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Steps To Building True Wealth With Speed

Steps To Building True Wealth With Speed

We must choose our mentors and team wisely because it will determine how wealthy we will become.

Master Investor
April 16, 2024

Summary:

Understanding that we can't succeed as an entrepreneur alone is one of the keys to success.
It's critical to exercise caution and wisdom while selecting business partners.
The contributions that our company partners make have a direct impact on our success.

Majority of us have a dream that we want to fulfill in the future. This also holds true for our aspirations regarding our finances.

We are probably seeking for solutions to reach our financial objectives if we are reading this post. However, a lot of folks are unable to figure out how to actually accomplish it. The issue is that although people understand exactly what they want to happen, they are unable to figure out how to get there—possibly because there isn't a precise path to nirvana. There just isn't a one-size-fits-all strategy that will work because there are too many factors that affect each person's particular circumstance.

It takes guts to put ourselves out there and achieve our financial goals but it is the vehicle to attract total freedom.

Millions of people live their lives just applying what they were taught in school, facing life's challenges alone, refusing assistance, and being controlled or intimidated by large, influential institutions. Regretfully, we won't succeed in business by doing that. Those who make wise business partner selections are what set apart those who toil away in the S-self employed from those who prosper in the B- business owner.

Consistency in our daily investment plan

Guess what happens if we are hoping for a financial rescuer to save the day? We are it. we have the power through financial education and actively investing to develop asset that produce excess of passive income and capital gains income.

Naturally, this does not mean that we will figure out this "miraculous equation" on our own; on the contrary. Throughout this path, we will undoubtedly desire and require the assistance of friends, professionals, brokers, mentors, and teachers.

We are the architect of this adventure; it is ours to take. The only person who can alter our course and future is us.

We make what us want and figure out how to obtain it in a way that aligns with our passion, interests, values, and spirit.

Put differently, the final decision is ours.

Staying loyal to ourselves

It's time for us to live authentically. It is not the time to conform to what others expect of us. It's not the moment for us to be what others want form us.

We are who we are? Who is our spiritual being, the deepest part of us?

When are we being genuine to ourselves? How can we tell? It's evident because magic occurs.

Everything seems to flow smoothly. A thought we had suddenly comes to pass. "In the right place at the right time" describes us. Things happen with ease. We are content and having a good time. That's who we really are.

Maintain Integrity in Our Financial Life

"Being true to oursleves": how does it relate to investment, money, and finance? Easy. Our strategy should be tailored to our needs, not those of our parents, siblings, partner, or friends. It's time to embrace the obvious truth that achieving financial freedom actually means we have to be loyal to our principles, our passions, our aspirations, our abilities, our wit, our silliness, and everything that truly makes us, us.

If feeling like to give up. Our "why" is crucial since achieving this requires internal motivation. Because of this, our motivation for going after our dream and our driving force behind our financial path must come from the bottom of our heart. Our perseverance and desire will carry us through the difficult times, uncertainties, and disappointments. However, each achievement we make will advance us.

It's a tremendous fantasy, this. And all of you will need to do it. It may put us to the test. We won't succeed if we are doing this for someone else than ourselves.

Whatever path we decide to take in order to fulfill our financial goals, one crucial element will determine how successful we are:

The strength of a team and the Cash-Flow Circle

One can map the "do-it-yourself" mentality to the Cash-Flow Circle.

Employees and Self-Employed (ES and Ss) are on the left.

Business and Investing (Bs and Is) are on the right.

A large portion of the left quadrant population dislikes teams, or at the very least, dislikes being on a team with people who are smarter than them.

For example, workers frequently fear others who are smarter or better than them because they believe it will prevent them from receiving a raise or promotion. It's possible they won't receive the big project. Teams that have members that are afraid of their job security frequently have a lot of toxicity.

Many self-employed individuals are highly intelligent and skilled. They even have a tendency for entrepreneurship. However, they dislike teams. They are hired as consultants by businesses because they want to be the most intelligent person in the room, and they frequently are. However, they have to do all the work and frequently believe they don't need business partners because they don't get along with other people. They are not business owners. They are employed.

Those on the right side of the Cash-Flow Circle, on the other hand, are aware that having a group of capable business partners is essential to their success and wealth. "I'm so much smarter than them," is a common statement made by both employees and independent contractors about the owners of a business.

Why do they receive the entire income? That's intentional, though. In actuality, E and S could never be successful investors or business owners because they were unable to truly relish being among intelligent business partners.

The Cash-Flow Triangle explains why having a team is essential for success in both business and investment.

Identify potential business partners by using the Cash-Flow Triangle.

Majority of people nowadays have financial difficulties because they enter the financial arena as individuals rather than as a team. Furthermore, weak teams and leadership are frequently the reasons for business failures.

