The Blueprint To Developing Wealth
I recently got a call from a now ex-tenant asking if I could be his mentor. The young chap is in his mid 20s, nice guy but not coachable. I’ve had a number of lengthy chats with him previous which have gone nowhere. Completely a waste of both of our time but he didn’t know it.
On this occasion, I didn’t pick up his call as I was busy that day. Three missed calls later, I get the message asking me for career advice.
His situation is not unique. There are so many young people in this position looking forward to career advice. A blueprint to wealth. What they’re really asking me is, how to their earn money or , how to do their earn a quick buck. To Build wealth property, it can’t be done overnight. Setting up ones personal finances needs a great deal of thought and planning. Investments done half hazardously are certainly better than none, but why not go the extra miles and learn to become a proper investor. This way, you’ll be building your wealth long term you’ll have a portfolio which you’ll be proud of in your twilight years, even not much earlier.
Below are 7 Steps To Wealth Building I sent through. Some sentences may come across harsh I prefaced the email by saying, I have to be brutally as I’m coming from a place of growth. I want this person to succeed. My previous message of sugarcoating had made no impact at all. Therefore, I had to take a more direct approach.
7 Steps to a Wealth Blueprint: the Keys to Financial Independence
Talk less, Read and Listen More
1. The reason why I’ve decided to message instead of talk on the phone is, you talk more than you listen. This is not just you, it’s general human behaviour. However, in most environments, highly successful people listen far more than they talk. Therefore, this is a behaviour that needs to change.
I recommend you read Les Giblin – Skill with people. Read this every week for a year until it becomes part of you. It’s a very short read. Everyone who has read this book has gone far in life.
I also recommend a book by Florence Littauer called Personality Plus. This will give you a glimpse into different personality types.
If you don’t like to read, then try audiobooks. I use https://www.scribd.com/ (which is like Netflix for audiobooks). If it’s not available on Scribd, then I buy the book with a credit on https://www.audible.com.au/
Try your best to go through one book each week. You’ll be a completely different person in a few years.
Get a High Paying Salary AND/OR Start a Business
2. Determine which field will make you the most money within the next 5-10 years. Since you’ve almost completed your Pilots courses, this would be your first starting point. Get your foot in the door with an employer and start climbing the ladder as quickly as possible. If it’s your dream to be a pilot, then go for it but make sure there’ll be potential for a high salary.
You can use such websites like https://www.hays.com.au/salary-guide/salary-checker to check for salaries.
You can start a business. You mentioned the HVAC business as an option. If you start small, but treat your customers right, ask for reviews, you’ll be able to grow exponentially.
Stop Valuing the Opinions of Others
3. You’ve got a habit of taking to heart the opinions of others who add no value to your life including friends and co-workers. From this moment onwards, take 100% responsibility for your life and completely ignore the naysayers. These people are not going to pay your bills nor will they be there to cheer you on when you’re successful. If it’s meant to be, it’ll be upto you!
Until you master this skill, there’s no point looking into the Corporate world. Focus on the points mentioned on #2.
Baby Steps with Dave Ramsay
4. In the short term, listen to Dave Ramsay’s advice and pay off all your debts (assuming they’re all bad debts).
Bad Debt = Debt which is not making you money, and it isn’t tax-deductible.
Time to Graduate with Robert Kiyosaki
5. Start saving more than 10% of your income. If you’re living at home, there’s no reason why you shouldn’t be able to save 50% or more of your income.
Only then, start taking the advice of Robert Kiyosaki and start investing in real assets.
Real Estate, Shares and with much research, precious metals and cryptocurrencies. Make this a long-term play. Not a get rich scheme.
Read the following:
- Read Rich Dad Poor Dad at least once and year
- Read Cashflow Quadrant by Robert Kiyosaki
- Read Tax Free Wealth by Tom Wheelwright
When you’re ready to buy your first property, give me a call. There’s so many options but I can shortcut this learning curve. No point discussing this now.
Build Yourself a Game plan with Brian Tracy
6. In short, determine where you are today. Write down where you want to be in 5 years time. Then write down the steps you need to do to get there.
– Watch the Brian Tracy video I sent you
– Keep a positive mindset. When you have negative thoughts, all you’ll attract is negativity into your life and it becomes a reality. Have that positive mindset and you’ll go far!
– Listen to this everyday for a few months. It’ll change the way you think!
The Strangest Secret in the World by Earl Nightingale
Learn to Prioritise by not sweating the small stuff!
7. Lastly, don’t sweat the small stuff. Before you do something, really think if it’s a good use of your time. This might just be a personality trait but really be conscious of this. I see so many people waste time talking and pondering over things that simple doesn’t matter or at least, it should be so insignificant, they really need to put it behind them and move on. Has someone scam or ripped you off? Have you lost money on a bad deal? Sure, I’ve lost tens of thousands of dollars making foolish decisions. However, if each one I’ve learnt a lesson and moved on to make much more. I’ve become smarter with my money and more importantly, my time.
To Your Success