What stops people from building wealth?
Many people say they would like more wealth but never seem to achieve that desire. What is stopping so many people from building personal wealth?
Firstly, what is wealth to you?
To different people, wealth may mean different things so before you attempt to build personal wealth, you need to decide what wealth actually means to you.
At IQ Capital, the definition of wealth we have adopted is “to be financially established allowing the opportunity to live your life the way you choose now and with sufficient assets that this continues into retirement.”
Having wealth is about being able to do the things that make life worthwhile, enjoyable and fulfilling.
To build wealth, you must create a structured plan, have the willingness to action it and the discipline to maintain it.
We have the services to assist you in executing your plan, whether that be financing your first home or detailed planning for retirement. Either way you need the desire to start the process and commit for your success.
Before we start, what is it that stops people from achieving their desires?
1. Most people don’t think it is possible
2. Most people don’t have a goal or a plan to achieve their goals
3. Most people don’t action their plan
Believe it or not, our limited thinking is what often holds us back. Yes, our thoughts can be responsible for seeing our goals achieved or watching them fail. We need to break those negative mindsets that try to tell us that we will never achieve our desires. Instead, we need to make it a conscious habit that positive thought and action equals results. Only then can we achieve our potential in life.
How often do we think about something or dream about something but never actually do anything about achieving it? We need to first set a specific goal before we can achieve it. Research has shown that those who write down their goals are significantly more likely to accomplish them than those who do not. This simple action becomes a cognitive step toward accomplishing your goals. You can either cross them off your list or you can’t.
After we write down our goal, we can then examine it and decide if we need to break it down into sub-goals or incremental steps. We can then focus on individual achievable steps, one by one, until we achieve our overall goal. As we cross each sub-goal off our list, we get a sense of achievement, personal satisfaction and invigoration which can help to encourage us to persevere to the end.
Even if we set our goal and make a plan to achieve that goal, it is not going to happen until we actually action that plan. Yes, the single biggest thing stopping people from achieving their goals is procrastination. We may plan to start many things, but far too often fail to start the plan.
When is the best time to start actioning your plan? Today, of course! The sooner we action our plan, the sooner we will know the satisfaction of achieving our goals, the longer we have to build on our achievements and the reaffirmation to keep going..!
Note: this is general information that does not take into consideration the details of your individual situation. Please consult a qualified financial advisor before making decisions about your finances.