The Cash-Flow Triangle serves as an example of the fundamentals required for a business to succeed.

As we can see, a successful business consists of eight elements or components, or what we refer to as integrities.

Integrities of a success business:

Mission
Team
Leadership
Cash-Flow
Communications
Systems
Legal
Product

The majority of people concentrate on a product or a "great idea," but that is truly in reverse. The product, as you can see, is the Cash-Flow Triangle's lowest integrity.

In actuality, a company's mission, personnel, and leadership are its most crucial integrities. On the outside of the triangle, that is what they are. Filling in the triangle is much simpler when these are in place.

A great team of business partners is drawn to a great leader with a great mission. We won't succeed, though, even if our mission and leader are excellent, if our team is subpar. We don't have all the information necessary to succeed, and we can't accomplish everything by ourselves.

Our team at masterinvestor was created for this reason. They offer advice on business and investing because they are authorities in their fields. In their own fields, each of them is more intelligent than we are, and we like it that way as the team's combined knowledge helps us succeed more. Being the smartest person in the room is not what we want to be. Surrounded with the most intelligent people in the room is what we desire.

When a young couple schedules a meeting with a financial planner, for example, it's likely that the planner is representing the mega-finance organization that they work for—the other team. All of our credit cards are on the opposing side. The other team benefits from the mortgage.

People who work for themselves or are self-employed all over the world frequently turn to investors and companies for financial assistance. The issue is that those individuals and those resources work for investors and companies, not for employees or self employed.

We must have a team member for the following:

When we need to know about any questions we may have about paper assets.
When we need guidance in tax strategy, then we have an expert in taxes a CPA.
When we need legal guidance even to start company we have our business lawyer.

And so on.

The world's best solo performers are aware that without a team, they are nothing. A team's success is determined by how well it plays as a whole. The business won't be worth a dollar even if we have the best collection of individual experts in the world if they don't play together as a team.

Make intelligent selections while choosing business partners.

However, there is an issue when it gets difficult to determine who is or should be on our side and who is representing other teams.

These opposing teams frequently have millions of dollars to spend on swaying individual athletes who are gullible.

Three guidelines for business associates

Check out the basic guidelines listed below to help us select the best business partners. "I'll do it for 10% of the deal instead of paying an outside company to do it," our friend offers to us. Now we have an option:

1- Never accept a partner who is in need of money.

A potential partner will make and support actions that meet their immediate financial needs above what is best for the investment or the company over the long term if their main objective is to increase their own pocketbook. Therefore, there won't be any alignment from the beginning if their main objective is to enrich themselves; they won't be interested in the relationship or the overall objectives of the business collaboration. Furthermore, why would we desire such a partner?

2- Never cede equity to someone whose services are readily available elsewhere.

Say we are the owner of a duplex. We choose to bring in someone else to handle property management in order to better balance lives.

We can make someone our partner by giving them equity, which is a portion of the property.

They probably have no money to invest in the transaction, which is why they are selling our their services (which is against rule 1). Furthermore, we may end up paying a lot more for this choice in the long term because we will forfeit 10% of our cash flow and 10% of the profit when we sell.

We can always contract with a third party to take care of our marketing, bookkeeping, and property management. In this manner, we maintain complete ownership of our asset while receiving the services we require.

Since we invested all of our time and money to buy the home, keep the entire equity for ourselves. We will also need to pay a monthly fee for a property-management service.

Alternatively, in place of paying the monthly charge, forfeit 10% of the duplex's equity.

3- Make sure that being with this person is enjoyable for us

Cooperative company partners seek to maximize profits for all parties involved. They ought to be giving and have similar values. It's crucial to enjoy our company when working together with our partners during a negotiation. We will be interacting with our partner for a lot of time via text, email, meetings, and phone calls; after all, why would we want to be partners with someone we wouldn't want to go out to dinner with?

Assembling a team with the appropriate business associates. We need to have professionals at our side who we can consult for guidance if we want to succeed in life.

An attorney, a CPA to assist with taxes and accounting, a dependable and impartial broker, several specialists in the business and investing fields of our choice, mentors, and coaches are essential members of our team. It never hurts to have life coaches, athletic trainers, and a solid support system of friends and family who help us stay sane.

The individual who ultimately selects their squad with the most wisdom will emerge victorious.

Who is on our team, then?

Steps to Reaching Our Financial Goals

Alright, now that we have narrowed down our "why" and have a crystal-clear image of who we truly are, it's time to make that initial move. We should only take a total of seven steps, which may surprise us. That's correct—the fundamental actions that each person must take are nearly identical.

