Wealth building as a two-person team effort. At the helm is an advisor who helps you make smart investments, review your financial history and focus your goals, but right after that is you. What is your purpose you might ask - to stay on target and have the right mindset. When it comes to building wealth, your train of thought can make or break your efforts.
Be a Doer Not a Thinker
Those who are truly wealthy, or have a strong inner desire to be so, have an action mindset. Those people who only wish or want to be wealthy have a thinker type of attitude. A doer looks at their goals, thinks of a plan then takes steps to execute it.
However, a thinker doesn't ever get past the part of thinking about their plan and somehow believe that everything will just fall into place. Plans are useless words without action, so be on the move.
Be an Earner Not Just a Saver
Saving is the foundation to wealth management, but remember that it is only a part of the puzzle. You must be an earner, as well. If you don't have a very large income, you can save aggressively for years, but you might not ever meet your goal.
This is especially the case when it comes to the unplanned emergencies and other issues that come up that may cause you to dip into your savings. You should always be on the hunt for ways to earn even more. This could be going to school for an advance degree, making more investments or opening that business you've been thinking about for years.
Be First at the Table
A large part of building wealth is being first at the table. For instance, when it comes to investing in a hot, new startup, the early bird will always get the worm. An early investment often means greater returns at a lower investment rate.
However, if you're late, this could mean a higher investment rate for the same, or lower, return level. This first at the table mindset requires you to frequently research options and to stay in communication with your advisor. Remember, it is a race so you must stay focused.
You are an equally important member of the team so ensure you're doing your part. With the right mindset, you won't just be able to more easily meet your goals, but you may also exceed them, creating a legacy for you to enjoy, as well as your loved ones.
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