Powerful 3 Part Plan For Wealth Building
When asked, most people would admit that they would like to be wealthy. Money provides security and the ability to experience life to its fullest. In light of this fact, it might be surprising that most people lack a plan for becoming wealthy and escaping the confines of a cubicle and fluorescent lighting.
There are different stages of creating true wealth. These stages include making money, saving that money and then investing that money so it multiplies. If any of these aspects of wealth creation are missing or if there are problems in any of these areas, the entire plan will fail. Without investing you must continue to work and innovate to create wealth. Without a plan to save some money for investing you are living on the edge of possible financial catastrophe. While you might wish to focus on income first, having these other aspects of your plan thought out beforehand is important. This is your first step to financial freedom.
Building wealth and creating money out of thin air might sound like a dream but this is going to be your first step. There is a very good chance that you have knowledge or a burning desire that draws you in one direction. It might be a hobby or interest or a natural knack for something. You have an inborn skill that once it is cultivated can and will be used to provide value to others. Perhaps there is something that comes naturally to you. There is a topic or area that you have a natural ability for that you can use to solve a common problem that people have.
This skill might be one that you are currently using in your present job. You are making someone else rich as they use your skill to solve problems or provide value to the world. There is also a possibility that you interests lie elsewhere. What do you find the most joy doing? Is there something that makes you happy in life that could be turned into a marketable skill? Maybe you enjoy hunting for antiques and this interests you. You could become an expert in a particular area that you enjoy. Perhaps you love gardening and everyone tells you that you have a green thumb. You could write a book filled with your tips and tricks or start an organic farm. Then again, it could be that you have a mind for numbers and you have an uncanny ability to find profitable stocks. Presently, you work in an office doing mind numbing work but in your off hours these are things you enjoy. Furthering your education in the area that makes you happy needs to be your first step in leveraging this skill that you take for granted. Fill your mind with as much knowledge about the thing you love and start to take it seriously because this is going to be your ticket to wealth.
Time and managing time is always a problem. Once you get moving down the path to wealth, you will find that there simply aren’t enough hours in the day to get everything done that you wish to get done. Freeing up some of that time by hiring someone to take care of the more mundane tasks that you dread is an investment in your future. If you could be accomplishing a task that will make you money and you can hire someone to cut your grass or clean your house for less money then you are turning a profit. Unskilled labor is very inexpensive and while you can’t outsource your laundry overseas, you can find someone locally who would be happy to make a few extra dollars a week for helping you.
Now, if you are a perfectionist or if you simply like things done a certain way, you might have to pick your battles. Obsessing about how your lawn is cut by the high school boy that you hired is not a good use of your time or energy. Worrying that the maid doesn’t fold your sheets the way you like is insanity. Try to be glad that you have the ability to hire someone to take care of the little things in your life and focus on your goal. Maybe someday you can hire a crew of people to come and manicure your lawn or you will have a maid that irons the sheets and makes the bed even better than you do. Let go of the little stuff and remain focused on your goal.
You have probably heard the saying that you shouldn’t keep all of your eggs in one basket. This is very true when it comes to investing and building wealth. You should have different projects going on in your life that will bring you wealth. You might only be minimally involved with one or two of them but having a shareholder’s stake in a few different ventures is just good business. You will always gravitate towards one project but having a mastermind or small investment group that you’re part of can diversify your income while minimizing risk.
You might have a few close friends that share the same dream of becoming wealthy. You could create a group and work together on projects while still being independent. Maybe you have a friend that is a carpenter and another that is a computer programmer. You could all work together on three different projects and share a portion of the profits as your businesses grow. You could encourage each other, hold each other accountable and lend a helping hand on different projects as the need arises. Think about this for a while and your mind will find others in your circle of friends who also have the entrepreneurial spirit within them.
Breaking down something such as creating wealth into bite size pieces can help you to realize your dream of being financially independent more quickly and easily. Focusing on the skills and interests that you already have while managing your time to maximize your profits and limiting your risk by being a part of different ventures is the way to true wealth. Never give up on your dream. It might be difficult during the early days or even a little frightening but this is exactly how many of the world’s wealthiest people got to where they are today.
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