I’m often asked about how I bought so much real estate in a short period of time, so I decided to share my 3 simple steps that I used to build wealth.
I have always believed in the KISS principle in everything I do. Too often people make things complicated and when they do, they don’t accomplish what they want to do. In fact they talk themselves out of doing it. So here are 3 simple steps I have used to build wealth.
The first step is to open a wealth account.
I recommend creating an automatic savings plan. This is where a certain percentage of your monthly income automatically goes into a stand alone wealth account that you DO NOT touch. You can decide on the amount based on your income and increase as you go along.
Out of sight and out of mind is what happened for me, so it grew quickly before I even knew it. As it grew, I then used the funds for my wealth strategy.
The second step is to be a student.
Get mentoring from those people who are successful in building wealth. Learn what they do and what has worked for them.
I follow many successful wealth builders but the first one was Bob Proctor who taught me all about MSI’s (multiple streams of income), how residual income works and the mindset around money.
Because of Bob’s teachings, I decided to delve into direct sales/ network marketing and became very good at it. Then as my business income grew, I took portions of it and placed it in the wealth account (step 1) which funded my rental properties.
The third step is to develop your own wealth building strategy.
Everyone is different. What resonated for me was to build a solid sustainable residual income business inside the network marketing industry (vehicle #1). Then invest those monies into rental properties, which then provided more residual income (vehicle #2).
I studied under Robert Kiyosaki, the author of Rich Dad, Poor Dad and applied his expertise to build passive income through real estate assets.
There are many ways to build wealth and you will not want to, or in fact, be able to apply every one. Some are more riskier than others, some are short term and some are long term.
So you have to make a decision as to what will work for you.
Brian Carruthers, author of Money Mindset asks the crucial decision-making question, “what are you working for, debt or wealth?” For example, shoes, trips, toys VS wealth, future, security.
As I indicated earlier, I chose developing passive income through real estate investments. I have not been disappointed with this decision. Both my short and long term assets always grew in value.
Your initial strategy will depend on your current situation but may change as you build wealth. For me, it was about having peace of mind so that I could be prepared when the unexpected happened.
So there you have it… 3 simple steps to building wealth. It’s not rocket science and it is not complicated.
Rome was not built in a day but by applying these 3 simple steps, you will be on your way to taking control of your wealth and freedom!
If you want to find out how I went from 0 – 10 properties in just 5 years and also became mortgage free at the same time, make sure to book a free 30 minute session with me here.