Quantcast
Channel: Wealth Habits
Viewing all articles
Browse latest Browse all 12

5 Wealth Building Nuggets

0
0

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

TIP 1: Equitable Investments Are not Good Enough

Are you winging it in your wealth technique? To paraphrase, are you taking action without a strategy to support the action?

For instance, purchasing gold because it feels like a sound investment, or purchasing a rental property because it feels like a sound investment.

What makes an investment a quality investment is how it operates towards the goals in your wealth strategy. Simply making an investment because it feels like a quality investment is not enough — what will it do in your wealth method to reach your wealth goals?

Although it is great to do something, there has to be a tactic behind the action so that the actions lead straight to the results which you need.

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

TIP 2: Move Your Wealth to the Top

Letting your wealth plan slip as a priority is something that can regularly sneak up on us.

For example, let’s say you have a goal to speculate in a rental property and have a plan to look at possible properties this month.

However , when you get the call to go glance at the properties, you are in the middle of running errands, or too busy with work, or need to end a project. The list goes on. Taking a look at properties gets put on hold and your wealth methodology swiftly falls off the beaten track.

There is always something else to do if your wealth methodology is not a major priority.

TIP 3: Avoid the Extremes

Taking it to the max means you have got no balance in your wealth goals. You are attempting to go at a speed that nobody can most likely sustain — and that suggests 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 strategy.

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

TIP 4: Your Friend?s Wealth Plan isn't Your Wealth Strategy

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

What does it for somebody else won't always work for you.

Your wealth system must be specific to you based totally on your likes, your dislikes, your folks, your ambitions, your dreams, and your financial situation. To maximise the outcome of your wealth methodology, it must be customized to you.

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

I share that the 3 most pricey words in English are “DIY. “

The path to achieve your wealth goals is not necessarily a smooth one. In reality it is not uncommon to hit 1 or 2 bumps along the way.

Those who have a team are less certain to get off course when they hit that first bump, or perhaps they make it to the second or 3rd bump before turning around. Navigating with an entire team supporting you makes the method much smoother. [For example, working with a full-service investment property provider can provide you with a whole 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 a backer, writer and founder of Norada Real Estate Investments — countrywide real estate investment firm providing passive investment property in expansion markets around the United States. “5 Wealth Building Tips“was originally printed on the Estate Investing Blog.


Viewing all articles
Browse latest Browse all 12

Latest Images

Trending Articles





Latest Images