The Little-Known Factor That Determines Your Wealth (2024)

The Key Is To Get A Little Richer Every Day

Are you financially independent yet?

If not, it can't be for lack of money.

Anyone who has worked 15 years or more has already had enough money pass through their hands to reach the goal.

It can't be for lack of knowledge, because you already know everything you need to accomplish the goal: earn more than you spend and invest the difference wisely.

So what's keeping you from building wealth?

Answer: you just have to do the work. You need to take the right actions on a regular, daily basis.

And that is where the “gotcha” comes in. The problem isn't knowing what to do, the problem is getting it done.

Everybody knows how to build wealth, but very few people know how to get the job done.

Related: 5 Financial Planning Mistakes That Cost You Big-Time (and what to do instead!) Explained in 5 Free Video Lessons

Actually getting it done is the little-known-factor that has determined your financial success up until now, and it will continue to determine your financial results for the rest of your life.

It's the golden key that eludes most people. It's not sexy like the latest investment strategy, how-to seminar, manifesting secret, or other tip or trick that all the gurus sell. In fact, it's so simple, dull, and right in front of your nose that most people never see it as the critical problem.

You just have to get the work done.

It's literally that simple. Those who do the work get the result (eventually), and those who don't… don't.

8 Steps That Produce Daily Financial Improvement

I've been providing wealth building coaching services for more than a decade and have reduced the “getting it done” part down to 8 specific, actionable steps as follows:

1. Design a realistic plan for creating wealth based on your unique skills, interests, and available resources. This plan should include at least 2 of the 3 paths to building wealth – paper assets, real estate, and owning your own business. It must also include certain essential, proven principles that lead to wealth, or it won't work.
2. Reverse engineer your plan down to actionable steps so that you have clear accountability and signposts to measure progress and provide feedback. You should have daily and weekly actions steps with monthly and quarterly signposts, otherwise too much time can elapse without progress.
3. Take action every day toward your wealth goals based on your action plan and daily accountability. It doesn't matter how big or small the action is, but it must be regular. Your daily actions result in compound growth just like money grows through compound returns. You must take daily action toward your goals or you won't produce the necessary results. The rule is simple: if you want to know how long it will take to reach your goal, just look at the amount of time and resources you spend working toward it. It's simple cause and effect.
4. Build your financial foundation while building your wealth so it supports your success. In the construction world, the strength of the foundation is the limiting factor to the height of the building. The same is true when building wealth. Your foundation includes base financial issues like home ownership and adequate insurance, along with personal management issues like regular education to grow your financial intelligence and proper record keeping. Your financial foundation is the cornerstone building block to your complete wealth plan.

5. Commit to your wealth plan. Most people never succeed because they don't prioritize building wealth. Life's little issues get in the way and you never get around to it. You must commit the necessary resources of time, money, and energy to your wealth plan. You must make completing the action steps a priority in your daily life, or it will never happen.
6. Overcome Resistance: When you begin making progress toward your goals, you'll run into Resistance as certain as night runs into day. It's a natural consequence of positive, forward movement. The key is to structure your life and create various support systems that literally pull you toward success so you consistently overcome Resistance. There's no avoiding Resistance, so the best you can do is overcome it efficiently.
7. Correct and adjust: As you progress toward your goals, you'll encounter obstacles and problems. This is different from Resistance because that's inside of you. Obstacles and problems come from outside of you. Successful people overcome obstacles quickly or adjust their plan to go around the obstacle. The key is to not get sidelined, but to find an efficient solution so you get back into daily action as quickly as possible. Fail fast, control losses, and recover quickly by correcting and adjusting.
8. Review your wealth plan quarterly or annually to update with new information and strategies. The reason is because no wealth plan, no matter how well thought out, is ever perfect. You will learn and grow as you move forward, so adjust your wealth plan based on that learning. It should be up-to-date to provide you with an accurate context for all financial decisions.

If you need help executing these steps, our systematic wealth planning course will take you through all of them so that your financial future is secure and certain.

The Reason You Aren't Rich…Yet

There you have it! A proven step-by-step process for getting done what you already know how to do – build wealth. The rest is just filling in the holes and clarifying details.

As you can tell, it has little to do with investment “how-to's” like most gurus teach. How-to's are only useful when you already know how to produce consistent results in the first place.

Most gurus mistakenly sell you the informational tools without providing the transformational technology to put those tools to good use. It's a classic mistake.

It's the reason you go to seminars, get all fired up, then return home to do nothing. It's why you make New Year's Resolutions, but drop them within weeks or months. It's why you take instructional courses, but never implement the solutions.

More importantly, it's the reason you aren't rich… yet!

How-to's are important, but only after you know how to apply the information in this article. These are the make-or-break skills that set successful people apart from the wannabes. It's the little-known factor that is the true “secret” (if such a thing even exists).

Are You Ready To Build Wealth?

So now that you have the golden key, what are you going to do with it?

Was this just another interesting article that will be forgotten 5 minutes from now, or will you actually put these lessons into action?

The choice is yours. The knowledge is here.

Related: Why you need a wealth plan, not a financial plan.

It has worked for others, but it will only work for you when you take action by putting these lessons to good use in your own life.

95% of the people reading this article will get back to their busy lives, go to the next task on their to-do list, and never create financial security for themselves.

They're busy and have something else to do. Maybe they'll get around to it. It's just not their top priority right now.

5% will incorporate these lessons into their daily lives, do the work, and make it a priority.

Which group are you in?

Your financial future will be determined by your answer…

(This information is excerpted from my 7 Steps To 7 Figures group coaching curriculum. You can take the full wealth plan course – Step 3 from the curriculum – here.)