Wealth Principle 3
It is not how much you make, it is what you do with what you make is the difference
I have met people that earn millions of dollars a year and yet are still broke at the end of the month and by the looks of their current trajectory, they are going to stay that way and struggle in retirement, never achieving financial freedom and tied to a job. I have also met single mothers earning under $40,000 a year build a solid financial fortress around themselves and get on the way to building sustainable wealth, financial freedom and leave a legacy for their family despite the odds being stacked against them and it all has to do with this principle.
Although of course, the more income you can pour in the top end, the better; but the differentiating factor of those who build wealth versus those who stay in struggle is what they do with the money they earn.
This is really critical to take in, as so many people are waiting until they have more money before they start or before they have a better job, or they own their home outright, or their kids are grown up or . They keep waiting and waiting for what they perceive to be the right time to start investing and focusing on growing their wealth and are left waiting for years often until they then decide it is too late to start or go into panic mode. The sooner you begin focusing on getting your money working hard for you instead of you always having to work hard for money, the closer financial freedom is going to begin moving towards you.
Of course you want to continue increasing your income and your cash flow from what you do which is for most people earning an income from a job or a business, but this could also be from creating a side business or multiple income streams, the more cash flow you throw into the top end, the more you have to get working for you on the backend.
There are 4 real broad areas of focus to think about when building wealth:
- Continuously increase your earning power and cash flow by focusing on adding more value instead of just exchanging time for money.
As income flows in…
- Have a plan, a flow and system for what is going to happen to money when it comes into your life and begin managing your financial life like a business.
The money, which goes into your investment buckets, you will…
- Invest and grow your capital in a strategic way with a plan which is designed to begin moving you from where you are right now to a place in your life where you have all of the choices and freedoms to spend your life how you want to, with the people you love.
At every stage…
- Protect yourself, your family and your wealth for the long term. Stuff is going to happen along the way, it probably won’t all be smooth sailing and you need to be able to weather the storms when they roll into our lives and then come out the other end and continue building in the sunshine of our lives.
Wherever you are in life right now is the perfect time and place to get started, stop waiting for the right time or the right circumstances, there is no such thing. Now is the only time to begin focusing on building the future you want, so get clear on where you want to go, take stock of where you are right now; find the opportunities in your life to start working on and get going and don’t give up.
Here is a life motto to incorporate into anything you deem important
Do what you can
With what you have
Where you are
Wealth is more a matter of personal responsibility than it is anything else, you have to decide that it is important for you; you have to decide to make it a study and a habit and to have strong reasons why building wealth is important to you in life and frankly get over the bullshit societal conditioning that valuing money is wrong, when you decide to value wealth, you are deciding to value freedom and to value time and opportunity to live a life on your terms, spending it with the people you love and doing what you believe in.
Understand that a decision is always begin made in any case, if you don’t make the decision to value wealth, then you are making a decision to not value abundance in your life and to value poverty instead.
Your choice; it always was and always will be.
Make a written commitment to yourself that from this day forward you are making wealth and financial freedom a priority in your life. On this commitment write the strong reasons why you are doing this and what building wealth and financial freedom will do for you in your life.
Review these 3 wealth principles and identify in your life where the opportunity is for you to get started with and with every opportunity you identify write down 2-3 small action steps you can take to build momentum.
Start. Just start. Do what you can with what you have, where you are.
It is time to stop searching for the magic bullet that you believe is going to solve all of your problems in one foul swoop and bring you riches and glory. That silver bullet does not exist and chasing it is simply an avoidance mechanism to doing what is necessary instead of what is easy and is simply giving into this modern day addiction to instant gratification.
The fundamentals are where it is at, that is where your wealth and freedom and success will come from. They might not all be exciting and fancy or make you scream with joy, but when you experience the results they create, that is when the elated screaming will begin!