Posts Tagged ‘Easy’

An Easy and Inexpensive Method to Build Your Wealth Team

Do you like to do everything yourself and feel no one can do it better than you? That’s the called the lone wolf syndrome and when you’re trying to accelerate your wealth, it’s not an efficient model.

How do you stop being a lone wolf? Tap into your current family and friends experiences, expertise’s, or networks. Take out a piece of paper and make a table with 4 columns.

The first column heading is “Wealth Building Activity”. What do you want to accomplish this year? Write down 3-6 wealth building activities. These can include items that you already have in process, are incomplete, or haven’t been started yet. For example, you can list “Develop a lead generation process”, “Buy a duplex rental property”, “Invest in the stock market”, “Outline tax strategies for my business”, or “Put together my personal financial statements (balance sheet, cash flow statement, income statement)”.

The second column is entitled, “Who Can Help?” List people you ALREADY know who have skills to help you start or complete the wealth building activities. These people already know you and are very willing to give advice. In some cases, these people may not be able to help you directly but they may be great sources for referrals to others who can help you achieve your goals and accelerate your wealth. Examples of people you already know can be your family (Mom, Dad, sisters, brother-in-law), friends (college, parents of your children’s friends, health club), neighbors or people from work. Go through your address book for additional people who can help.

The heading for the third column is “Ask or Call? When?” Determine ahead of time if you will be requesting a face-to-face meeting or requesting for help via a phone call or email. To hold yourself accountable, identify the date when you will call or meet with the person. It is critical that you follow through on making contact with the people you’ve identified to help you out.

The heading of the last column is, “When Can We Start?” Assume your family and friends say “yes” to your request for help. You need to find a time for both parties to meet and review the items with which you need the most help.

When meeting with these people, make sure you are prepared ahead of time to discuss your goals and desires. Be direct and honest and ask these people for suggestions or advice on how they can help you achieve your goals. Ask them, “What they would do to accomplish the wealth building task?” Take notes, ask questions and discuss what your actions will be to move you closer to achieving your wealth building activities. In your discussions, make sure you are clear about the next steps. Are you confident you know the next action step? If not, then continue to ask questions until you are confident and have clear direction. This also is a perfect opportunity to ask your family or friend if you can request additional information or help from them in the future.

You will be amazed at how quickly you can begin to build wealth once you lose the lone wolf syndrome. Tap into resources you already have and build your wealth team. You will achieve your wealth building goals faster, more efficiently, and with more confidence once you have people around you who support you and your goals.

Sharon Marsh, Ph.D., entrepreneur and experienced wealth coach, is the founder and owner of Professional Wealth Solutions, LLC. Go now to http://www.buildwealthmakemoney.com for Free Wealth Building and Money Making tips. Ready. Set. Energize your wealth program.

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7 Easy Ways to Start Building Financial Security

While there are people who achieve wealth quickly, the majority of people build wealth over the years. They start slowly and with a small amount of money, and it grows from there. While there are many ways to build wealth, here are 7 simple and affective ways to help you build your wealth a little quicker:

Have a plan. Most people that say they want to be wealthy, never consider how they intend to get there. Your plan doesn’t have to be elaborate or strict. It should be simple to follow and include a specific amount each paycheck for savings.

Make sure you take part in any type of retirement plan your job may offer. It is always simpler if you don’t see the money that gets taken out of your paycheck.

Wait and pay cash. While a major purchase like a house may be more beneficial purchased with the use of a mortgage, vehicles and other items reap huge savings when you pay cash.

Purchase slightly used vehicles instead of new and tuck away the savings toward the purchase of your next car. Eventually you’ll be able to buy one with cash in hand. When you do, make a coupon book and borrow the money from yourself. Pay yourself the interest you would have given to a lending institution.

Realize that things don’t make you a better person. Too many people try to keep up with the neighbors and make outlandish purchases for appearance sake. Instead of happiness, they get the stress that comes from overextending yourself. Don’t buy the house in the fancy neighborhood, just to worry about the gas being turned off each month. You deserve better. Live well but not to excess.

Make your money work hard for you. Use various types of investments found in mutual funds. Make sure that you learn how to balance the funds so they are age appropriate. The younger you are, the more stock funds you should own. Use different types of stock funds.

The two classes of stock are value stock and growth stock. Both flourish in different environments. Within each class, there are large companies, mid sized and small ones. The names given to these are large cap, mid cap and small cap funds.

Cap means capitalization or how much money the companies have. Don’t forget bond funds. With a good mix, you’re prepared for any type of market.

Avoid the trendy movements in investing. By the time everyone knows that gold is up, it’s on the way down. Stay solid with a balanced portfolio and don’t worry about the latest trend. Wealth building is a marathon not a sprint. Don’t try to beat the market or chase the hottest investment.

Use your money for fun too. You can dread every minute of you saving your money. You need to see some kind of reward. Remember to reward yourself occasionally. Have fun with it. You need to enjoy you life as it goes by and not just after you retire.

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