If you’re a wealth-minded person who considers wealth creation to be your primary financial goal, you’re in the minority. Most people don’t think of creating wealth with a focused plan followed by an action plan that you implement. Most people just buy a lottery ticket.
Creating wealth requires changing almost everything in your life. A successful plan to build wealth requires that you focus on improving the person you have become.
If you’re just floating on the water financially, taking it easy and living each day as it comes, you’re probably not implementing a personal financial plan to build wealth. Creating wealth requires focus, concentration and diligence.
People who avoid working harder are not focused enough to follow a plan that can lead to wealth creation. Being focused doesn’t mean you don’t enjoy life, being focused means you’ve planned each day, month and year to the best of your ability. The focus required to implement a wealth building plan means that you know what you are likely to do tomorrow and approximately how much money it will cost you.
Most people do not document their planned activities each day or all the expenses they have incurred that day. Planning is key in any financial plan where wealth creation is the financial goal. Creating wealth involves evaluating the need for more clothes, the need to eat out more often, putting off buying that fancy car, or taking that expensive vacation.
Creating wealth means making more money or saving money to invest. Each person’s personal budget should include saving money from each and every paycheck. If you can’t save something for the purpose of investing in real estate, the stock market, or your own business, you may want to start packing your lunch.
Saving money has to start somewhere, typically cutting back or working harder are the two most popular methods of getting more money in the bank. Building wealth means you’re focused on finding ways to earn and save more money, and you have a budget that demonstrates the extent of your focus.
The focus required to build wealth must result in action, such as sticking to your budget no matter what. Make provisions in your budget for emergencies like auto repairs or emergency home improvements. How will you pay your bills if you become temporarily disabled? Creating wealth requires focusing your attention on being prepared for life’s events. Will your family be able to live a comfortable life if something happens to you or your spouse?
