Building Wealth - With a Little Help from Your Friends

We all need somebody to lean on. No one achieves real success, in business or in other areas of life, without the support of other people.

Get Motivated

Saving money, like dieting, requires the right motivation. Wealth building is a lifelong process, so the motivators must be strong.

  • Motivation #1 - If you are faithful to your plan, you may be able to stop working and begin traveling, playing, and enjoying life earlier than most.

  • Motivation #2 - You will be free to support the charities you want to support.

  • Motivation #3 - The wealth you achieve in your financial portfolio will double and show up in your character because many of the traits required to reach your financial goals will positively impact other areas of your life as well.

  • Motivation #4 - You will one day be able to pay it forward as you mentor those who observe your success and seek your advice.

  • Motivation #5 - Give back more than you receive. You will find far greater joy in making life better for someone else than you would ever experience yourself.

The true wealth you have accumulated is much more than money could ever buy - true wealth is revealed in a better you!

Have a Plan

When you begin a trip, you prepare a roadmap, pack everything you will need while you are gone, stop your mail, and ask someone to keep an eye on your house. You go to all of that planning just to enjoy a few days away and to ensure when you return you will find your home in the same condition as when you left.

Getting where you want to financially also requires a detailed road map. You need to plot out where you want to be this year, next year, the next five years, and on to retirement. After you are satisfied with your initial plan, share it with someone you respect for their ability to manage their own finances. Get their input on your plan. Make changes if you agree; leave it alone if you don't. Repeat this step with as many financially wise friends as you like.

Once you have added every element you can think of to the plan, have it reviewed by a professional financial planner. Get his or her advice on whether you should add or remove any of the stops you have planned.

Trust your instincts. If the financial planner makes a suggestion you disagree with, trust your inner feelings. You have been studying this for some time now. You've asked several people for their advice. This carefully planned course is based on knowledge and education instead of gut feelings. Give yourself credit for the work you have put into it.

Maintain your integrity. Follow mama's advice: "If it sounds too good to be true, it is." Don't do it. No amount of money can replace your integrity. No deal!

Follow the Plan

That great road map you just designed will do no good if you start out on a back road going the opposite direction. Your journey must begin and end just as you planned. Wealth building is a choice. Every day that you stay on track, you are making a conscious choice to save today so you can build wealth for your future.

Just Ask

When it comes to advice regarding marriage or children, you don't hesitate to reach out and ask a friend's advice. Your business life should be no different. Your family, friends, and peers all have so much to offer. Never be ashamed or embarrassed to ask for help, but choose your advisers carefully. Bypass those who might use it as an opportunity to put you down and go straight to those who are happy to help you succeed.

Formal Support Systems

Look for local networking groups or wealth building seminars. There you will find likeminded people who you can turn to for support when family or friends doubt your ability to stay the course. When you feel a little weak in motivation, go to a support meeting or visit a friend.

Refresh Your Body and Your Mind

Instead of meeting at the board room, meet at the gym. Chat over cycles or elliptical machines instead of lattes. Get the blood pumping and your mind will join in.

Professionals

Be your own best friend. Instead of thinking of yourself as "incapable," have compassion for yourself and the things you still need to learn. Hire a coach or ask a mentor, colleague, or friend. Get it done by a professional this time, and make notes so you can do it yourself next time!

Join a professional organization like the National Association of Professional Women, which has chapters in cities across the nation. They offer mentoring programs, and you will meet professional women from all work arenas who can turn into peer coaches. Peer-to-peer coaching is an important source of social support, and there are good reasons why, as a business professional, you can and should do it regularly.

Hold Yourself Accountable

Hold yourself accountable. Take ownership of what you start and where you finish. If you take a side road, turn yourself around and get back on track. Finish the course.

Enjoy the New You!

You've finished the course and met your goals. Congratulations! Now it's time to begin giving back. Donate to your favorite charities. Spend time with your children and grandchildren. Travel. Become a mentor to newer wealth builders.