Let's Talk About Your Wealth Plan

Hi,

Before continuing our conversation here on the next steps in getting your Wealth Plans started, let’s address the recent questions on Cash Machines. I have heard from several of you asking about the “how-tos” of building your own Cash Machines, launching your own businesses. I have written about this extensively here on gather.com, and I have been busy working with McGraw-Hill, my publisher, on my next book due out in June. It is all about Cash Machines: A step-by-step guide on how to launch your own business, using skills you already have. You will ALL be getting into Cash Machines at the right time, in the right sequence, in your Wealth Plan, and my next book will walk you through it.

But first things first. Back to your Wealth Plans. Last time I spoke about the first three Building Blocks that everyone starts with in my Wealth Cycle Process: the Gap Analysis, a Financial Baseline and your Financial Freedom Day. I gave you my eight questions for putting together your Gap Analysis. This may be a small gap for some of you, but for most of us with a big healthy vision, it’s usually a large gap. And believe me when I tell you, this is good news. This gap is not a threat to your ambition; it is, in fact, a necessary element to fueling that very ambition. It should be a motivator.

But this is often the point where some get stuck, where the roadblocks come up. We need to talk about this. Remember, there is no mystery in this. My Wealth Plan is about taking action—specific, tangible action—to generate wealth and make you a millionaire, precisely and methodically. But you need the desire and conviction to build wealth of a million dollars or more. And you can and will, if you truly believe it

How often I hear, “How would it work for me?’ or “ My situation is different from everyone else’s.” I have seen and heard it all. Yes, everyone’s situation is different when they begin their Wealth Plan: Rich, poor, middle class. Single, divorced, with kids. Working for a W-2 or owning his or her own businesses. Let me make this real for you with examples, or snapshots, of real-life situations I have worked with. These are real people with real financial “baggage” going in

Here they are. My bet is that each of you can identify with the financial issues in one or more these scenarios.

1.      A 30-year-old teacher. In debt. Expenses overwhelming his income. Stuck in a lifestyle of paying down debt.

2.      A family, working hard for their money, but threatened with a job loss, needing to generate more income.

3.      An individual making a good living but with several under-performing investments.

4.      A divorced, single mother with a secure job and with a hobby she loved, wanting to make money from it.

5.      A business owner, retaining little of the revenues brought in. She had made a lot of money with her own businesses, but she didn’t have any personal wealth.

6.      Personal services business owner. A victim of taxable income. Thought his business was doing well, but couldn’t pay his rent each month. 

7.      Married couple, late fifties. Opulent, leased lifestyle, “looking pretty and staying poor.” 

All of them became millionaires. Some, many times over. You can, too.

Yes, the sequence of their actions was different along the way through their Wealth Plans once they got into action. Some needed to focus on Entities or Asset Allocation, or on other Building Blocks, while getting their Debt management system in place. But remember, they ALL started with those first three steps in the same order: the Gap Analysis, a Financial Baseline and Financial Freedom Day.

Did you answer my eight questions? Or are you stuck and still on the couch? What is your roadblock? If you truly wish to become a millionaire, you don’t have to be ready, or set, but you do have to GO—get into action. Believe me, a year from now you will wish you got started today.

To your wealth!

Loral

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 Loral Langemeier  is the founder of Live Out Loud, a coaching and seminar company that teaches wealth building techniques. Learn tips from the financial strategist at The Millionaire Maker. Please join us by clicking here.