subject: 3 Traps To Avoid To Keep Your Wealth Building On Track [print this page] 3 Traps To Avoid To Keep Your Wealth Building On Track
This week, I'll share the traps to avoid to keep your wealth building on track.#1 Distractions are waiting for you everywhereLife gets busy and there is always something else we can do instead of focusing on our wealth goals. Let's say one of your goals is to invest in a rental property and you have a plan to look at prospective properties this month.When you get the call to go look at the properties, you're in the middle of running errands, or too busy with work, or need to finish a project and can't even think about taking on a new project. What do you do? Do you go look at the properties or do you put it off until next month?Focusing on your wealth is a choice. There is always something else to do if your wealth goals are not a priority.#2 You really do need to write it downHave you written down your goals or are you just winging it?Winging it means there's been no planning. It's like walking into a financial planner's office, asking to see what investments they offer, and saying "I'll take one of those, one of those and two of those."While it is great to take action, there needs to be a plan behind the action. Winging it in your wealth goals can set you behind by years, even decades! #3 Beware of those who are ready to throw you off trackWhether intentional or not, others will try to throw you off track. Too many times I've had someone share with me that they took a different action or didn't take an action because their colleague, neighbor, friend, family member, co-worker, advisor, or some other person talked them out of it - or scared them out of it.There are people who just love to share their nightmare investment experiences when you tell them you are planning on making a similar investment. They usually have nothing but terrible things to say about the investment which leads many people to question what action they should take. A wealth strategy is very specific to the person. Your wealth strategy is specific to you - based on your likes, your dislikes, your family, your goals, your dreams, your financial situation - everything is customized to you. Just because an investment didn't work for one person doesn't mean it won't work for you. And the reverse is true - just because an investment works for someone else doesn't mean it will work for you.I actually like it when people share their nightmare experiences because I want to learn what went wrong so I can leverage off their experience and avoid their mistakes. This is a great way to increase my financial education and reduce my risk.But I'm careful not to let it throw me off track. This is where having my written goals helps. I can refer back to why it made sense in the first place. I can then determine if something has changed, or I can confirm that my situation is different. This approach is much more strategic.
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