3 Proven Strategies to Speed Up Your Wealth Building
Do you feel anxious to speed up the process of building your wealth?
It took me 10 years to come to term with the three proven strategies to start speeding up my wealth building. I was treating it like a hobby, with no vision, looking for shiny objects.
Until I found a mentor who guided me and helped to get rid off most of the junk I was holding in my back of my mind.
Here are 3 ways to help you do just that.
1: Treat your investing like a business
Successful investing is not a casual activity or hobby. When investing is treated like a real business, the level of success skyrockets.
What does a business have that your investing should have?
Here are a few items that I have learned from my mentors.
- Leverage systems that provide specific guidance on how things are done
- Build a team consisting of advisors, vendors, Solicitors, Brokers customers (tenants) and employees
- Agreements with your team members
- Reporting that allows you to make informed, proactive decisions
Today when my team and I talk with entrepreneurs about their wealth strategy, we usually find they are interested in many different types of investments. Some say they may want to start a business, invest in real estate and do some stock trading. As a team that has learnt from our past mistakes, Our role is to help them narrow their options so they can focus on a single type of investment. As usual, people become uncomfortable when I suggest focusing on a single type of investment. This may be because the only way they have been taught to reduce their risk is to have many types of investments.
The idea behind this approach is that risk is reduced because the investments will go up and down at different times so overall there is “balance.”While I’m all for reducing the downside, this approach also limits the upside.
I advise them that I would rather limit my downside through education – focusing on a single investment type – and not limit my upside.
But many of them have the old mindset of having many options in order to increase their success.
But focusing on a single investment type does not mean limiting the number of options because, within any type of investment, there are hundreds, if not thousands, of options.
By focusing, it becomes clearer which investments will work in a wealth strategy and that contributes to the success of the wealth strategy.
3: Leverage your tax savings
Tom Wheelwright, renown CPA advises us that tax savings can be worth more in a wealth strategy than just the actual amount of tax savings, for example, if someone reduces their taxes by $20,000, then that’s $20,000 more than is available to invest in their wealth strategy. That alone is good news, and it gets so much better!
That $20,000 can be leveraged with other people’s money to buy an asset worth more than $20,000.Take real estate as an example. A $20,000 investment could buy a $100,000 property by getting an $80,000 mortgage.Take it even one step further and invest in assets that generate even more tax savings and put those tax savings through the same system.
This was what we did with my team. We invested in two apartments using the same strategy above. Below are two investment properties we have in Melbourne, being managed by Motion Property:
2705 : https://youtu.be/16I7w0ELfSg
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