10 Tips for Building Lasting Wealth by Robert Shemin
1. Have a clear and concise Goal. One of the biggest mistakes people make is not being clear on what they really want. Write it down, narrow it down and clearly define it. Vague will not get you there. 2. Define Action Steps. Now that you have your goal set you must define what you need to DO to make that a reality. What activity will lead you there? Write down the specific steps and follow them. You can even start with 10 minutes a day. 3. Block your time. You might have the best of intentions but life tends to get in the way. Schedule a block of time to do these activities. -Doing it when you have time will not work. You have to MAKE the time to make it happen.
4. Control Assets
The only way to be wealthy is to own or control assets. Start a systematic investing program in real estate or other assets, or start your own business- either part or full time.
5. Build on Reality, not on expectation. Many of us have an idea of how things will work. Many of us will be disappointed that that expectation did not proof realistic. Do an actual test and then judge if it works or doesn't.
6. Have a Budget
It’s not what you make; it’s what you keep. Start a systematic savings program. Your business and your household need written budgets. Many people have become millionaires by just saving and investing a few dollars a week over 20 or 30 years. 7. Be flexible
Your plan might be good; maybe even brilliant. This does not mean it wont' need revising as you move closer to your goal. Things will inevitably change and will force you to assess and adjust your plan and actions. Take time to intermittently evaluate your plan and progress.
8. Get rid of you bad debt and only use good debt.
You are either making interest or paying interest. Only pay interest on assets that grow in value. Most people borrow money for things that go down in value, such as a car, clothes or trips. Good debt is business and investment debt that is safe, sound and makes you money.
9. Be patient
We want everything right now but that's not realist. You might have setbacks and roadblocks. That is normal and should not derail you. Stay on course, do what you have to do and be persistent and resilient. No one said it was easy. 10. Be grateful for what you have.
Without being grateful for what you have you will never be wealthy.
Check out Robert Shemin’s best selling book “How Come That Idiot's Rich and I'm Not?”