will put a smile on your face in 10 or 20 years time when it has all piled up, with interest.

7. Continuous Learning

Many of the world’s most successful entrepreneurs swear by this. Continual learning should be a lifelong goal of any successful person. It is a primary aspect of “investing in yourself”, making yourself your most valuable asset. A person who is a fountain of knowledge will not only be in high demand from others but will be able to see opportunities that others cannot.

8. How To Sell

Called by some the most important “money skill”. If you can sell, you will always be able to make money. However this applies not only to selling objects (such as in the famous “sell me this pen” example”) but also to “selling yourself” – in other words displaying your strengths and suitability for greater opportunities. Your personal presentation is part of this skill set.

9. Learn To Outsource

You cannot do it all yourself, nor should you be trying to. Outsourcing not only enables you to get more done in terms of sheer volume of work completed, but should free up your creativity. Outsource all of the work that does not need to be done by you, so that you can focus on your strengths and greatest talents.

10. Willingness To Make Sacrifices

Self explanatory. If you are not willing to go without some things, you will not be able to make other difficult-but-necessary things the priority.

11. Marketing

The fundamental shift between “just selling” something and marketing is that marketing focuses on finding solutions for the buyer, rather than the need of the seller to “sell something”.

12. Ability To Motivate And Inspire Others

This is the leadership skill par excellence. Achieving great dreams requires a team and a team will not follow a weak leader, whereas an inspiring leader will bring more out of them than they ever thought possible. More than anything else, the team will follow your example – so if you want to motivate them lead by example rather than merely by instruction.

13. Money Management

The metaphor here is to “Think of money as your little soldiers”. Money should be working for you rather than the other way round.

14. Ability To Adapt Quickly To Change

Everything has a rise and a fall and nothing stays the same forever. But you need not only an ability to read trends but to position yourself to take maximum advantage of them. As a famous champion hockey player once said “I skate not to where the puck is but to where it is going to be.”

15. Surround Yourself With Quality People

Dan Pena famously stated “Show me your friends and I will show you your future”. Others too have stated that your net worth will be the average of that of the five people closest to you. It is well known that successful people need to cut loose from negative influences and people who would hold them back. It’s vital also to seek out the best mentor(s) you possibly can. Who are you learning from? It should be someone who has most successfully achieved that which you are attempting to achieve.

(Bonus:) 16. Self Honesty / The Ability To Not BS Yourself

It was famously said that “hope clouds observation” but this is not the only emotion that can trick you. Fear, bravado, pride and lack of knowledge of your limits can ruin an enterprise. An ability to think critically and honestly is a vital skill.

Related Post: 15 Rules Of Money