People are inundated with so many ideas today about building wealth. It seems every influencer on YouTube and TikTok have a new side-hustle or online course for you to purchase and pursue.
But what, really, is the best way to build wealth today?
There’s no one answer, as there are many paths to pursue.
But something that remains consistent (or inconsistent) is an individual’s ability to learn and take action.
In this post, we’ll explore what it takes to take your life to the next level and how to get “unstuck” if you just don’t know what to do next.
This is a previously recorded video from an all-hands, company meeting given by CEO Lee Arnold on April 19, 2022.
In a recent issue of Kiplinger’s Personal Finance magazine, one of its recent articles entitled “How to Create Wealth,” the author offers 13 ways to go about creating wealth. These include the following:
- Turbocharge your retirement savings
- Boost your savings
- Take advantage of retirement plans for self-employed workers
- Lower your taxes
- Make after-tax contributions to your retirement plan
- Invest in taxable accounts
- Review your credit reports
- Pay off debt
- Buy a home
- Check your insurance coverage
- Educate the next generation
- Plan your estate
- Hire a pro
Unfortunately, this list requires someone to already have money to do these things. There’s really no actionable steps a reader can take away from this article and apply to their life.
So, what do you do when you have a dream, but no real roadmap to get where you want to go?
Don’t Get Stuck at the “What”
Like so much financial advice today, the author talks about the “what,” but leaves out the “how” of creating wealth.
People need to know things about building a financial future, so, the “what” is incredibly important.
But the “what” is just the beginning.
The problem is that just that knowledge alone isn’t enough.
You need information to take action on the “how” of building wealth.
This is why education is so critical to your financial future.
The Power of Education
Did you know you can use an IRA to invest in real estate?
It’s true, and many investors use this technique as a means to quickly build their retirement savings.
But you might never have heard about this before.
There are numerous opportunities to leverage real estate investing to build your portfolio. And most of these don’t require flipping houses.
This is where the power of education comes into play
The Power of Education Case Study – Al Watson
Al Watson has attended a number of our courses with dramatic effect. Click the image below to read his case study.
Leverage the Knowledge of Others
You’ve heard the often used (and overused) quote about teaching a person to fish, right?
The story is simple.
When we are led by others in the doing of a thing, we learn it intimately. It comes down to science, after all.
Experiential learning or learning by doing, literally rewires the brain, creating neural connections that form deep connections inside the human brain.
This type of learning doesn’t come from a magazine article or by just reading a book.
It takes finding teachers that have been there.
They’ve done the hard work, taken tremendous risks, and faced fear and failure in the journey of doing something great. They’ve been tested by fire, and now know how not to get “burned.”
These are the types of teachers you want—experienced, seasoned, and tested by fire.
Finding those that have “been there” is like finding water in the desert. It’s unique and very valuable.
Connect with a Community
There is an ancient truth that says, “As iron sharpens iron, so one person sharpens another.”
In essence, when we work “together” we become better. We learn, grow, and develop when with collaborate with others.
Part of this support system revolves around other aspects: encouragement and accountability.
When people want to accomplish a thing or learn something new, there can be barriers.
We can fail. It happens all the time. This can be particularly impactful to an individual. We experience pain and loss with failure, and can lose focus.
But when you have a community of like-minded individuals, working and learning alongside you, we don’t feel alone. It’s encouraging to know others are facing some of the same challenges.
When you have support, you have a team that cheers you on and helps you move forward together.
Do you want to put yourself into the hot seat? Get an accountability partner.
When you have a teacher, mentor, or partner that’s willing to hold you to account, your accomplishment can skyrocket.
People that bite the bullet and enlist an accountability partner achieve a higher level of productivity.
Because every week you need to give an account of your progress.
What is the point of wanting more for your life if you don’t take the steps to achieve it? This is where accountability has such an amazing impact.
Contrary to the popular belief, knowledge is not power.
In fact, for many, learning doesn’t lead to action except for the “next thing.”
People get caught up in the next book, next seminar, or podcast. Many convince themselves that if they just answer that one question or learn that one additional skill, they’ll be ready.
“Someday,” they might tell themselves.
But for some, someday never comes.
That’s because learning is never enough. Taking action based on your learning is what sets apart successful people.
Facing the Fear
Some people do everything “but” what they should do. In our modern culture with so much information readily available, it is easy for people to get distracted.
People will chase the next shiny thing, because they believe “this time” it will be different. Action will be taken, and riches will be rewarded. At least they hope.
Unfortunately, there’s no such thing as overnight success. If someone tells you otherwise, they’re trying to sell you something.
Part of a person’s hesitation towards taking action comes from fear.
Fear of failure is one of the most debilitating challenges to growth anyone can face.
It’s built into our brain’s hardwiring and is a survival mechanism as old as humanity itself.
Face the fear, by committing to action.
By understanding the fear, what it is and, how it impacts your life, you can move beyond it to chase your dreams of a better future.
Are you ready to take the next step in creating wealth? Join Cogo Vice President and Head of Broker Development for the next live broker certification. In this class, you’ll learn from Gary and his team of Broker Success Advisors on how to broker loans for real estate investors. Over this exclusive three-day course, you’ll receive the knowledge and tools you need to succeed as a private money broker, including:
- How to evaluate deals
- How to market and find new investor clients
- How to work with lenders to find the best rates and terms for your clients
- How to protect yourself in every deal you broker
- Join a network of fellow brokers
- Prep for and take the certification exam
Get the knowledge you need to start growing your financial future in real estate.
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As Cogo Capital’s Product & Brand Manager, Charlie brings extensive experience and a broad perspective on digital marketing to the marketing team. Working with department managers, Charlie’s mission as brand manager is to elevate the visibility of the Cogo Capital brand through content development, digital advertising, and SEO to generate traffic and leads for their sales teams.