If I were to ask whether you wanted to become wealthy…
…how would you answer?
You’d probably say yes.
Most people like to believe they can become wealthy but if I was to ask you what steps you are taking to build your wealth, your answer may not be as concrete…
The question I should be asking you is whether you actually believe you will become wealthy.
This one is more likely to stump you.
We all like to have the dream that we will get there but very few of us actually believe it will happen…
…Maybe I’m wrong, perhaps you are saying right now that you truly do hold that belief and you have a plan in mind to get there.
If so, congratulations, you are on the right track.
Keep reading though…
…it might just help you to take the next step.
Building wealth through property is like running a marathon.
Mindset is key.
If you tell yourself you can’t do it, there is a good chance that you will never make it to the finish line…
If you – without a doubt – believe that you are going to finish the race no matter what…
…you will put in your best effort to reach the checkered flag.
…And you will most likely succeed.
Property and financial success is exactly the same.
If you are looking at other investors and thinking “when is it going to be my time”, you have your priorities all out of whack.
Most people will go through their entire lives with this attitude…
They look at the success of others are think they are greedy, self absorbed and probably ripped a few people off to get there.
This mindset will only keep you locked into where you are…
…simply because your limiting beliefs will stop from even trying.
You already have a negative association with wealth and this stops you in your tracks.
…Instead of looking for opportunities, you shun them because you don’t want to be one of “them”
So, how can you develop a successful attitude and work towards building wealth?
Well, there are several principles that can work in your favour:
- Finding your purpose – Why do you want to achieve success? Is it to help others, provide for your family, to make an impact on your community or to secure your future?
- Have an end goal in mind – Where do you see yourself in 25 years? Work backwards from there and see what needs to be done today to take action.
- Follow a proven system – No need to reinvent the wheel, if it worked for others, it will work for you.
- FOCUS (Follow One Course Until Successful) – If you come up against challenges, learn from your mistakes and stick to the path. Don’t start from scratch if you have already made progress.
Finding Your Purpose
, Of course, you want to be wealthy, who wouldn’t?
The problem most of us are faced with is that we have no idea what wealth actually looks like. What comes to mind when you think of wealth?
…You might think of a flashy car, a beautiful home by the waterfront or perhaps an exotic overseas holiday.
While all these things are possible with wealth, they are really just symptoms of money, and are not the best representations of actual wealth.
This is just how society perceives wealth because expensive things are often owned by wealthy people.
This is a flawed image because, for the most part, we are not truly motivated by these things.
They don’t speak to the heart and instead we are just chasing dreams.
Unless you really have a love for Ferraris or are extremely passionate about luxury travel, you are probably not going to feel a drive to go out there are acquire material possessions.
…You need a deeper core reason of why you want to become wealthy. This should be your “why”.
This could be…
… improving the life of your family
… providing for your children’s future
… securing your own retirement.
… creating an impact in the community around you
Whatever the reason is, you need to have a reason that truly speaks to you.
Whether you want to help yourself or others, let the reason be genuine and greater than just material gain.
….This is not to say you cannot enjoy everything life has to offer…
… it is simply about identifying what really drives you and gives purpose to your wealth-building journey.
Have and End Goal in Mind
Having a desire to build wealth without actually having a goal to work towards…
…is a bit like going on a holiday, getting in your car and just driving… without a destination.
…This might be some people’s idea of an escape but it doesn’t translate well for your finances.
This is how we end up living paycheck to paycheck without actually building up an investment portfolio.
You need to know exactly where you are going every step of the way.
To do this, you need to start with the end in mind.
…What does this mean exactly?
Where do you truly want to be when you are approaching retirement?
Whether you decide to retire at 65, 45 or 25, you need to have a clear idea of what that will look like.
….Do you own a property portfolio comprised of five income-producing properties?
…Are you travelling the world while living off your cash flow?
When you are planning twenty-five years in advance, you can afford to be imaginative.
There is a catch though, you need to start working backward from there.
To truly achieve these dreams, you need to break them down into manageable, bite-sized pieces.
Setting a goal far in the future can be comforting knowing that you have the time to achieve it. Comfort isn’t always a good thing, though, especially when it comes to reaching for financial success.
What happens in year 24 that will get you to year 25?
Maybe your portfolio grows by 8% and you reach that $5,000,000 in equity
… or perhaps you acquire your 10th property.
Scale that back to year 10, year 5 and finally what your plan is for the next one to two years.
…Start small and manageable.
Maybe you purchase your first property in a years time and then use the equity built up by year 3 to purchase your second.
Write this all down and keep it somewhere where you can look at it frequently and update it whenever your circumstances change, to keep you on track.
90 days is exactly 1% of 25 years…
People overestimate what they can do in a day…
…and underestimate what they can do in a year.
So by creating 90-day chunks, allows you to stay focused on your end goal, but create real and pragmatic plans to keep you moving in the direction of your bigger purpose.
(Pro tip; write down your 30 day, 90 day, and 25-year goals every single day, and watch your world change)
Follow a proven system
The steps are taken to build wealth often aren’t the most exciting or the least challenging.
You’ve probably heard about a million different ways to get wealthy…
…but how many have actually you acted on?
…Instead, we all like to feel special, and we dream about coming up with that next big idea or strategy that will make us rich.
The problem with this is that there is no guarantee that your idea is any good or the steps will actually be straightforward.
…This is why we learn from those who have done all the hard work for us.
There are countless strategies out there to build wealth through property.
The more people who have followed these strategies and had success, the more likely you will share that same success.
If you are stuck trying to find a strategy that is reliable, effective, and simple enough to understand, I have written the High-Performance Property principles as a short guide to get you started. You can get it here.
I learned and combined these principles from a number of proven strategies, by some very successful mentors, and they have worked time and time again.
Don’t try and reinvent the wheel.
Everything you need is right there in front of you.
Learn from the mistakes and successes of others and it will be a no-brainer!
FOCUS (Follow One Course Until Successful)
On the topic of exploring new ideas for wealth creation, how many have you actually researched?
How many have you tried for yourself?
When working towards wealth, it’s quite common to become victim to “shiny object syndrome”.
… we’ve all been there …
This is where you start researching one strategy and maybe take some steps towards action but then you see another strategy pop up on your radar.
…This one sounds better, less costs, less effort, bigger rewards.
Before you can even see the progress of your first path, you decide to jump the fence for greener pastures.
This can go on and on, dabbling and exploring new strategies but the progress speaks for itself. The acronym is FOCUS for a reason.
You need to stick to the one path until you begin seeing the results.
How do you know which is the right path?
Refer to the previous principles.
If it has been done before and there are countless testimonies to the success of a strategy, stick it out.
You will start to see results and it will work for you. It just takes time.
Stay on course, be driven by your purpose, keep that end goal in mind and stick to the proven strategies.
…You are already on your way to wealth.
Are you ready to start building towards your future with a portfolio of high-performance properties?
We invite you to take our 15-second application , to see if we’re a good fit, and to start taking action on your High Performance Property journey.
We look forward to going on this journey with you.