With one month down in 2014, how are you doing with achieving your wealth goals for the year? If you are not where you want to be, keep these tips in mind.
TIP 1: Equitable Investments Aren't Adequate
Are you winging it in your wealth strategy? To paraphrase, are you taking action without a strategy to support the action?
As an 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 works toward the goals in your wealth method. Simply making an investment because it feels like an equitable investment is not enough â€" what will it do in your wealth strategy to reach your wealth goals?
Although it is great to do something, there has to be a strategy behind the action so the actions lead straight to the results which you need.
Swinging it in a wealth strategy can set the wealth strategy 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 can regularly sidle up on us.
For instance, let's say you have a goal to speculate in a rental property and have a scheme to look at prospective properties this month.
Nonetheless when you get the call to go look at the properties, you are in the middle of running errands, or too busy with work, or need to finish a project. The list goes on and on. Having a look at properties gets put on hold and your wealth system swiftly falls off the beaten track.
There is always something else to do if your wealth plan is not a top priority.
TIP 3: Avoid the Extremes
Taking it to the extreme means you have got no balance in your wealth goals. You are endeavoring to go at a speed that nobody can presumably sustain â€" and that implies a lot coming from me because I like things to move fast.
The challenge with going at an unsustainable speed is it all too often 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 daily life.
TIP 4: Your Friend?s Wealth Methodology is Not Your Wealth Methodology
I have had folk share with me many times that they made an investment because their buddy (neighbour, work-mate, colleague, and so on.) made the same investment.
What works for someone else won't necessarily work for you.
Your wealth system must be specific to you based primarily on your likes, your dislikes, your family, your ambitions, your dreams, and your financial footing. To maximise the results of your wealth system, it has to be customized to you.
TIP 5: Get Your Team in Place as Quickly as Possible
I mostly share that the 3 most dear words in English are "DIY. "
The path to achieve your wealth goals is not always a smooth one. Actually it isn't unusual to hit several bumps on the way.
Those who have a team are less likely to get off the track when they hit that first bump, or perhaps they make it to the second or 3rd bump before turning around. Navigating with a whole team supporting you makes the process much smoother. [For example, working with a full service investment property provider can offer you a complete 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 Aren't Adequate
Are you winging it in your wealth strategy? To paraphrase, are you taking action without a strategy to support the action?
As an 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 works toward the goals in your wealth method. Simply making an investment because it feels like an equitable investment is not enough â€" what will it do in your wealth strategy to reach your wealth goals?
Although it is great to do something, there has to be a strategy behind the action so the actions lead straight to the results which you need.
Swinging it in a wealth strategy can set the wealth strategy 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 can regularly sidle up on us.
For instance, let's say you have a goal to speculate in a rental property and have a scheme to look at prospective properties this month.
Nonetheless when you get the call to go look at the properties, you are in the middle of running errands, or too busy with work, or need to finish a project. The list goes on and on. Having a look at properties gets put on hold and your wealth system swiftly falls off the beaten track.
There is always something else to do if your wealth plan is not a top priority.
TIP 3: Avoid the Extremes
Taking it to the extreme means you have got no balance in your wealth goals. You are endeavoring to go at a speed that nobody can presumably sustain â€" and that implies a lot coming from me because I like things to move fast.
The challenge with going at an unsustainable speed is it all too often 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 daily life.
TIP 4: Your Friend?s Wealth Methodology is Not Your Wealth Methodology
I have had folk share with me many times that they made an investment because their buddy (neighbour, work-mate, colleague, and so on.) made the same investment.
What works for someone else won't necessarily work for you.
Your wealth system must be specific to you based primarily on your likes, your dislikes, your family, your ambitions, your dreams, and your financial footing. To maximise the results of your wealth system, it has to be customized to you.
TIP 5: Get Your Team in Place as Quickly as Possible
I mostly share that the 3 most dear words in English are "DIY. "
The path to achieve your wealth goals is not always a smooth one. Actually it isn't unusual to hit several bumps on the way.
Those who have a team are less likely to get off the track when they hit that first bump, or perhaps they make it to the second or 3rd bump before turning around. Navigating with a whole team supporting you makes the process much smoother. [For example, working with a full service investment property provider can offer you a complete 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.
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