With one month down in 2014, how are you doing with achieving your wealth goals for the year? If you aren't where you want to be, keep these tips in mind.
TIP 1: Good Investments Are not Ok
Are you winging it in your wealth strategy? To explain, are you taking action without a method to support the action?
For example, purchasing gold because it feels like a good investment, or purchasing a rental property because it seems like a sound investment.
What makes an investment a profitable investment is how it operates towards the goals in your wealth method. Simply making an investment because it feels like a good investment isn't enough â€" what will it do in your wealth method to reach your wealth goals?
While it is great to do something, there must be a tactic behind the action so the actions lead directly to the results which you need.
Winging it in a wealth methodology 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 often sidle up on us.
For example, let's say you have a goal to speculate in a rental property and have plans to look at potential properties this month.
Nevertheless when you get the call to go glance at the properties, you're in the middle of running errands, or too occupied with work, or need to close a project. The list goes on. Looking at properties gets put on hold and your wealth methodology swiftly falls off track.
There's always something else to do if your wealth strategy isn't a real priority.
TIP 3: Avoid the Extremes
Taking it to the max means you've got no balance in your wealth goals. You are trying to go at a speed that no one can presumably sustain â€" and that suggests a lot coming from me because I like things to move fast.
The challenge with going at an unsustainable speed is it all too often leads to crashing and burning, and that may 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 Plan is Not Your Wealth Methodology
I've had folk share with me many times that they made an investment because their mate (neighbour, co-worker, colleague, for example.) made the same investment.
What works for some other person will not always work for you.
Your wealth strategy must be specific to you based primarily on your likes, your dislikes, your family, your targets, your dreams, and your financial standpoint. To maximize the result of your wealth system, it has to be customised to you.
TIP 5: Get Your Team in Place as Fast as Possible
I always share the 3 most dear words in English are "DIY. "
The path to achieve your wealth goals is not always a smooth one. Actually it is not uncommon to hit one or two bumps along the way.
People who have a team are less likely to get off track when they hit that first bump, or maybe they make it to the second or 3rd bump before turning around. Navigating with a complete team supporting you makes the process much smoother. [For example, working with a full-service investment property provider can offer you a complete team of people.]
Build a team around you to support you and help you achieve your wealth goals.
[Editor's Note: Be certain to see our new Better Business Bureau Review.]
TIP 1: Good Investments Are not Ok
Are you winging it in your wealth strategy? To explain, are you taking action without a method to support the action?
For example, purchasing gold because it feels like a good investment, or purchasing a rental property because it seems like a sound investment.
What makes an investment a profitable investment is how it operates towards the goals in your wealth method. Simply making an investment because it feels like a good investment isn't enough â€" what will it do in your wealth method to reach your wealth goals?
While it is great to do something, there must be a tactic behind the action so the actions lead directly to the results which you need.
Winging it in a wealth methodology 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 often sidle up on us.
For example, let's say you have a goal to speculate in a rental property and have plans to look at potential properties this month.
Nevertheless when you get the call to go glance at the properties, you're in the middle of running errands, or too occupied with work, or need to close a project. The list goes on. Looking at properties gets put on hold and your wealth methodology swiftly falls off track.
There's always something else to do if your wealth strategy isn't a real priority.
TIP 3: Avoid the Extremes
Taking it to the max means you've got no balance in your wealth goals. You are trying to go at a speed that no one can presumably sustain â€" and that suggests a lot coming from me because I like things to move fast.
The challenge with going at an unsustainable speed is it all too often leads to crashing and burning, and that may 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 Plan is Not Your Wealth Methodology
I've had folk share with me many times that they made an investment because their mate (neighbour, co-worker, colleague, for example.) made the same investment.
What works for some other person will not always work for you.
Your wealth strategy must be specific to you based primarily on your likes, your dislikes, your family, your targets, your dreams, and your financial standpoint. To maximize the result of your wealth system, it has to be customised to you.
TIP 5: Get Your Team in Place as Fast as Possible
I always share the 3 most dear words in English are "DIY. "
The path to achieve your wealth goals is not always a smooth one. Actually it is not uncommon to hit one or two bumps along the way.
People who have a team are less likely to get off track when they hit that first bump, or maybe they make it to the second or 3rd bump before turning around. Navigating with a complete team supporting you makes the process much smoother. [For example, working with a full-service investment property provider can offer you a complete team of people.]
Build a team around you to support you and help you achieve your wealth goals.
[Editor's Note: Be certain to see our new Better Business Bureau Review.]
About the Author:
Marco Santarelli is a backer, writer and founding figure behind Norada Property Investments â€" a nationwide property investment firm providing turnkey investment property in expansion markets around the United States. "5 Wealth Building Tips"was initially published on the Real Estate Investing Blog.