This is due to the fact that there are just seven steps in the process of reaching any objective, including gaining financial freedom and weight loss, each of which builds upon the previous. Even though each of these seven steps will have different specifics, we can still utilize these general categorization to start organizing and taking action.

Now let's explore the seven actions we can do, beginning right now, to reach our financial objective.

1- Be aware of our destination

What kind of life do we see for oursleves and our loved ones? What financial requirements must we meet in order to get there? Here, don't be scared to make a statement that is too audacious. Ladies, go big or go home!

2- Make a an investment plan

Making a route plan to get there is the next step. Why? For without a plan, a goal is only a hope.

A study on goal setting was carried out by Dr. Gail Matthews, a psychology professor at Dominican University in California. She separated the group between those who had written down their objectives and those who had not. Her conclusions?

Compared to 35 percent of participants who kept their goals to themselves without writing them down, over 70 percent of individuals who submitted weekly updates to a buddy reported successfully achieving their goals.

We should always have a strategy, even though it might need to be adjusted as you go along if we run into new or unforeseen circumstances (such surpassing our target). Additionally, we ought to always put it in writing and give it to a mentor or friend who has faith in us. When we get lost—which will happen occasionally—this will help hold us accountable.

3- Divide the investment plan up into doable steps

Huge objectives might be very frightening.

Let’s say for example that we have not run a lot in our life, pretend we have made the decision to enter a marathon. Well, the mere thought of running 26.2 miles is really daunting. However, no one ever begins there. We train for months, starting with a mile. Years, perhaps. Our run continues to gain mileage. Eventually, we will be able to run the full 26.2 miles without stopping, which probably seemed like an impossible task at first.

The same guidelines apply for achieving our financial objectives: To ensure our success, break down our major ambitions into smaller and smaller objectives until they are doable and within reach. Plus, it feels so good to cross every item off our list—no matter how tiny—because we wrote it all down, don't we?

4- Every day, take at least one modest step

Now that we have those achievable objectives, be sure to work on them on a regular basis. Make it a habit to complete one job that gets us closer to our final goals every day. Once we lose that momentum, it's far more difficult to get back.

There was a case study that said if we do something for 18 minutes per day for a whole year, we will be at the top 1% of the population in that specific field.

5- Make use of reminders and organizers

Use tools to help us stay organized and on track, whether we prefer technological tools, printed lists and reminders, or a combination of both. Today we have softwares and artificial intelligence to help us grow and keeps us on track toward our financial goals.

6- Develop a habit of learning daily

Continue to raise our daily financial literacy. The majority of business owners read one book per week; just think of the knowledge we may get just reading one book a month.

Here at masterinvestor we have plenty of books and tools available to help anyone increase their bottom line. However, financial education should always be present in our expense column. Our confidence will grow as we gain more knowledge, which will keep us inspired and innovative.

7- Develop our network and team

Professionals that assist us in identifying, evaluating, and pursuing possibilities will make up our team. The individuals in our life who support, understand, and encourage us will make up our network. But make careful our selections of mentors and members in our inner circle. Our identity is shaped by the five people we spend the most time with.

Therefore, even though we may interact with a large number of individuals, the ones who are closest to us have the biggest influence on our decisions and thinking. Hence, instead of only hanging out with folks who are busy moaning about their financial situation and doing nothing about it, look for like-minded individuals who are traveling the same path as we or successful individuals.

Financial objectives have been attained by people all across the world, and we can too. Please take advantage of these seven steps, and once we take the initial step, we will see how quickly everything starts to flow.

Financially act now to have wealth tomorrow

We must begin today. to take action towards our financial well being by understanding how to make money make money through sound investing. Just like we explained on yesterday’s discussion on our previous article that the values or priorities must be place in the right order as it is shown below in order to become wealthy.

Wealthy
Comfortable
Secure

Most people have it backwards and they put being secure as their main priority, follow by being comfortable and then wealthy which is the very reason majority of people never experience financial freedom in their lives sadly enough.

Having total freedom because we have sound assets that we control for passive income, it is one of the the best feelings we can experience ever. When we have excess of cash flow the world is ours literally. We can focus on our passions and purpose in life.

What do we want out of life?

Must people (poor mindset) in the world have these values mentioned above in the following order:

Secure
Comfortable
Wealthy

Fear is an asset for a business owner and an inside investor.

One of our greatest resources can be fear. Every time dread rears its head and we are certain that it is not a life-threatening circumstance, that is a sign that we are growing and changing.

Often, the process of overcoming fear is what helps us develop the most. It's also thrilling to cross over and feel the rush! We have changed from who we were in the past.

Consider this: We learn from our fears. Rather than avoiding anxiety, face it head-on and recognize that we have just reached a new height of development.