Maximize Your Results by Making Your Wealth Strategy Your Own

Maximize Your Results by Making Your Wealth Strategy Your Own
by Tom Wheelwright

I love when someone asks me, "I've been learning about investing in XYZ. How do I know if that is right for me?" It means they are thinking about their wealth strategy.

All too often I see people jumping into investments without a wealth strategy in place. It's the wealth strategy that answers the question about whether an investment is right for you.

When it comes to building wealth, one size does not fit all. Making your wealth strategy your own is essential to its success.

Here are 3 areas that are most impacted by you in your wealth strategy:

#1 Where You Are Today

Where you are today is unique to you and directly impacts what you should do in your wealth strategy.

Where you are today includes:

Your income

Your expenses - including your taxes

Your assets

Your liabilities

It's impossible to get to where you are going if you don't know your starting point. And, how you get to where you are going is heavily influenced by your starting point - which is where you are today.

For example, someone whose main source of income is from a job needs a different path to achieve their wealth goals than someone whose main source of income is from a business.

Or, someone who has a large tax liability needs a different path to achieve their wealth goals than someone who currently has no tax liability.

Everyone can achieve their wealth goals, they just need different paths to get there. They need to customize their wealth strategy to their current situation.

#2 Where You Want to Be

Your wealth strategy is all about 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 - in other words, making it your own.

With your wealth vision, you can analyze an investment in a different way - what is that investment going to do to get you from where you are today to where you want to be.

The more detailed and specific your wealth vision is to you, the more likely it is to be reached. As your wealth vision gets clearer, so does the path to get there.

#3 Your Personal Role

To successfully navigate from where you are today to where you want to be, you must maximize your personal role in your wealth strategy.

Since our time is limited to just 24 hours a day, it is important to maximize the results of our personal efforts. To get the best results from our personal efforts, it is vital that we not only enjoy what we are doing but that it is something we are excited to do.

For example, say Person A invests in XYZ and loves it and Person B invests in the exact same thing and hates it.

Who do you think will be more successful?

What's really happening here is Person A loves their role so it gives them energy while Person B doesn't like their role so it drains their energy.

Take stock trading as an example. Stock trading is great - for other people. I don't like stock trading for my wealth strategy.

I don't like it for me because of my role in it. My role in it would be in front of a computer doing very detailed work. This would drain my energy. This doesn't mean I can't do it, I just wouldn't like to do it. Others love this type of activity and that makes it a great fit for them.

Business is my investment choice for my wealth strategy because in that role I get to do things I love, like interacting with others, negotiating and innovating. For others, this may be a terrible investment choice because it would drain their energy.

When your personal role in your wealth strategy is something you love to do, your success rate goes up - not just in terms of achieving your wealth goals, but also in terms of how quickly you achieve your wealth goals.

It's Your Wealth Strategy

Nobody cares more about building your wealth than you. This is why making your wealth strategy your own is critical to its success.

I love when someone asks me, "I've been learning about investing in XYZ. How do I know if that is right for me?" It means they are thinking about their wealth strategy.http://www.provisionwealth.com/wealthUArticleDetail.asp?contentdetailid=393&contenttypeid=14&pID=2

Tom Wheelwright may be contacted at http://www.tomwheelwright.com or CS@provisionwealth.com

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