Devise a Wealth Building Strategy
and try to stick to it!
Wealth building is realy easy with the right mindset. Unless you are a 'hyperspender'!
Many of us dream of being wealthy or building wealth. Real, substantial and sustainable wealth. Liquid wealth.
I am not talking about quasi-wealth i.e. credit-dependent wealth, when you are in fact ‘owned’ and ‘controlled’ by someone else, like a bank, moneylender, credit card institution, lease company or any other ‘credit company’ providing you with 'easy' cash to spend, spend, spend.
The hyperspender in you is your worst enemy!
There are lots of people with similar lifestyles. Many have one thing in common. They 'suffer' from a common habit. They believe that one must spend, spend, spend, irrespective of the cost, in order to enjoy life to the fullest. These people have the mindset of the 'hyperspender'.
They believe that buying certain products and services have a direct influence on their happiness. Whatever it is, they need to have it NOW, whatever the cost. Without it they are unhappy, in fact extremely unhappy.
But there is one problem . . .
How do they finance their spending habit?
Unless you are the Government or you enjoy guaranteed regular income increases you can't spend your way out of debt. In fact, with each additional purchase Mr and Ms Hyperspender are spiralling further and further in debt and ultimately into bankruptcy.
Just ask yourself . . . How many debt-fuelled so-called ‘wealthy’ and 'happy' people do you know who:
- actually work for or are being 'controlled by lenders'?
- live in luxury homes, yet need to work hard to make payments to the ultimate owner of their house - the mortgage provider?
- use cars they lease from the real owner - the car leasing company?
- use credit cards to ‘sustain’ their current lavish lifestyle?
It's likely that the majority of people you know will be "(part-) owned" by any combination of these providers of short- and long-term credit.
It's these lenders who own it all . . . all of it, until you own the full 100 per cent. Just ask yourself:
How many people do you know who have achieved
and maintain an enjoyable lifestyle, and at the
same time are building wealth, and are
not controlled by credit institutions?
Once you realise the implications that it's the lenders who are in control, and part-own you, you have made the first crucial step on the long road to building wealth and real financial freedom.
Let me re-phrase this for you:
Once you are the debt-free owner of an asset you are in
complete control. People will pay you money once
you own income generating assets.
How are you going to go about building wealth
in a sustainable way?
Unfortunately, only relatively few people build the wealth they are hoping for.
Over the years, whilst trying, many people get distracted by life’s circumstances, financial woes and other set-backs and unfortunately, ultimately, give up.
But what if you don't want to give up your dreams of building wealth and retire early and rich?
What if you are willing to consider a different way, changing your mindset? Living within your means.
Is there anything you can do differently, Right NOW?
Check out our Wealth Building Tips.
Do you have a Wealth Building Plan?
As I have mentioned here, money permitting, I’ve been actively investing the last 40 years.
What I realised some years ago is, that, whilst I have had plenty of investment successes over the years when compared to investment failures, I was operating completely blind, i.e. I had never developed any specific investment goals to steer me and my family into the right direction in order to retire earlier and richer.
Once I understood that I had to set myself specific and realistic goals developing a 'wealth building plan', I realised I was on the right track.
The important thing to take away form all this is that once you realise that you need a long-term wealth building game plan with specific goals and targets you will not only be able to see (far)ahead, but stay on the path irrespective what life throws at you along the way.
Just ask yourself . . .
If you don't have a wealth building plan, how do you know
where you are going, and how will you know
when you have arrived?
Therefore, I believe it’s important for anybody who aspires to become an early retirement investor to take time out and develop their own wealth building plan.
Check out our Wealth Building Tips on how to create your own wealth building plan.
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