5 Strategies To Building Wealth

I want to address an issue that is very near and dear to my heart, building wealth. In the book, “The Millionaire Next Door”, Thomas J. Stanley, Ph.D and William D. Danko, Ph.D explain how to determine what your net worth should be.

“You multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be.”

So how does it look? If you are among the average Jo, you are finding yourself pretty depressed right now. No worries. Here are some strategies to help you get started and move forward to building wealth. The more effort you make in looking for good investments, the better you know a good opportunity from a bad one. So, here goes.

1. Invest in educational seminars, workshops, and conferences

2. Join an investment club

3. Own income-producing real estate – in addition to your primary residence

4. Continually look for innovative enterprises/opportunities

5. Network with wealthy people

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Now, let me elaborate on each one of these 5 strategies.

1. Invest in your education. No matter what kind of seminars, conferences, workshops I attend I am always amazed who I see. People who’s net worth dwarfs mine are engaged, taking notes and teachable. There is never a shortage of great seminars in awesome locations to take advantage of. Get plugged in. You know you are in trouble when you hear yourself say “I know that”. There is always more to learn. As long as building wealth is important to you, education never stops. Never!

2. Look in your area for investment clubs. Look in your local newspapers and magazines for meetings happening around town. I recommend clubs that focus on investment education not so much those that pool money together for investments. You can also go online or attend local networking meetings and ask for referrals to investment clubs. Start your own building wealth investment club by beginning as a study group where you can read or discuss a book and/or bring in guest speakers to educate, not sell a product.

3. Own real estate other than your primary residence that are income producing assets. It’s so critical to do your due diligence on what factors need to be in place to make a property an asset and not a liability. Again, there are many excellent books, seminars to get started. Join your local REI (Real Estate Investment) club and talk with other real estate investors that are experts at building wealth through real estate. Commercial real estate in its basic form is not any different than buying a house and renting it out. Consider buying a single-unit kind of property such as a small storefront and renting it out to a small business owner.

4. What I mean by always looking for innovative enterprises is to be involved in or investing and reinvesting in a company, product, or service that represents a whole new way of making money. What I am not saying is look for “get rich quick schemes”. I recommend privately held enterprises that feed the overall economy. We are all consumers of goods and services. Continually innovative enterprise is one that either offers a service or a product that breaks new ground or changes a traditional service or product so much that it virtually becomes new. Typically, opportunities don’t fall out of the sky. You have to be looking for these opportunities for wealth building. What needs need to be fulfilled in your community? Once you have identified the need, do your do diligence and research what business model makes sense in answering this particular need.

5. Network with wealthy people. Please don’t tell me you don’t know any wealthy people. If that is the case, and I doubt it is, you need to get out to investment clubs, local REI groups, wealth building seminars etc… Wealthy people are very willing and honored to share their knowledge with someone who they feel is open and again, teachable. Ask questions and don’t pretend to know all the answers. The more questions you ask, the smarter you become. I once heard “money goes from dumb to smart”.

To Download a Free Training Manual To Learn More About Building Wealth In The Next 30 Days, Click Here

Now, let me elaborate on each one of these 5 strategies.

I hope these 5 strategies have started the wheels turning and have given you some food for thought but it takes more than just thinking about it. You must do something. Start today building wealth for yourself and for generations to come. All of the above wealth building strategies can be business expenses and deductible from your taxes. Don’t forget “money goes from dumb to smart”.