This year I’m learning one of the most important lessons I think one could learn – The importance of building YOUR own brand – for your business and for an abundant life. Here are some of the things I’ve learnt thus far:
Understand Your Network Matters
I’m sure you have already heard the phrase – “Your Network is Your Net Worth”, but to elaborate on the purpose of cultivating a strong circle
“Steel sharpens steel,”
Your network should make you better. Your circle should push each other to expand and grow together. I’m sure you already know that birds of a feather flock together, so why not intentionally associate with people that want to excel?
If your current network is not growing, find people who are because that’s where you need to spend your time. Your network either propels you forward or holds you back. You choose.
How This Applies to Wealth: Just as your network matters with achieving your goals, it also matters with your financial goals as well. If you want to increase your net worth, pay off debt, and create financial stability, then you must spend time with people who are focused on doing the same thing. They will inspire and encourage you to achieve those objectives. They will share new information and opportunities with you. However, if your circle only wants to buy the latest clothes, pop bottles, gossip, and never discuss creating wealth, your money will likely reflect those choices as well.
So many people don’t start because they fear doing it wrong
However, there are phases to greatness. If you want to be great, you must be willing to be good. If you are good, you must first willing to be bad and if you are bad, you likely had to get started. If you wait for perfection, you will never get started. Why?
- People are not perfect.
- In order to get close to perfect, you have to develop the skill.
So many people are tripping up at the starting line because they want everything to be perfect from the beginning. Just get out of your own way and go! You will figure it out.
How This Applies to Wealth: Similarly, with your finances, if you wait to save and invest until you get a raise, a bonus, tax refund, or when your child is out of daycare, you are losing precious time. You must build the habit no matter how humble your beginnings will be. The key is to start. You will build momentum once you start seeing results.
Stop waiting for the right opportunity to start saving or investing. Take a hard look at your finances and find something you can save now.
Consistency Produces Results
No matter how small the effort, if you make progress daily, you will see results. Typically, people give up too quickly, expecting immediate gratification. Unfortunately, this feeling occurs right before the breakthrough.
Consistency creates progress.
Progress yields results.
How This Applies to Wealth: Consistency is the cornerstone for building wealth. Despite the overnight success stories of lottery winners, success is produced through consistent action. This is why making saving and investing a habit is so critical. It does not matter how little you start with, once you build the habit, you will see results and more opportunities to increase it.
Use Leverage to Scale and Grow
Leverage is the ability to use a resource to maximize your results. Scaling is the ability to do more with less effort.
“You cannot grow without scaling and you cannot scale without systems.”
Leverage accelerates growth and there are many ways to do this. Typically, people think of leveraging OPM (other people’s money) but you can also leverage time, technology, and other resources to accelerate your goals as well.
By leveraging systems, you free up your time and energy to focus on what is more important. Leverage systems or other resources to maximize your time and goals.
How This Applies to Wealth: One easy way you can apply this to wealth building is by leveraging technology to automate your savings and investments through direct deposit or automatic bank transfers. Automation also eliminates the temptation to adjust or skip deposits. This will remove you from the process and require one less decision that you have to make.
You only get one life. Why not live out your wildest dreams? Too often as adults, we suppress what is possible by what we see in our current environment. Going back to the importance of your network, adults tend to believe what is possible by what they see around them. If you only strive for what you or your friends and family have, then that is all you will receive.
Remember when any and everything was possible. Kids have no filter and their imagination is expansive as the sky. Somewhere along the lines, we have been programmed to suppress our dreams to what someone thought could be a reality.
How This Applies to Wealth: Your level of wealth and opportunities will only rise to the level of your belief. If you received a vision of something currently not in your reality, it’s a preview of what is possible. Only you have received that specific vision which means it was created for you to achieve. If the vision seems scary or out of reach, then that is more reason why you need to act on it. You must trust your intuition and work towards becoming the person who receives that reality.
Even if you do not want to become an entrepreneur, these tips are still relevant for everyone to live the life they choose. Review this list again and select a few or all of them to execute in your daily life. Small changes over time can create significant results. Stay tuned for the Part II coming soon!