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Impediments to building wealth

Armstrong Williams | 8/24/2011, 3:28 p.m.
There are literally hundreds of impediments that prevent people from building wealth. Whether they are...
At Thanksgiving, embracing the winds of change and increasing our faith

Finally, examine your social scene and beware of those who are bringing you down or hurting your chances to succeed.

Personal

Like anything else, building wealth takes a lot of hard work, dedication and focus. If you truly want to experience financial stability, then you absolutely must be willing to sacrifice and spend the necessary time to achieve your goals. Besides creating a strong work ethic, you must cultivate your creative side and continually challenge yourself to be innovative and think outside the box. Leaving your comfort zone is a key aspect of improving innovation.

You must be willing to try new things, experience different customs and participate in unusual situations so that your breadth of knowledge grows wider. The more creative you become, the more your hard work will pay off.

Recently, I read about a Stanford professor who gave his business students a project to test their creativeness and innovation. He gave each of them $5 and informed them that the student who made the most profit within 24 hours using the $5 would earn an A grade in the class. He also told them within the next 24 hours, each student would give a five-minute presentation as to how the money was earned so that other students may benefit from their experience.

What would you do? How would you spend your $5 if you were in the class?

The Stanford business student who made the most profit from his $5 was the most innovative. The student approached major corporations in the Silicon Valley and offered his five-minute presentation at the end of the semester as advertising time for the corporations. He told them that if they bought his presentation time, then they could speak to his peers about why they should work for the corporation. Not only did several corporations jump at the idea, but one paid over $650 for the five-minute presentation.

The lesson from this story is simple: Expand your mind. Get creative. Be bold. Take action. Most of all, work harder than the next guy.

Each realm that I have discussed affects different people to different degrees. Some people who have a positive family life may only encounter a family obstacle once a year, yet they may face social impediments everyday. And this person's next door neighbor could be experiencing the exact opposite while on his wealth-building journey. Each of us needs to examine the four realms-family, education, social and personal-and understand what obstacles may arise. We then need to prepare a plan of action to overcome these obstacles and turn the impediments into growing experiences that will help our wealth, not hinder it.

Armstrong Williams content can be found on RightSideWire.com. He is also the author of the new book "Reawakening Virtues." Listen to him daily on Sirius Power 128, 7-8 p.m. and 4-5 a.m., Monday through Friday. Become a fan on Facebook at www.facebook.com/arightside and follow him on Twitter at www.twitter.com/arightside.