If you have had a chance to read my previous articles, you learned about my strategies around building your Wealth Cycle and conditioning yourself to new conversations. Building Team, Direct Investing and creating Cash Machines were all a part of it. Your comments and questions in response to these articles were good ones and have helped me plan the best approach for continuing this dialogue here.
But if we are going to have this conversation, we have to speak the same language, right? In my Live Out Loud Community all of our work is based upon 12 Building Blocks. When you begin your Wealth Cycle planning and get into action, you will engage each and every block. All Wealth Plans begin with the first three blocks: Gap Analysis, Financial Baseline and Freedom Day. These are about your money, truly and honestly understanding where you are now and where you want to be on your Financial Freedom Day. The last three blocks—Leadership, Teamwork and Conditioning—are about people, about you, your thinking and the team you build around yourself and lead. I call these three the foundation blocks, the underpinnings of making your plan and seeing it through.
The other blocks will all happen, too, but at different times for different people, depending upon their financial situations, their starting points and Wealth Plans. This is Sequencing: Doing the right thing at the right time. Proper sequencing is essential to the Wealth Building Process.
So, to get started, I have listed the 12 Building Blocks below, with brief descriptions. You might want to keep these handy: These are the words and definitions we will use here in my GroupSpace in our conversation about money and the Wealth Cycle Process. I look forward to your comments, questions and the dialogue we will share.
To your wealth!
Loral Langemeier, The Millionaire Maker.
The 12 Building Blocks to Wealth
1. Gap Analysis: An innovative financial model that will create a map from where you are to where you want to go.
2. Financial Baseline: An overview of your current financial
situation in the form of a basic profit and loss statement that includes revenue and expenditures and a balance sheet with your assets and liabilities.
3. Freedom Day: The realization of each goal, starting with 120- day objectives and accelerating beyond millionaire status.
4. Debt Management: A Five-Step Debt Elimination Plan that erases consumer debt, the greatest barrier to wealth building.
5. Entities: The organization of trusts, partnerships, and corporations that hold and service wealth and take advantage of the tax strategies devised by Congress and state legislatures to protect companies and help businesses grow.
6. Cash Machine: The fuel that accelerates the Wealth Cycle, which comes from your capacity to create more revenue from a legitimate business venture.
7. Wealth Account: The concept of pay-yourself-first by consistently committing a portion of earnings for investing, a portion we call WAPP, the Wealth Account Priority
Payment.
8. Forecasting: A projection of your revenue, expenditures, assets, and liabilities and how to direct those numbers into companies that make full use of the tax code.
9. Assets: Direct and diversified asset allocation, which is essential to create passive income to feed the Wealth Cycle.
10. Leadership: You must learn to “lead your wealth.” Though you may, and should, choose to delegate your wealth building, no one can drive the Wealth Cycle Process like
you can.
11. Teamwork: You must build and direct a team of professionals to help you develop and execute your strategies and reach your goals.
12. Conditioning: Financial way of thinking. As you accumulate the experience that gets results and gain the confidence to commit even more significantly to your wealth plan, you will develop a positive and healthy relationship with money.
------------------------------------------------------------------------------------------------------------------------------
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.
rate
email
print
link to this page
Comments: 10
Or are you going to say next that this sort of plan only takes a few hours a week?
Love to see spiritual gain from financial leadership success...
Lynn
New Projects
An evening of painting and photography to benefit Kids with Cameras
Wed., May 30th, 2007
Point of View Gallery, 638 W. 28th St., NYC
6 – 9 pm
New York, NY, March 23, 2007 – Artist Guy Stanley Philoche has partnered with the Academy Award® -winning director of Born into Brothels, Zana Briski, and her organization Kids with Cameras, to host an evening that celebrates the transformative power of art.
A rising star in the art world, Philoche (www.philochestudios.com) will unveil new paintings from his “Untitled” series. This group utilizes a simple structure to create a sense of balance and symmetry, complemented by bold colors and lush, tactile surfaces. Briski (www.zanabriski.com) will present her recently released book of photos, BROTHEL, a documentation of the women of Calcutta’s red-light district—the harsh realities of their lives, as well as the hidden beauty.
Both are passionate artists who are committed to their work and have come together through Kids with Cameras, the non-profit organization Briski founded out of her work teaching photography to children from Calcutta’s red-light district. Her film Born into Brothels showed audiences around the world how art can instill hope, self-esteem and empowerment in a group of children whom society had shunned. Kids with Cameras (www.kids-with-cameras.org) has extended that model to a new photography project in Haiti, with child domestic servants. A selection of photographs from the Haiti project will be exhibited as part of the evening.
It is Kids with Cameras’ work in Haiti that inspired Philoche to collaborate with the organization.
A native of Port-au-Prince, he immigrated with his family to the United States in 1980 but is dedicated to promoting the spirit and energy of Haiti and its people. As a young Haitian-American man, it was art that helped guide him away from the very real possibility of becoming another statistic.
Briski and Philoche will attend the event, which is expected to draw celebrities, art aficionados and members of the Haitian community alike. A portion of the proceeds from the event will go to benefit Kids with Cameras.
The evening will feature:
New paintings from the “Untitled” series by Guy Stanley Philoche
Book signing of BROTHEL, photographs by Zana Briski
Images from the Kids with Cameras Haiti workshop
Artwork by Philoche and Kids with Cameras Haiti will be on display at the gallery through June 27.