Master a skill or job in any industry
Become the absolute best at what you do. Make sure you understand how your position plays into other areas of the business or other departments. Take necessary classes or get necessary certifications to be considered the master. Find ways to increase your marketability and increase your income.
Live on half or less than you make
This may require moving into a smaller house temporarily or getting an older car, but controlling your expenses for a short time is extremely important to developing cash/ savings to invest into passive streams of income.
Focus on delayed gratification
Don’t buy the purse yet, buy assets that will pay for 10 purses later. Find cheaper alternatives to luxuries for 10 years and you won’t have to blink when you want to buy them later.
Gain an understanding of leveraging assets
Gain an understanding of leveraging assets and the interest you are paying versus the investment income. If you can pay 4% on your house, do not pay it off. Make 12-20% interest on other investments and make 8-16% off the bank’s money. With this strategy you can buy more investments and ultimately have a great stream of cash flow off the bank’s money.
Plan your investments wisely
It is important to understand your risk vs reward and to always have safe passive income balanced by higher risk/reward investments. Never put all your eggs in one basket or one industry.
Level up your team
Level up your team. As you grow in wealth, you will need to upgrade your legal, financial planning and CPA teams. You want to always work with individuals that have experience at levels higher than you because that is where you are going.
Visit insurance regularly
Visit insurance regularly, at least once a year. This includes life insurance, replacements costs on your homeowner policies, and deductibles. Based on growth, these change and should be updated accordingly. Only you know what you need, so even the best insurance reps can’t/don’t just update these for you.
Estate planning
Make sure you have a trust set up and that you have a competent estate plan..This includes entity set up, entity ownership, wills, etc. This needs to be done at least annually to avoid probate and unnecessary taxes.
Continue to build streams of income
Continue to build streams of income. The average wealthy person has at least 7 sources of income. While you want these to go together and make sense, it is also wise to create entities in different industries so that when one industry struggles you maintain balance.
Plan your removal from day to day operations
Plan your removal from day to day operations so that you can enjoy life while still building wealth. You never want to be the smartest one in the room. If you don’t have a second hand that is more capable than you, you are failing your legacy and it will die with you. The best bosses are the ones that don’t have to be there everyday.