How To Build Wealth From Scratch
Getting Started With Wealth Building
Choosing a strategy to Build wealth should be something that you put some serious thought into. This is similar to career planning and choosing your dream job.
Think about it, If you are not happy with what you are doing you will hate every minute of it.Wealth creation is A LOT like this.
There are many money making strategies out there that will give you the opportunity to make a lot of passive and residual income.
But (yes there is a but) if you pick a strategy that does not play to your strengths, there is a HIGH chance that you will not succeed.
Here is my 7-Step wealth building process that will guide you to picking the best wealth creation strategy for you.
Before we start, remember this, every investment strategy is not for everyone, and that is perfectly OK!
Wealth Building Step 1 – Identify your strengths and weaknesses
Think about hobbies or things that you could sit up all night doing. Some questions to ask yourself
1 – What personality traits do I constantly get compliments for? (being patient, being analytical, being easy to talk to…etc?)
2 – If I had all the money in the world, what would I do with the rest of my life? (this helps you find your passion)
3 – What is an activity that I would do even if I did not get paid to do it?
4 – What gets me excited and makes me anxious to get out of bed in the morning?
Use these questions as brain joggers to help you get a list of your strengths and weaknesses. A GREAT way to figure out your strengths and weaknesses would be to take a personality test. Meyers Briggs is a very popular personality test and you should be able to find a personality test online for free. I have taken Myers Briggs tests before. My personality code is ESTJ.
Wealth Building Step 2 – How much money do you want to make and how much do you have to spend to get started.
This is important. Ask yourself…
1 – Do you just want to make some cash on the side?
2 – Do you want to make over $100,000 per year?
3 – Do you want to make millions?
4 – Do you have funds to get started?
The answers to these questions will affect what strategies you should focus on and will help you to narrow down your list of strategies.
Keep in mind it is possible to make over $100,000 per year with very little or no startup cash, but that “might” not happen overnight.
Some income strategies (stocks, options, tax liens) will require cash no matter what and some income strategies (blogging, online surveys,mystery shopping, real estate bird dogging) can make money without any startup cash.
Wealth Building Step 3 – Think about how much involvement you want to have with your strategy (active or passive)
Do you want an active strategy that you need to be active in? (ex owning a franchise, consulting, online surveys, buying foreclosures)
Do you want a strategy (my preference) that generates wealth through passive residual income and requires VERY LITTLE involvement on your part?
Wealth Building Step 4 – Do a search on different types of investing strategies and make a list
Best place to start would be to use the Google or BING Search Engines. or you can browse the best passive residual income strategies on my home page for passive income ideas.
Check out my page first and if nothing interests you, do a search on “top income strategies” or “the best investment strategies.” Try not to get overwhelmed with all the info you get.
If you get stuck feel free to contact me via my contact page.
Wealth Building Step 5 – Do Further Research on Each Strategy in your list
List all the income ideas that seem interesting. Make the list as long as possible. Once you have your list, go through each item and research each item individually. Get all the pros and cons of each.
For example let’s say you read my site and you want to get information on options investing. You could read all the articles on my site, contact me through my contact page, subscribe to my newsletter, or you could simply go to BING or Google and enter your questions in the search engine….it is REALLY that simple!
Wealth Building Step 6 – Narrow your list down to five wealth building strategies, screen again then pick the top strategy
Build a list of what you want to get out of your investment strategy. Compare that list to the pros and cons of each income idea on your list.
Narrow your list down to 5 money making ideas and then pick the top one. The reason why you want to pick the top one is because it is never a good idea to take on too much at once. This is especially true if you are learning two unrelated strategies and you are finding out about these strategies for the first time.
When you are first getting started on a new project, concentrate your time on resources on one thing at a time. Once you become good at it, then you can place it on automatic pilot and take on something else. This is the main benefit of passive residual income. Your constant time and attention is not required to keep the money coming in.
Wealth Building Step 7 – Get Started!
Now you’re done! Once you have your top strategy, get started and start building wealth now!
There is nothing to it, but to DO IT! Good Luck!!!