The First Step to Creating a Wealth Strategy
Copyright (c) 2010 Tom WheelwrightLast week I shared 3 tips on how to get your wealth building on track in the New Year.Where Will Your Wealth Take You? Most people dream about being wealthy or play the lottery in hopes of winning millions, but few people actually have a strategy to achieve their dreams of wealth.I hear many reasons as to why someone doesn't have a wealth strategy:They don't really know what a wealth strategy is They don't know how to get started They think they need to wait to get started because they don't have any money They think they need to get out of debt before starting their wealth strategyThe fact is, everyone needs a wealth strategy, regardless of goals, age, wealth, income or debt.The first step to creating a successful wealth strategy is knowing where you are going. I call this Your Wealth Vision.Your wealth vision is your picture of your ultimate lifestyle. Where do you live? How do you spend your time?Now, we can all close our eyes for a few seconds and imagine the lifestyle of our dreams. But to truly define your wealth vision means being very detailed and specific.For example, in just a few seconds time, we may imagine our ultimate lifestyle to include traveling. In those few seconds, we may imagine the excitement that goes with traveling, and a snapshot of a place we'd like to go, but the details probably aren't more specific than that.This is much different than someone who takes the time to specifically define how they see travel fitting into their wealth vision. For example, a more specific wealth vision might include travel details such as:Flying to Paris every other year and spending 3 weeks there Driving to visit family in neighboring states 4 times a year Purchasing a cabin in the nearby mountains and spending a week there every other monthThe more detailed and specific the wealth vision, the more likely it is to be reached.Avoid This Mistake When Creating Your Wealth Strategy Many people skip this first step. Why? Many think that their wealth vision is simply to have lots and lots of money so defining it is a waste of time. Plus, they are eager to move on to the next step. But this first step is critical because you cannot get to where you are going if you don't know where it is you are going!Take Your First Step Now Really think about your wealth vision and the specific details. Then, put it in writing. This is the first step I always take with any wealth strategy I create.
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Most people dream about being wealthy or play the lottery in hopes of winning millions, but few people actually have a strategy to achieve their dreams of wealth.
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