You’re Missing the Key to Building Long-term Wealth
These days the word ‘secret’ seems to be a key ingredient in any sort of marketing content associated with wealth creation. A simple Google search and up pop titles like 10 Secrets to Great Wealth, The Simple Secret to Building Wealth, The 7 Secrets of Wealth You Were Never Told, 7 Money Secrets the Rich Don’t Want You to Know. I could go on for a while here.
As a writer I get it, the word ‘secret’ is quite powerful. It not only grabs attention but creates a feeling of exclusivity, like the information is only available to a selected few. It almost implies that something magic and life-changing is about to unfold by unlocking this ‘secret’. A life of abundance, free of financial struggles, full of bright white smiles and multi-million dollar properties. Where you step into fast cars, designer clothes and there’s free-flowing French champagne for all. Cheesy, I know! But it seems to work, as it’s consistently used by many.
So is there really a secret to building long-term sustainable wealth?
Here at WE we believe there is. In fact, it’s something all our members have learnt and utilised to turn their financial dreams into a constantly improving reality. Want to know what it is? Come in a little closer and I’ll tell you. The secret is start now! Ground-breaking, isn’t it?
The majority of literature you will read about building wealth, although may be helpful, is missing the key element of taking immediate action. Starting now and with what you have is the first and most important step to building any kind of sustainable financial future.
Just like getting fit and healthy, there are no quick fixes, shortcuts or secrets to creating the future you dream of. It takes time, it takes effort and it takes learning. But most importantly it takes starting.
For those of you who have read Get Rich Slow you will know that it’s all about Slow Money. Sarah’s wealth creation philosophy is centred around starting now, starting small and progressively building financial independence. As she explains, by taking small steps each day you create solid financial habits that little by little, day by day, increase your wealth and help you build your own sustainable future. Time is the key ingredient and the sooner you start the more you will have in your favour. (If you haven’t read the book yet you really need to get on it!)
As Todd Tresidder brilliantly puts it “Procrastination is the single biggest wealth killer”. In his article A Ridiculously Simple Way to Build Wealth, he points out that it’s one thing to know what to do and something else entirely to get it done. By taking action, you start building daily habits that are so crucial to wealth creation and are the exact reason why lower income earners become millionaires and why lottery winners become broke.
Small changes over long periods of time is where the magic lies. For two main reasons, according to Tresidder:
- The daily habit of smarter spending and slowly saving will compound and grow over time;
- The daily habit of learning about wealth and slowly increasing your earning capacity will add small amounts to your income potential over time.
The combination of these two elements is the common denominator in any sound financial plan.
Another factor to consider
The majority of us are behind the 8-ball when it comes to our knowledge on money management in general. We don’t even have a baseline. The missing education, as Tony Melvin and Ed Chan call it in How to Achieve Wealth for Life, refers to the fact that the current curriculum does not teach investing principles nor does it contain information on the basics of understanding finance and building wealth. So there’s a lot to catch up on. Starting now will not only begin to transform your financial situation into one that’s aligned with your desired lifestyle, but will kick start a much needed education about money.
So yes, I hear you as you nod your head in agreement. It all makes sense. But you’re still pretty young. And even though you are earning a decent income, you feel you’re only at the beginning of a very successful career where you see your earning potential increasing dramatically. And when that happens you feel you’ll be in a better position to start building wealth. That’s fine, I understand you feel there’s no urgency, but start now.
Or there’s that little bit of credit card debt you need to address before you can even think about building a financial platform. I feel ya. And you’re not alone. But start now.
Or maybe you’re further ahead in the game, have saved a little moolah and you’re thinking about shares or perhaps property. But you feel your knowledge in these areas is a bit lacking, you’re a little put off by the risks and you’re not feeling 100% confident. I understand, it can be daunting. But start now.
Whatever your situation, start now!
Consult the experts, set a budget, map out some goals and get moving. If you have personal debt, WE will help you clear it. More importantly, they’ll address the key reasons it keeps accumulating and help you redirect your spending habits to align with where you want to be.
They’ll show you how to utilise your income effectively and increase your earning capacity. They’ll walk you through the ins and outs of shares and property investing, as well as other wealth creation strategies. And their recommendations are based on proven tactics used by their awesome goal-kicking members, as well as ones they’ve used themselves. They’ll educate, encourage and support you every step of the way. And they genuinely want you to succeed. All you need to do is start now.
Aiming for nothing will get you exactly that. So I’ll say it again, start now, start small and change the direction of your future. In the words of another go getter: “Action is an extraordinarily potent force — So just freakin do it!” — Michelle Bridges
Article by Evie Tramer
Disclaimer: all information contained within this article is of a general nature and should not be relied upon when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.