The first step toward lifetime wealth is a solid financial plan. Problems tend to arise when people are unorganized, unmotivated, or simply lack the desire to become wealthy. There is nothing particularly magical about wealth. Spend less than you make, then save and invest the rest in things that you understand.
If you put together a great plan and have a burning desire to succeed, you will soon see that nothing will stop you from attaining the wealth you deserve.
Follow through with these easy to understand actionable steps to get to your lifetime financial destination:
1. Figure out exactly what it is that you want
It does not matter how intensely organized or motivated you are if you don’t know what you exactly you need to do to achieve wealth. Just wanting it is simply not enough; you need to have a solid financial plan in place.
∙ Playing the lottery or other long-shot “strategies” will never get you where you want to go. Instead, you should focus on mastering a tried and true means of making money.
∙ If you already have money to invest, begin by researching investments that can put your money to work for you.
∙ If you’re just starting out completely from scratch, look into starting your own side business. Don’t be scared if you don’t have a business degree or detailed plan. Start by coming up with a product or service and then figure out how to get it to the kinds of people who would be willing to pay you for it. Once you start getting sales and making profits, then worry about the details of business structures, taxes, and growth.
∙ Remember that every journey will take time. It’s rare to achieve lasting wealth overnight.
∙ Another question worth pondering is: How much money do you need to be making? The answer to this question will depend on how you specifically define “supreme wealth”. Do you want a 6-figure passive income stream, or do you want to scale your business to be on Forbes list of the richest people in the world? In either situation, it’s necessary to start with small goals. Every goal that you reach will make it easier to reach the next goal.
2. Get yourself organized
Once you’ve figured out in what way you’re going to become wealthy, it’s high time to organize your finances. Strategy is key.
∙ If you’re working with professional money people, make a list of everyone involved and their specific functions.
3. Take the action steps
Analysis is great until it leads to paralysis. Taking action is the point at which many people find themselves stuck. Once you’re beyond the idea and planning phase, it’s time to get to work. If you have your days properly planned out, then you’ll know exactly what you should be doing.
∙ Fight the urge to procrastinate every time it surfaces.
∙ Establish a day-to-day financial routine that takes you forward toward your goals. Once you’re used to the work that you’re doing, it won’t be nearly as hard to continue doing it each and every day.
4. Maintain a high level of motivation
This is where having specific, measurable goals helps. Having the motivation to continue with each small step is huge.
When you have a lofty goal, it can be very tempting to give up and say that your goal was impossible to start with. Always remember there are plenty of less talented people who have achieved incredible things. Get after your supreme wealth and stop making excuses.