Build your wealth with these five ideas
When it is obvious that the goals cannot be reached, don’t adjust the goals, adjust the action steps.” – Confucius
We are halfway through 2017 and our team decided to reflect on our financial goals. You all have a financial goal right? Well, you put together a business plan each year, I hope, so why not make yourself a financial plan, too. Something to follow that will help you create wealth for you, your family and your future. Who knows if what we do today to earn an income will be like the blockbusters of yesterday. If you haven’t started on a wealth building path, there is no time like the present to begin! Here are 5 ideas to get you moving towards building your wealth.
1. Make a big dream and go for it!
Let’s say your dream is to buy a duplex, fourplex or own an entire apartment complex. You can jump right in and make the purchase, but most likely you will make a bunch of mistakes and eventually say to yourself that this wasn’t right or some other excuse you tell yourself to make yourself feel better. The best way to avoid this is to make a plan and take it one step at a time. Start small! Ask yourself some questions, like have you been a landlord? Do you have a savings of 3 months for vacancy and repairs? How do I evict someone? (You will one day, so learn it.) Start with a one-bedroom condo, rent it out and learn the ins and outs of being a landlord and owning a rental property. Once you are comfortable, move on up and start buying bigger. You will eventually get to your goal!
2. Be obsessed with what you do!
What is your passion? What makes you get up and go, “Heck yeah, I will do whatever it takes to do this job because I love it!” Just don’t pick a job because it makes big money. Even if you do get that job, the money will only make you so happy. You will not get to your full earning potential without any passion. If you love what you do, you will be obsessed with it and success will follow. If we asked all the realtors out there, how many do you think say, “I love doing this business for the ability to make others dreams come true?” Okay, now let’s ask them to do it for free. How many of them would still be in our business? That’s where the true passion lies – when the paycheck doesn’t matter! Don’t get me wrong, I love money, it’s just not what drives me.
3. Help others and not just yourself.
If you made 1 million dollars in GCI this year, what would you buy? Porsche, Ferrari or a Tesla? Maybe a big house or trip around the world? Material items are fun and exciting but can only go so far. How many of you have donated to a charity? Maybe one that works on a cure for a disease? I know the Porsche is fun, but that cure they found will be way more fulfilling. So give back when you receive and only if you can. If you have debt, pay it off and then donate to charity!
4. Always be learning!
I know I’ve said this many times, but being learning-based means you are willing to evolve! Ask any black belt if they stop studying the day they became a black belt. Most will say that a black belt is just like getting a white belt, and the learning is just beginning. With the internet. you can learn anything you want! If you want to start investing in tax liens, how will you learn how to do it? Finding a mentor of course will be the fast track, however the internet is filled with so much info that you can start anything you want to put your mind to. I call it exercising your mind! What happens when you don’t exercise? You get fat and lazy. Your mind does too, so start reading! Need help with what to read or learn? Here’s what we’re reading in the LabCoat Book Club this month!
5. Get and be healthy!
If you want to further your financial future, you better be around to enjoy it. Yes, I did get morbid there, but what’s the point of making you and your family a huge amount of wealth if you are not here to enjoy it? Workout at least 3 times a week. Eat healthy! Your mind, self esteem and energy will propel your wealth faster!
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