With one month down in 2014, how are you doing with achieving your wealth goals for the year? If you are not where you wish to be, keep these tips in mind.
TIP 1: Equitable Investments Are not Good Enough
Are you winging it in your wealth plan? To paraphrase, are you taking action without a strategy to support the action?
For example, purchasing gold because it seems like a good investment, or purchasing a rental property because it seems like a good investment.
What makes an investment a good investment is how it works toward the goals in your wealth method. Simply making an investment because it feels like a good investment is not enough â€" what will it do in your wealth method to reach your wealth goals?
Even though it is great to take action, there needs to be a method behind the action so the actions lead straight to the results you need.
Winging it in a wealth system can set the wealth methodology behind by years â€" even decades.
TIP 2: Move Your Wealth to the Top
Letting your wealth plan slip as a concern is something that will regularly sneak up to us.
For instance, let's say you have a goal to take a position in a rental property and have a plan to look at potential properties this month.
Nevertheless when you get the call to go glance at the properties, you are in the middle of running errands, or too busy with work, or need to end a project. The list keeps growing. Having a look at properties gets put on hold and your wealth system quickly falls off course.
There is always something else to do if your wealth plan isn't a real priority.
TIP 3: Avoid the Extremes
Taking it to the maximum means you've got no balance in your wealth goals. You are attempting to go at a speed that no one can presumably sustain â€" and that means a lot coming from me because I like things to move fast.
The hurdle with going at an unsustainable speed is it all too frequently 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 everyday life.
TIP 4: Your Friend?s Wealth Strategy isn't Your Wealth Methodology
I've had folks share with me many times that they made an investment because their mate (neighbour, work mate, co-worker, etc.) made the same investment.
What does it for someone else won't necessarily work for you.
Your wealth strategy must be particular to you based primarily on your likes, your dislikes, your folks, your targets, your dreams, and your financial standpoint. To maximize the outcome of your wealth strategy, it must be customised to you.
TIP 5: Get Your Team in Place as Fast as Possible
I always share the 3 most dear words in the English language are "Do it yourself. "
The way to achieve your wealth goals is not invariably a smooth one. Actually it isn't unusual to hit 1 or 2 bumps along the way.
Those who have a team are less likely to get off the 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 method much smoother. [For example, working with a full-service investment property provider can provide you with a whole team of people.]
Build a team around you to support you and assist you in achieving your wealth goals.
[Editor's Note: Be certain to see our new Better Business Bureau Review.]
TIP 1: Equitable Investments Are not Good Enough
Are you winging it in your wealth plan? To paraphrase, are you taking action without a strategy to support the action?
For example, purchasing gold because it seems like a good investment, or purchasing a rental property because it seems like a good investment.
What makes an investment a good investment is how it works toward the goals in your wealth method. Simply making an investment because it feels like a good investment is not enough â€" what will it do in your wealth method to reach your wealth goals?
Even though it is great to take action, there needs to be a method behind the action so the actions lead straight to the results you need.
Winging it in a wealth system can set the wealth methodology behind by years â€" even decades.
TIP 2: Move Your Wealth to the Top
Letting your wealth plan slip as a concern is something that will regularly sneak up to us.
For instance, let's say you have a goal to take a position in a rental property and have a plan to look at potential properties this month.
Nevertheless when you get the call to go glance at the properties, you are in the middle of running errands, or too busy with work, or need to end a project. The list keeps growing. Having a look at properties gets put on hold and your wealth system quickly falls off course.
There is always something else to do if your wealth plan isn't a real priority.
TIP 3: Avoid the Extremes
Taking it to the maximum means you've got no balance in your wealth goals. You are attempting to go at a speed that no one can presumably sustain â€" and that means a lot coming from me because I like things to move fast.
The hurdle with going at an unsustainable speed is it all too frequently 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 everyday life.
TIP 4: Your Friend?s Wealth Strategy isn't Your Wealth Methodology
I've had folks share with me many times that they made an investment because their mate (neighbour, work mate, co-worker, etc.) made the same investment.
What does it for someone else won't necessarily work for you.
Your wealth strategy must be particular to you based primarily on your likes, your dislikes, your folks, your targets, your dreams, and your financial standpoint. To maximize the outcome of your wealth strategy, it must be customised to you.
TIP 5: Get Your Team in Place as Fast as Possible
I always share the 3 most dear words in the English language are "Do it yourself. "
The way to achieve your wealth goals is not invariably a smooth one. Actually it isn't unusual to hit 1 or 2 bumps along the way.
Those who have a team are less likely to get off the 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 method much smoother. [For example, working with a full-service investment property provider can provide you with a whole team of people.]
Build a team around you to support you and assist you in achieving your wealth goals.
[Editor's Note: Be certain to see our new Better Business Bureau Review.]
About the Author:
Marco Santarelli is an investor, author and founder of Norada Real Estate Investments â€" a national real-estate investment firm providing hassle-free investment property in growth markets around the U. S.. "5 Wealth Building Tips"was originally printed on the Estate Investing Blog.