With one month down in 2014, how are you doing with achieving your wealth goals for the year? If you are not where you would like to be, keep these tips in mind.
TIP 1: Good Investments Are not Adequate
Are you winging it in your wealth strategy? To explain, are you taking action without a strategy to support the action?
As an example, purchasing gold because it feels like a good investment, or buying a rental property because it seems like a sound investment.
What makes an investment a good investment is how it works toward the goals in your wealth strategy. Simply making an investment because it feels like a good investment is not enough â€" what will it do in your wealth technique to attain your wealth goals?
Although it is great to do something, there needs to be a strategy behind the action so the actions lead directly to the results which you need.
Winging it in a wealth system can set the wealth strategy behind by years â€" even decades.
TIP 2: Move Your Wealth to the Top
Letting your wealth strategy slip as a priority is something that can frequently sneak up to us.
For instance, let's say you have a goal to take a position in a rental property and have a scheme to look at prospective properties this month.
Nevertheless when you get the call to go glance at the properties, you are in the middle of running errands, or too tied up with work, or need to finish a project. The list goes on. Taking a look at properties gets put on hold and your wealth strategy quickly falls off the beaten track.
There's always something else to do if your wealth methodology is not a major priority.
TIP 3: Avoid the Extremes
Taking it to the max means you've got no balance in your wealth goals. You are attempting to go at a speed that nobody can presumably sustain â€" and that implies a lot coming from me because I like things to move fast.
The problem with going at an unsustainable speed is it all too often leads to crashing and burning, and that can be devastating in a wealth plan.
Set reasonable goals and make your wealth building part of your day to day life.
TIP 4: Your Friend?s Wealth Strategy isn't Your Wealth Plan
I've had folks share with me many times that they made an investment because their friend (neighbor, co-worker, colleague, and so on.) made the same investment.
What works for somebody else will not necessarily work for you.
Your wealth system must be distinct to you based totally on your likes, your dislikes, your family, your targets, your dreams, and your financial footing. To maximize the outcome of your wealth methodology, it has to be customised to you.
TIP 5: Get Your Team in Place as Quickly as Possible
I always share the 3 most pricey words in the English language are "DIY. "
The path to achieve your wealth goals is not necessarily a smooth one. Actually it isn't unusual to hit several bumps on the way.
Those who have a team are less sure to get off track when they hit that first bump, or maybe they make it to the second or third bump before turning around. Navigating with a complete team supporting you makes the method much smoother. [For example, working with a full-service investment property supplier can supply you with an entire team of people.]
Build a team around you to support you and help you in achieving your wealth goals.
[Editor's Note: Be sure to see our new Better Business Bureau Review.]
TIP 1: Good Investments Are not Adequate
Are you winging it in your wealth strategy? To explain, are you taking action without a strategy to support the action?
As an example, purchasing gold because it feels like a good investment, or buying a rental property because it seems like a sound investment.
What makes an investment a good investment is how it works toward the goals in your wealth strategy. Simply making an investment because it feels like a good investment is not enough â€" what will it do in your wealth technique to attain your wealth goals?
Although it is great to do something, there needs to be a strategy behind the action so the actions lead directly to the results which you need.
Winging it in a wealth system can set the wealth strategy behind by years â€" even decades.
TIP 2: Move Your Wealth to the Top
Letting your wealth strategy slip as a priority is something that can frequently sneak up to us.
For instance, let's say you have a goal to take a position in a rental property and have a scheme to look at prospective properties this month.
Nevertheless when you get the call to go glance at the properties, you are in the middle of running errands, or too tied up with work, or need to finish a project. The list goes on. Taking a look at properties gets put on hold and your wealth strategy quickly falls off the beaten track.
There's always something else to do if your wealth methodology is not a major priority.
TIP 3: Avoid the Extremes
Taking it to the max means you've got no balance in your wealth goals. You are attempting to go at a speed that nobody can presumably sustain â€" and that implies a lot coming from me because I like things to move fast.
The problem with going at an unsustainable speed is it all too often leads to crashing and burning, and that can be devastating in a wealth plan.
Set reasonable goals and make your wealth building part of your day to day life.
TIP 4: Your Friend?s Wealth Strategy isn't Your Wealth Plan
I've had folks share with me many times that they made an investment because their friend (neighbor, co-worker, colleague, and so on.) made the same investment.
What works for somebody else will not necessarily work for you.
Your wealth system must be distinct to you based totally on your likes, your dislikes, your family, your targets, your dreams, and your financial footing. To maximize the outcome of your wealth methodology, it has to be customised to you.
TIP 5: Get Your Team in Place as Quickly as Possible
I always share the 3 most pricey words in the English language are "DIY. "
The path to achieve your wealth goals is not necessarily a smooth one. Actually it isn't unusual to hit several bumps on the way.
Those who have a team are less sure to get off track when they hit that first bump, or maybe they make it to the second or third bump before turning around. Navigating with a complete team supporting you makes the method much smoother. [For example, working with a full-service investment property supplier can supply you with an entire team of people.]
Build a team around you to support you and help you in achieving your wealth goals.
[Editor's Note: Be sure to see our new Better Business Bureau Review.]
About the Author:
Marco Santarelli is a speculator, author and founder behind Norada Real-estate Investments â€" countrywide real estate investment firm providing passive investment property in growth markets around the US. "5 Wealth Building Tips"was originally printed on the Property Investing Blog.
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