How To Accumulate Wealth Faster. Stay Sharp.
10 Steps to a Sharper Approach to Your Wealth.
- Make sure your spending is in line with your goals. Example if you have a goal to be more active yet have the most expensive Cable TV package… is that best use of your money?
- Use the BAM (bare ass minimum) tracker to see where you spend and talk about your expenses with your spouse. It is not a finger pointing mission it is to gain understanding so everyone is on the same page. If you have not received this just ask me, it works really well to get spending under control, to have meaningful conversation with your spouse and ultimately accumulate more wealth in the short term.
- Is your savings / investing on auto pilot … or are you accumulating a big savings and then having to make a big decision about ___ ? More decisions = more potential risk.
- If you win money, or inherit money or have a big windfall. Invest it right away. You didn’t have it before, so get it working for you… or at minimum invest it in an asset (I said asset not a boat, Harley, sled)… maybe a recreation property you bought for a good deal with more than 30% down payment, remember location location location.
- Sharpen your skills and invest in specific education, application (hands on) or make 3 new centre of influence connections to help increase your income.
- Don’t buy crap mantra. Ask yourself, do I really need this and if so then buy quality, buy useable and enjoyable specific to your honest self. If you are a weekend warrior ATV’er, then maybe you don’t need the absolute top of the line mud machine when you probably will ride in mud 5% of the time.
- See marketing your business as an investment similar to your RRSP or TFSA… what is your return and don’t be afraid to make the investment. You can give your money to a fairly abstract company or your bank to invest OR you essential spend on marketing which is an investment in yourself.
- What could you do around your home right now to improve it in a weekend. Call in a favor from a few trades friends, finish another bedroom, upgrade the kitchen or bathroom.
- Grab a cup of coffee and lay out all your debt statements. Visa, Mortgage, Line of Credit and car loans. Sip your coffee and stare at them… as you near the grinds at the bottom of the cup remove all the paperwork from the kitchen table. Stare at this blank table. This is what your life will look like. Visualize this, ponder how good this would feel. Close your eyes and think of your monthly debt payments going toward something amazing. Or consider those payments going into a plan you understand and the interest was going in your pocket each month. Pay off high interest debt first, pay off non deductible debt and if you have a plan and BAM under control, consider cleaning up all debt using your home mortgage – CAVEAT – this needs a plan as this is a slippery slope if not disciplined.
- Literally, sharpen your old chain saw, go get a few appropriate/legal trees and sell firewood or take money on donation… or maybe collect money and donate it. It feels so good to connect with people glove to glove. Offer another person warmth to their family and know the trees you sourced provide this value to someone. It is one of the basic survival needs for humans. Wow… what a feeling!