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Business Bros – Episode 55 – How to Get Rich and Stay Rich Part 2

Published in Business, Business Bros, Business Bros Podcast

In this episode we break down what it takes for you to get rich in the first place and then keep your wealth and make it grow. It’s not all about making more money, its more about what you are doing with the money you make. We would love to be of service to you and help you get to the point where you are in control of your own personal finances and on your way to wealth. Join the conversation on Facebook @SiasFirst or on Twitter @BusinessBrosPod music by www.bensound.com.

Courtesy of Tim & Julie Harris Real Estate Coaching

It’s not about each commission check. It’s about what you DO with each check that matters. As long as you’re working for your money, you’re always at risk of losing it when the market changes. You need to invest & save wisely, and pick business strategies that help your money work for you, so that your riches can grow into true, life-changing wealth!

  1. Know your finances inside and out. Come to terms with the actual numbers. Stop guessing.
  2. Become debt free. No consumer debt, no IRS debt, only mortgages and maybe a car lease or two.
  3. Build up your reserves for a rainy day / a recession / an unintended financial stress.
  4. Build your wealth.
  5. Keep your wealth. Make it grow.
  6. Getting Rich

 

Getting rich requires that you focus on daily growth, daily accumulation of wealth, knowledge, and expertise – with no complacency.

 

  1. Rich relationships.
    • Forging relationships with other success-minded people is critical to success.
    • These people open closed doors.
    • Often times they are not in your chosen field.
    • Look outside of real estate for inspiration.
    • Read biographies, histories, studies of the rich.
  2. Set big goals.
    • A common connection amongst successful and wealthy people is their ability to not just dream big, but to set goals and action plans by which they achieve them.
    • A goal is a dream with a specific action plan.
  3. Maintain your energy, enthusiasm and optimism.
    • 71% of millionaires in the CNBC study considered themselves positive about life.
    • They have a strong self belief in their vision and surround themselves with similarly minded friends, family and colleagues.
  4. Persistence. Not giving up .
    • Stick-to-it-ivness. Our made up word to make the point that the daily grind does indeed pay off.
    • Doing what you don’t want to do, when you don’t want to do it at the highest level DOES matter.
    • It creates your future.
  5. Patience, perseverance.
    • 80% of millionaires acquire that level of wealthy after age 50.
      • It takes time to create wealth.
    • Make decisions quickly and correct course if necessary.
      • Get the train on the tracks.
  6. Multiple spokes.
    • Just as you have multiple spokes of income in real estate, to drive your commissions, you must develop multiple spokes of investment to pay you as passively as possible as often as possible.
    • 65% of millionaires in a recent CNBC study had more than 3 streams of income.
    • This hedges against the failure of any given one of the streams.
    • When one spoke suffers, the others cover you, just like real estate lead generation.
  7. 81% of the millionaires in the study said they actively work at controlling their mindset, emotions, thoughts and words. Meditation is a common theme.
  8. The mindset of giving before you get is a common trait amongst the wealthy; The mindset of being of service, is prevalent among the rich.
    • Ego follows success, not the other way around. Providing value before expecting results is a clear trait.
  9. Follow through.
    • Not being a ‘sampler’, trying things out, seeing what sticks.
    • Instead, FOLLOW ONE COURSE UNTIL SUCCESSFUL (F-O-C-U-S) is the theme.
  10. Physical health and mental well being.
    • 82% of millionaires in the study stated they had no significant health issues currently.
    • Being proactive regarding exercise and nutrition is critical to not only achieving wealth but keeping it.
  11. Being responsible and accountable.
    • “If it’s meant to be, it’s up to me” is the saying.
      • Not blaming your broker, your spouse, your market, your background.
    • It is time to take control.
    • You are where you are now due to your past actions and your future is determined by what you do today, tomorrow, next week, next month and next year!
    • Failures along the way must be owned as well as the successes.

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