HOW TO BUILD WEALTH.

Start. Early.

THE most essential step out of this whole page.

You need to start.

Every day you put back starting could delay you achieving what you want to by years or even decades.

Don’t read this article then ponder what to do with it or go and read loads of other articles all telling you the same thing.

I have been there before. I have done that. YOU HAVE TO START.

There is no way to express how important it is other than repeating it and putting it in bold italic capitals underlined.

By STARTING EARLY, you can take advantage of the compounding effect that takes place over time when you start stacking your hard earned cash in places to grow – this will be covered in a later article.

This does not mean to say you are too late, you can never be too late and with the internet there is no excuse.

START. JUST START.

 

 

Plan

“Failure to plan is planning to fail.”

It is an old irritating saying that everyone uses for a reason.

Without this you won’t know where to go once you have started your journey to wealth.

Meandering around aimlessly putting time, money and effort into anything with a clickbait title is a sure fire way to lose what you do have.

Making a plan is more than saying “I will [insert generic goal]”

An easy way to make an effective plan is to make it SMART.

Specific

• Simple goals that spell out in black and white what you are going to do.
• Should answer; what, why and how.

Measurable

• This provides tangible evidence that you have achieved what you set out to do.
• There is usually one overriding measure used to define achievement, but smaller measures can be used on the way to achieving the main goal.

Achievable

• This is to make sure you aren’t trying to achieve the impossible
  • At TTI we believe you should never limit yourself but then again it is impossible for a human to run 100m in 2 seconds
• This aspect makes sure you will be stretched so you are challenged but you are able to succeed if you follow the steps you have set out.

Results focused

• Goals should measure outcomes, not actions.
• This allows you to see the fruits of your labour.

Time-bound

• Every goal should have this aspect, it sets a timeframe for you to achieve the goal in.
• Without time nothing would ever get done.
• If a timeframe is too short, you will not attempt it because it may seem unachievable BUT equally If a timeframe is too long, you may not start it until it is too late as you think it is too easily achievable.

 

 

Learn

The school systems of the world have failed us and will continue to do so unless radical change occurs.

Why?

Schools sap the fun out of reading and learning, two skills that in this information age are incredibly vital to have.

The most successful people in whatever field you choose have had to learn continuously to get to where they are.

The tough thing about learning is that it really is just failing continuously. Over. And over. And over.

Repeated failure is the basis for all learning.

 

This process relies on another thing though. Change.

Change is another thing that people have come to hate. We have become so comfortable as a species. We have never lived a more cushty life as a human race.

But no growth comes of this.

 

When failure occurs, all you need to do is change something about what you are doing and try it again. Repeat this and you will succeed.

It is just madness if you repeatedly do the same thing over and over but expect a different outcome.

But it is equally madness if you change something that is tried and tested without first failing.

 

 

Don’t diversify

This is the curveball in this article as everywhere in business you hear that you need to diversify so if one thing fails you have others to fall back on.

HOWEVER, this is only useful advice if you have already made a substantial amount in the field you are best at and are at the stage where you are able to automate the process.

You don’t want to start out trying to be great at everything because it simply will not work.

Jack of all trades, master of none.

It is only advisable to venture out into other territories once you have become a master at the thing you started with.

I get that you shouldn’t put all of your eggs in one basket and all that but what if you only have one egg?

Get good at what you started with to the point you could do it blindfolded upside down then have a look at doing something else.

 

 

Invest

This is where you gain your first employees.

Not actual people. But your money goes out to work for you. You become the boss and you call the shots.

There are various investment types out there but if we are talking about the classic stock market setup then this is a very divisive topic and will be saved for an article of its own.

The controversy lies between index funds and mutual funds.

Index funds take the average of a specific set of stocks with the idea being that over time everything grows.

A mutual fund is a pool of money from people like you and I who give it to a fund manager to choose the best performing stocks.

Some claim that only 6% of mutual funds can beat index funds but others claim differently.

 

 

Debt

This needs to be avoided.

However, it is important not to bury your head in the sand.

Do not risk money trying to make money until you are debt free.

If you are in debt the first call is to get out of it, then you can start to risk money to make money.

But if you are in say £25,000 debt and you get out of it, who is to say you can’t then carry on afterwards and make another £25,000 and beyond!

 

 

Frugality

You might not need to earn anymore money than you already do, you might just be buying a load of unnecessary things all the time

Three good tips to ask when thinking about buying something are

1. Think do I really need this?
2. How much time you would have had to have worked to earn enough money to pay for this?
3. Wait two weeks and if you still want it then you probably need it.

 

Mentality

In today’s butthurt politically correct world this is bigger than ever.

If you want something, you go get it.

No one can stop you doing anything anymore.

There is no point scrolling through these pages, through endless Instagram accounts of business ideas, watching YouTube videos of people that have made it.

As I said at the start, YOU HAVE TO START.

No one is going to hand everything to you on a plate.

No one will spoon feed you all the information you need.

You need to do the hard work yourself.

To start you need to flick one switch in your head. I’m going to call it the external switch.

Every UNsuccessful person believes that it is solely external factors that stop them from achieving what they want to.

The smart goals are not achieved, the ideas are taking more effort than first thought to get into action.

All of these failures are blamed on things that are out of their control, as if the world is against them, trying to put them down.

Everything you do is your fault. Everything you have achieved or not achieved is a result of the decisions you have made beforehand.

If your Instagram page isn’t growing, then it is not Instagram’s fault, others have been able to do it so why can’t you?

It goes back to learning, you have to fail then change then fail then change until you succeed.

If your motivation lacks, think back to why you started. Watch some motivational videos. Exercise.

But as soon as you realise that everything is your fault then everything changes.

You are the only one able to change the situation you are in.

 

Thank you for reading,

Any feedback at all is much appreciated x