People talk about building wealth, but how does someone get started?
If you can’t even plot out the next 5 steps, how can you achieve your vision? If you follow these starter points, you will attain clarity in your goals and have actionable steps to get started toward real wealth building. Starting today will compound your efforts in the future.
Now, let’s dive in.
Know Yourself
Spend time getting to know yourself. Doing so allows you to identify your interests and leverage your gifts.
I had a friend back in college who loved to travel. He would always talk about the next place he wanted to visit and made it his goal to save money to get there.
He was an exceptional salesman and was able to make $200k over the summer. We had a candid conversation about his travel bug and how he could leverage his trips.
We had him set up a company, define a real estate prospecting plan, write down the locations he wanted to visit and what activities he would do to become acquainted with the real estate markets there, how he would source his deals and what his price points were.
Now he gets to travel outside of the summer sales season. He owns a business that provides him tax advantages and pays for his trips. And he is buying real estate where he loves to visit.
Get creative because you will be surprised what ideas are laying in your lap.
What is a product you love? Do you really enjoy wine? Do you have a favorite hobby that you have done for years?
Couple your passions with a business and make a targeted plan to serve the people that are behind you in that area of their journey.
Your passions, when scoped correctly, are a huge resource for you to tap in to. Starting a business is the first step to building wealth.
Know Your Target
A skill I often find lacking in people I meet with is the ability to set a strategic vision, create measurable goals and create actionable plans.
I am going to make a very literal analogy here.
If a sniper went to war and didn’t know who the enemy was, where they were, or how many there are… how on earth can he hit the right targets?
The answer is simple. He will be shooting blind and will cause friendly and civilian casualties.
A vision will provide you direction and motivation in your day-to-day life. Each decision you make should be referred back to that vision to keep you on track.
To tap in to your vision, you need to ask yourself questions such as:
1) Where do want to be spending your time?
2) What lifestyle do you want to live?
3) How much vacation time do you want?
4) How much money do you want to make?
5) When do I want these things to be my reality?
Answer these questions to see where you want to be headed.
Adding strategic direction will exponentially increase the value of your wealth building journey.
All it takes is asking yourself the right questions and being honest with yourself.
Know Your Wealth Building Milestones:
Break that journey down into digestible portions.
I have moved across the country several times in my life. Not once did we ever make the drive in one day.
You’re probably thinking how unreasonable that would be. In fact if you look it up, it takes over 30 hours to drive from coast to coast.
We can see that so clearly in this example, but many of us will have a hard time seeing how unreasonable our timelines are on our vision.
If I answered, “I want to be making $500k per year in 10 years”, then my goals should tell me when I will need to break $150k then $250k and so forth.
Setting goals that are within your reach can have the best effect on your motivation and propel you forward.
Know the Next Right Step:
It is nice to set out those milestones, but understanding the paths you can take to get there will help you make plans that excite you and engage your progress.
A substantial pay increase may be a discussion away.
Did you know that people who negotiate their offers accumulate over $600,000 more than their peers who do not over the course of their careers?
Start a side hustle or take a look at other companies.
Look at both options simultaneously.
Find what is right for you and your goals.
Be confident and take your shots.
Do What is Best For You:
In the short run, you may be limited by experience, skills, or connections. Play the long game. No short cut to wealth that is easily repeatable exists.
Anyone who is telling you that you won’t have to work hard to build your wealth is trying to manipulate you and get you to pay them for bad advice that makes you feel good.
The long game involves setting a strategy, creating goals, and making plans that allow you to take action.
Start Your Wealth Building
If you are hesitant or feel like you don’t know where to get started… You are not alone. We all struggle in one way or another. Invest in your future.
Get help organizing a 10 step plan. Reach out to a professional that helps others like you build their wealth. You won’t regret it.
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