[su_quote cite=”Loretta LaRoche” class=”wwd-post”]”Nobody is getting out of here alive.”[/su_quote]
Dear FutureMoneyTrends.com Subscriber
Do you have a financial plan to live wealthy? I am not talking about the kind financial planners want to create for you…a basket of mutual funds, life insurance, and a few cemetery plots, I am talking about a plan to live wealthy.
Many of us don’t make this a priority, but I am here today to encourage you to do so. When looking at your life, especially your financial life, you want to think in decades. The results of a decade or decades of investing can almost be guaranteed, but in the short term, it is impossible to know how things will go.
Start with a 5 year plan on your life, where you want to travel, what you want to do, and who you want to do it with. The most important thing is to live a good life, there is no point in having a pile of money when you are old if you failed to enjoy your life now. You only live once and we are all running out of time, death will happen, so make sure every day counts. Take some time this week to outline your life as you see it playing out over the next 5 to 10 years. Write down some goals, but most importantly, plan it out on how you will achieve each goal. For me, I want to go on 3 major trips, South America, Europe, and Asia, so I am literally planning those trips now. In some cases, for South America, I am weeks away from inputting my debit card to book a few stays. Making things happen requires a realistic goal, a plan, and then follow through.
When it comes to finances, think of some realistic goals you can achieve. Do you think you can buy 1 single family house a year? How about 1 every other year? Or what about committing to 10 world class companies that you can take share ownership in with a holding period of forever? Do you have a business idea, what is your plan of action to get that up and running?
Ideas to help you live wealthy
Be spontaneous, I know we are talking about making plans today, but sometimes you need to just go against what everyone thinks is normal and just do it. If you have the means and want to jump on a plane tonight and head to Hawaii, do it, I promise you it will be a very liberating feeling. Getting out of your comfort zone will also make you a better investor, as the best investments are the ones where we find ourselves alone without the crowd to give us the feeling of safety.
Stop watching T.V., a little is okay, like 1 hour a day max, but keep mindless activities to a minimum. People are burning way too much time being entertained. I assure your quality of life goes up as you educate yourself by speaking with other people, reading a book, or experiencing new things. Remember, you can live wealthy even if you are financially broke.
Travel, this is a must. You only live once, so please don’t die having your best hours spent working, go check this place out (earth) and see all the amazing ways people live.
Move, for many of you living in another state or country would greatly raise the quality of your life, consider it, it worked out for a lot of people who left Europe a few hundred years ago to come to the Americas.
Say no to debt, this should be a no brainer, but unfortunately debt is highly accepted as the normal way of purchasing things in our society. You have to buy your freedom, so don’t allow yourself to become burdened with monthly obligations like a car payment, this is pure nonsense, own your car, your stuff, and even your house. Buy a house that you can afford to pay off in 10 years or stay mobile and just rent.
Become an investor, what I mean by that is have direct investments where you control them or are on the inside. Building a business, owning rental property, loaning money out, and other investments where you can achieve a healthy diversification.
Plan a wealthy life, experience life, live debt free, and make sound investments that are proven to make you rich. When it comes to my personal diversification, this is where I put my money.
Direct businesses I run or know the management.
Residential real estate.
World class companies.
Loans, private lending backed by some type of real estate, not necessarily houses.
Precious metals, gold for insurance, silver for profit.
Speculative investments, day trades, new business ventures, and penny stocks.
1 through 4 probably make up 75% of my portfolio, number 5 about 20%, and speculative ideas about 5%. You should always focus on building long term wealth with the vast majority of your money.
Start small and make realistic goals today.