Ten [10] Tips to Building Sustainable Wealth

When most people think about wealth building, they imagine achieving overnight millionaire status. They don't really understand wealth building, so they create a fantasy to make it more comprehensive. One way to achieve that fantasy is to buy the winning lottery ticket or to get on a lucky winning streak in Las Vegas. However, that fantasy will be short lived because wealth building is not a get rich quick scheme.

For those of us who have studied wealth building, we understand that this is the science of creating sustainable wealth. There is a foundation that needs to be laid out and a sequence of events that need to happen in order for wealth to begin its accumulation.

Here are 10 tips for you to begin the journey to building sustainable wealth.

1. Believe what you want. The clearer you are about what you want, the easier it will be to stay focused on the target.

2. Know your starting point. Know what your monthly cash flow is and what your total net worth is today. You cannot map out a journey if you don't know your starting point.

3. Decide on a destination point. How much cash flow do you want to generate? What is the net worth you are striving for? You cannot map out a journey if you don't know where you want to go.

4. Create a wealth plan and follow it.The journey between the starting point and the destination is the map to your wealth. This is the path to financial freedom.

5. Handle your debts automatically. Create a debt reduction plan that will allow you to pay down your debts without having to focus your energy on debt. You will make better progress if you focus your energy on wealth instead.

6. Create a new stream of income.Learn to create new money through a new business, an invention or an investment.

7. Manage your lifestyle. Understand your motives for spending and learn to live within your means. Curb reckless spending habits and create new wealth habits.

8. Get educated about investments and create a wealth account.Investing without education is called Gambling. Get educated. Put money aside today for investing in the future.

9. Surround yourself with good people.Wealth building is a team sport and you should always look for great team members.

10. Recognize that you are in charge of your own financial future and everything that it encompasses. Even if you hire team members to handle your investments, you can never play the victim of circumstances. You lead the team. You lead the decisions.