8 Questions You Should Ask yourself if You Want Wealth! (Part 2)
Here is part 2 of “8 Questions you should ask yourself if you want wealth”. This post will provide the answers and guidance behind the questions you should be asking about wealth.
#1 What bad habits are preventing me from being financially stable?
In order to build wealth, you have to rid yourself of your negative vices. An equal amount of positive and negative will always equal 0. You can’t start building wealth or keep it, without letting go of negative thoughts, environments, habits, and behaviors. Counter this with new positive habits, environments, thoughts, and behaviors.
#2 What are the habits of those who have money, that I need to copy?
You should hire a coach or seek out a mentor if you want to expedite this (I currently coach clients on how to get amazing results from their money, click here for details). The slower method is to research what are the habits of the wealthy. I can tell you it doesn’t include luxury brands, expensive cars, premium spirits, mansions, or jewelry. Thomas Stanley wrote a great book called “The Millionaire Next Door” that will change your perspective on wealth and how millionaires live.
#3 Who do I need to spend time around/Who shall I stop spending time around?
Your friends and family have a huge impact on your actions, thoughts, and behaviors. Your environment and the things within that environment, will most often match the person who you are or want to be. “You’re the average of the five people you spend most of your time with.” – (Jim Rohn). Avoid negative people, they will only spread the disease to you. If you enact positive change, your circle of friends should cheer you on and even join you. If this is not the case, begin to distance yourself from the those influences.
#4 What are my financial goals for the next 3 years and the action steps to achieve them?
I have a 1, 3, 5, and 10 year financial plan. It is based on my values and my mission to provide an abundant lifestyle for my family and leave a legacy to aspire to. I also want to leave an inheritance for my children’s, children.
You need a notebook, binder, or journal with your plan written out. This is a must! Each goal should be specific, measurable, attainable, realistic, and time defined. There should also be action steps that are required to meet the goal. Investing has to be a goal of every financial plan.
#5 What is my savings plan and how can I adhere to it to get me out of the trap?
Most people don’t have a savings plan, they will never attain wealth without one. It doesn’t matter how long they have been working or how much money they are earning. Saving money isn’t dependent on job tenure or salary. Saving money is the result of planning, discipline, and faith.
#6 How can I protect what I have built or plan to build?
Insurance is they way we protect ourselves from risk. Because of regulations and common sense, everyone gets home owners insurance and auto insurance. Hell, most people get cell phone insurance and consumer warranties. $13 to Verizon per month could buy a $350,000 20 year term policy! Doesn’t make sense to insure a $700 electronic device for $13 per month.
The number #1 thing you should protect is your ability to provide. 20 year term life insurance is the best insurance product you can buy in my opinion. This will give you peace of mind that your children and spouse won’t be ruined after the family losses a loved one.
#7 Where do I place the most attention? Does it deserve that much focus?
Your thoughts shape who you become. If you go work and can’t wait to get home to play Grand Theft Auto 5 as you snack your days away; chances are, you will end up fat, lazy, unemployed and living in your parent’s basement! To give fair credit, you would be an expert in GTA5. But what does that time investment give you of value? Nothing. Check out my reading recommendations for great books that can help.
Place your attention on mastery of skills that increase your income, wellness, or values that are important to you and you family. Your surroundings will alway be a representation of how focused you are in the creation of your desires.
#8 What do I need to do, to earn a salary that will allow me to live the life I dream about?
Most people think you are successful when you earn a high income. The reality is, you can only earn a high income after you become a success. We are paid a wage in correlation to our skills and the difficulty to find replacement. If you improve your skills by gaining education and experiences that are sought after in the job marketplace, the money will follow you. “If you want to earn more, you simply have to become more.” -Jim Rohn
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