Many people believe that in order to become wealthy, one must have a college degree or work in a traditional white-collar job. However, that couldn’t be further from the truth. There are countless stories of individuals who started with nothing and built successful careers in the skilled trades, ultimately creating wealth for themselves and their families. In this blog post, we will discuss five habits of successful wealth builders working in skilled trades.
1. Continuous Education and Skill Development
In today’s ever-evolving job market, it’s imperative to stay up-to-date on the latest technology, techniques, and trends in your trade. Continuously educating yourself and improving your skills will not only help you stand out among your peers but also increase your earning potential over time. Success in the skilled trades takes a constant dedication to learning.
According to a study done by the Bureau of Labor Statistics, construction workers who are trained in safety, blueprint reading, and energy efficiency earn approximately 10% more than their untrained colleagues. Additionally, those who possess certifications and qualifications have a greater chance of being hired and commanding higher wages.
2. Financial Planning and Budgeting
Wealth building starts with strong financial planning and budgeting habits. Successful wealth builders in the skilled trades understand the importance of managing their finances efficiently. They set financial goals, create a budget, and stick to it.
According to a study conducted by the National Endowment for Financial Education, approximately 70% of people in skilled trades have poor financial health. By building a solid financial foundation, skilled tradespeople can avoid financial difficulties and create a path to success.
3. Networking and Building Professional Relationships
In the skilled trades, forming professional relationships can be the key to success. That’s why successful wealth builders take the time to establish a network of colleagues and industry professionals. These connections can lead to job opportunities, referrals, and valuable advice.
According to a study conducted by LinkedIn, 85% of jobs are filled through networking. Building relationships with people in your field increases your chances of finding new job opportunities, and ultimately, building wealth.
4. Entrepreneurial Strategies
Many skilled tradespeople start their own businesses, and with their entrepreneurial spirit, they are able to build successful careers and considerable wealth. They leverage their skills and imagination to create new business opportunities and generate income.
According to the Small Business Administration, approximately 30% of skilled trades businesses are owned by minorities. Entrepreneurial skills such as innovation, creativity, and risk-taking can give skilled tradespeople the edge they need to build a successful business.
5. Mentorship
Finally, successful wealth builders in the skilled trades understand the value of mentorship. Mentors can provide guidance, support, and encouragement as you navigate your career path. A good mentor can help you avoid pitfalls and point you towards opportunities, ultimately helping you achieve success more quickly.
According to a study conducted by the American Society of Training and Development, employees with mentors receive promotions five times more frequently. Mentorship can provide a considerable boost to your career and your ability to build wealth.
Bottom Line
Success in the skilled trades takes a combination of hard work, dedication, and smart decision-making. By adopting these five habits, you increase your chances of building a successful career and creating wealth over time. Continuous education and skill development, financial planning and budgeting, networking and building professional relationships, entrepreneurial strategies, and mentorship are all crucial elements of a successful career in the skilled trades. If you’re embarking on a career in skilled trades, keep these habits in mind and work towards building a bright financial future.
> For one on one or group assistance with personal finance, STR recommends that you check out the following resources:
> Inaccuracies with Bureau of Labor Statistics (BLS) data: Many of our blog posts will quote BLS data. SkilledTradeRescue.com has been able to identify that data quoted specifically for Skilled Trades can be as much as 50% LOW in many USA labor markets. For more information on these inaccuracies please visit the STR national labor survey page at the link below. On this page there is a video containing the latest information at the top of the page as well as other information. If you currently work in skilled trades, PLEASE consider participating in our national labor survey.
