Attaining Wealth: What’s Standing in Your Way?
Although we aspire to build wealth, many of us aren’t sure where to start. If you’re a real estate professional or small business owner, you have the added challenge of building a successful business while also reinforcing your own financial coffers. According to David Bach, financial expert and best-selling author of “The Automatic Millionaire, although most real estate professionals earn at least five times more than the average American, they often struggle to build the wealth that reflects this fact. Part of the reason may be they’re not thinking like a business person. That’s right—your mindset may prevent you from becoming wealthy.
How can you overcome your mindset to start building your fortune? Follow these simple tips:
1) Hire a pro. One of the first things to do as a business owner is to hire an accountant to handle your finances. This isn’t to say you should hand over control; you should always know where your money is going and why. However, a financial professional can provide insight and guidance to help you build a successful business while also building your own personal wealth.
What if you’re currently working with an accountant, but aren’t seeing the results you want? While you may have the urge to fire them and find another accountant, take the time to talk to them instead. Discuss your financial goals for yourself and your business and create a plan to get there. Work with them to get on the same page instead of starting over with someone new.
2) If you find yourself off-track, get back on. Financial setbacks can occur to anyone at any time. One of the most common narratives is one of someone who was on track and experienced a setback, such as a health issue or the effects of an economic downturn that knocked them off-track. It’s up to the person whether or not the setback will be permanent or temporary. According to David Bach, “If you can get back on track, you can be successful.”
It’s never too late to make up for lost time once you find yourself “in the black” again. What’s important is correcting your course once you realize you’re drifting.
3) Acknowledge what you’re doing right. Celebrating successes, no matter how small, provide the surge of motivation necessary to stay on track and reach our financial goals. Every day, make a list of what you’re right in regard to your finances. Did you forego a luxury purchase and deposit what you would have spent into your retirement savings? Write it down. Even if you decided to bring your own coffee to work instead of dropping five dollars on a gourmet latte at a coffee shop, it’s still a small victory…and these small victories add up.
Once you write down what you’re doing right, write down what you can do better. Once you recognize areas for improvement, you can begin changing your habits for the better.
Buffini & Company was very lucky to have David Bach answer audience members’ questions at “The Peak Experience” event in May. To hear more from David and learn how you can begin building wealth, tune into Episode #110 of It’s a Good Life. Click here to listen.
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