10 Simple Wealth Creation Strategies Part 1

10 Simple But Powerful Wealth Creation Strategies

by Julie Broad

That's usually good for an eye rolling and a topic change. These days we then proceed to talk about Katy Perry or a dog she saw doing a cool trick.

If we do keep talking about money, I usually share one of these tips. And over time, I hope that these tips sink in for her. When I really understood these things and put them into practice my financial life changed for the better. Yours will too.

Tip #1: Money is ALWAYS an inadequate motivator.

Until you realize that though - you'll probably spin in circles trying to "get rich" and wondering why you're never getting there. The thing with using money as a motivator is that it works in the short term but when things get hard it's pretty easy to say "ah forget about the money - I'm ok with what I've got".

To be truly motivated to push through the inevitable challenges you need to get clear on the real reason you're doing what you're doing.

Freedom to create my day was so important to me that it consumed most of my thoughts. Not being free slowly began to choke me, especially when freedoms I used to enjoy in my job slowly slipped away. I had a vivid picture of what I wanted my days to look like and that picture is what compelled me to quit my job years earlier than we had planned.

That burning need for control over my time and desire to be free was my motivator.

I quit my job not because we were at the point where we were financially ready for it. I quit my job because I could no longer stand to live my life the way it was a single day longer. I was ready to kick butt, get kicked, and get back up to kick butt again to make my dream of freedom a reality. I never considered going to find a new job - I set out to create the life I am living now. That was my motivator. Not money. For most parents, having more time to be with their children and be present for their family is a very compelling motivator. For others, it can be a more material desire at first (like a great home or a fun car or a family vacation), but it often evolves to something less tangible. It doesn't matter what your motivator is, I just want you to know that if you're using money or a goal like "get rich" to motivate yourself, you're setting yourself up for failure.

Tip #2: You can be right or you can be rich, but most of the time you can't be both.

Dave is in a year long business mentoring program and I recently had the opportunity to eat dinner with many of his fellow mentees. The woman in the group who has arguably seen the biggest improvement in her business as a result of the mentoring told me her success secret: "I just do what I am told. That's it." She doesn't waste time arguing why she has done it the way she has done it. She doesn't resist the suggestions - she just follows the process and suggestions and she is getting amazing results. Very few people do that. Most people would rather be right. They'd rather explain why they think what they think or do what they do - even when they are paying five figures for a mentor.

Tip #3: Success and failure are not nouns. Let go of it. You are never going to be a success nor will you ever be a failure. You will succeed at some of the things you try just as you will likely fail at some of the things you try.

Tip #4: Return should not be measured in isolation. Where there is a return there is a risk. You MUST look at what you have to spend in terms of time, energy, and money AND what you are risking to get the return for it to make sense. (Want more on risk? I created a video on how to analyze risk in real estate deals a little while ago - you can check that out here).