Monday, January 20, 2014

Powerful 3 Part Plan For Wealth Building

By Alex Blouck


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.

True secure wealth is achieve by making money, saving a good portion of that money and investing as much as possible into a vehicle that will turn a profit on its own. If you are lacking in any of these three areas then your plan of achieving wealth will flounder and probably fail. If you haven't put money aside in savings and instead you have spent it as quickly as it come to you then you are treading on dangerous ground. Of course, bringing money into your life is the most important part of the whole equation but keep savings and investing in mind as you move forward with your plan. Saving can be difficult for most of us but it is a key part of creating true wealth in this life.

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.

There's a good chance that you are making someone else very wealthy right now by working a full time job. You are exchanging your time for money and someone else is leveraging your knowledge or expertise to make more than they are paying you. If you enjoy what you do for a living right now then your goal should be to put that specialized knowledge to work for yourself. There is also a good chance that you have other interests that you enjoy more. Maybe you love fly fishing and you're good at catching trout or tying flies. You could become a fishing guide or write a book about trout fishing or sell your own brand of flies to upscale fishermen like yourself. Or perhaps you love the serenity of gardening and making things grow in your garden using organic methods. You could write a book on organic gardening or start your own organic farm. Now is the time to decide what direction you wish to go in. What makes you happy and what would you like to do with your life? What topic would you enjoy becoming an expert on? Begin to educate yourself as if you were going to become a world renown authority on this subject.

Time is always short in life. We all have only so many days on this earth and we all have 24 hours in a day. Often we get bogged down with the little things in life that we would be better off allowing someone else to do for us. This is called outsourcing or delegating. Anything that robs you of precious time during your day or week, hire someone to do it for you. If you grow resentful because you have to cut the lawn every week, hire a high school student to cut your grass. If you find you're spending too much time cleaning the house, hire a maid to come in once a week to clean for you. You will find that the payoff is that by paying someone to take care of these chores, you become more profitable.

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.

Finding other likely investors or entrepreneurs is simple. You might have a few likely candidates that you're thinking of right now. You could have a friend that loves fixing up antique cars and another that enjoys writing computer programs in his or her spare time. Approaching them and coming up with an agreement where you meet on a regular basis to help motivate each other and support each other through the lean times is a good business move. By sharing the risks of each others businesses and reaping a small portion of the reward from each others businesses you all limit the risk of failure and improve your chances of success. Put everything in writing and be honest and fair with each other. Don't allow greed to enter into your partnership and always let it be understood that you will always be honest with each other.

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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