5 Wealth Growing Tips

February 23, 2014

With one month down in 2014, how are you doing with achieving your wealth goals for the year? If you aren't where you would like to be, keep these tips under consideration.

TIP 1: Equitable Investments Aren't Ok

Are you winging it in your wealth plan? In other words, are you making moves without a strategy to support the action?

For example, buying gold because it feels like a sound investment, or buying a rental property because it seems like a good investment.

What makes an investment a good investment is how it functions towards the goals in your wealth strategy. Simply making an investment because it feels like an equitable investment isn't really enough — what will it do in your wealth method to reach your wealth goals?

Although it is great to take action, there needs to be a strategy behind the action so that the actions lead straight to the results you want.

Winging it in a wealth methodology can set the wealth strategy behind by years — even decades.

TIP 2: Move Your Wealth to the Top

Letting your wealth plan slip as a priority is something that will often sneak up to us.

For example, let’s say you have a goal to invest in a rental property and have plans to look at potential properties this month.

Nevertheless when you get the call to go look at the properties, you are in the middle of running errands, or too tied up with work, or need to finish a project. The list keeps growing. Having a look at properties gets put on hold and your wealth system swiftly falls off course.

There is always something else to do if your wealth strategy 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 possibly sustain — and that implies a lot coming from me because I like things to move fast.

The problem with going at an unsustainable speed is it all too frequently leads to crashing and burning, and that may be devastating in a wealth technique.

Set reasonable goals and make your wealth building part of your everyday life.

TIP 4: Your Friend?s Wealth Strategy is Not Your Wealth Plan

I've had folk share with me many times that they made an investment because their mate (neighbour, work mate, co-worker, for example.) made the same investment.

What works for somebody else will not always work for you.

Your wealth system must be specific to you based totally on your likes, your dislikes, your family, your goals, your dreams, and your financial situation. To maximize the results of your wealth methodology, it must be customized to you.

TIP 5: Get Your Team in Place as Fast as Possible

I mostly share the 3 most expensive words in the English language are “Do it yourself. “

The road to achieve your wealth goals is not invariably a smooth one. Actually it is common to hit several bumps along the way.

Those who have a team are less certain to get off the track when they hit that first bump, or perhaps they make it to the second or third bump before turning around. Navigating with an entire team supporting you makes the process much smoother. [For example, working with a full service investment property provider can supply you with an entire team of people.]

Build a team around you to support you and help you achieve your wealth goals.

[Editor’s Note: Be sure to see our new Better Business Bureau Review.]

Marco Santarelli is an investor, author and founding figure behind Norada Real-estate Investments — a national property investment firm providing hassle-free investment property in expansion markets around the United States. “5 Wealth Building Tips“was originally published on the Property Investing Blog.

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