By: Tom Wheelwright
Do you think making more money means having more wealth? Many people do because it seems logical that high income would translate to high wealth.
This is not true!
Do you know people who make a lot of money from their business or their job but never seem to have any money? Or maybe they have money, a luxurious house and fancy toys, like expensive cars and boats, but they still have to go to work every day to make ends meet?
While these people have high income, they have very low wealth. When speaking with prospective clients or people at a seminar, I keep running into this situation and I always come to the same conclusion:
Making a lot of money has nothing to do with wealth.
Just this week, I was talking to a new client who runs a very successful business. He makes hundreds of thousands of dollars each year, but has more liabilities than he has assets. The reason seems to be that while he has made incredible efforts to make his business successful, he has never devoted the time or energy to learn how to make his investing successful.
This is not a criticism of this client. It is usually what we are taught.
We are often taught to work hard at our job or our business and to turn our finances over to a financial advisor who may or may not know what he or she is doing.
In addition, this client was given some poor advice regarding his taxes, so now he has to work even harder to pay back taxes that proper tax planning may have prevented.
Like our finances, we are often taught that taxes are too difficult so we need to "hand them over" to a tax advisor who may or may not know what he or she is doing.
In reality, you cannot "hand over" your taxes to a tax advisor. You have to learn enough of the rules to know when to go to your tax advisor for advice.
- Increasing Knowledge = Increasing Wealth -
The answer, no matter what your level of income or wealth, is the same. It takes knowledge to be financially (and tax) free. If you ask a highly successful millionaire or billionaire, they will tell you one of their essential secrets is possessing a diverse, cross section of knowledge in ALL areas of business. And they never stop learning!
Article Source: ABC Article Directory
Tom Wheelwright is not only the founder and CEO of Provision, but he is the creative force behind Provision Wealth Strategists. In addition to his management responsibilities, Tom likes to coach clients on wealth, business, and tax strategies. Along with his frequent seminars on these strategies, Tom is an adjunct professor in the Masters of Tax program at Arizona State University. For more information, visit www.provisionwealth.com
Tuesday, March 3, 2009
3 Tips to Start the New Year with Your Wealth Building on Track
By: Tom Wheelwright
It's that time of year when resolutions are made. If you are one of the many who have a resolution that involves your finances, you'll want to read this article. Studies show that less than 50% of resolutions are kept so it's vital to get started on the right track.
3 Tips to Start the New Year with Your Wealth Building on Track:
#1 - Keep Your Goals Realistic. Starting with an unrealistic goal is a sure way to guarantee failure. An unrealistic goal will drain you of all your motivation and will have you back to your old habits in no time. Do you know what a realistic target is for building your wealth over the next year? The next 2 years? 5 years?
One way to measure how realistic your wealth goals are is to break them into long-term goals and short-term goals. Have short-term goals that are measurable in 30 days. This will help you adjust on a timely basis if your wealth goals are too lofty. This simple technique will help you keep your wealth building on track throughout the year.
#2 - Make Wealth Building a Habit. Make building your wealth a habit. Everyday should include doing something that helps you build your wealth. This doesn't mean setting aside hours each day, it can be something that takes you only a few minutes but moves you toward building your wealth. Breakdown your short-term goals into a daily task list and use this list to be able to do something everyday to move you toward achieving your wealth goals.
Monthly wealth coaching can help you make your wealth building a habit. With weekly email assignments and a live monthly coaching teleconference, you will make your wealth building a part of your daily routine in no time.
#3 - Hire a Wealth Coach. If you have ever played a sport, you understand the role of a coach. The coach is there to coordinate all the team members and help you become a better player. A wealth coach does the same for your wealth. A wealth coach helps you find and coordinate all the members you need on your team based on your goals. A wealth coach will help you come up with the plays you need to execute to achieve your wealth goals. Most of all, a wealth coach will help you get started! Most people are ready to build their wealth but just don't know how to start.
Imagine the impact a wealth coach could have on your wealth building.
Article Source: ABC Article Directory
Tom Wheelwright is not only the founder and CEO of Provision, but he is the creative force behind Provision Wealth Strategists. In addition to his management responsibilities, Tom likes to coach clients on wealth, business, and tax strategies. Along with his frequent seminars on these strategies, Tom is an adjunct professor in the Masters of Tax program at Arizona State University. For more information, visit www.provisionwealth.com
It's that time of year when resolutions are made. If you are one of the many who have a resolution that involves your finances, you'll want to read this article. Studies show that less than 50% of resolutions are kept so it's vital to get started on the right track.
3 Tips to Start the New Year with Your Wealth Building on Track:
#1 - Keep Your Goals Realistic. Starting with an unrealistic goal is a sure way to guarantee failure. An unrealistic goal will drain you of all your motivation and will have you back to your old habits in no time. Do you know what a realistic target is for building your wealth over the next year? The next 2 years? 5 years?
One way to measure how realistic your wealth goals are is to break them into long-term goals and short-term goals. Have short-term goals that are measurable in 30 days. This will help you adjust on a timely basis if your wealth goals are too lofty. This simple technique will help you keep your wealth building on track throughout the year.
#2 - Make Wealth Building a Habit. Make building your wealth a habit. Everyday should include doing something that helps you build your wealth. This doesn't mean setting aside hours each day, it can be something that takes you only a few minutes but moves you toward building your wealth. Breakdown your short-term goals into a daily task list and use this list to be able to do something everyday to move you toward achieving your wealth goals.
Monthly wealth coaching can help you make your wealth building a habit. With weekly email assignments and a live monthly coaching teleconference, you will make your wealth building a part of your daily routine in no time.
#3 - Hire a Wealth Coach. If you have ever played a sport, you understand the role of a coach. The coach is there to coordinate all the team members and help you become a better player. A wealth coach does the same for your wealth. A wealth coach helps you find and coordinate all the members you need on your team based on your goals. A wealth coach will help you come up with the plays you need to execute to achieve your wealth goals. Most of all, a wealth coach will help you get started! Most people are ready to build their wealth but just don't know how to start.
Imagine the impact a wealth coach could have on your wealth building.
Article Source: ABC Article Directory
Tom Wheelwright is not only the founder and CEO of Provision, but he is the creative force behind Provision Wealth Strategists. In addition to his management responsibilities, Tom likes to coach clients on wealth, business, and tax strategies. Along with his frequent seminars on these strategies, Tom is an adjunct professor in the Masters of Tax program at Arizona State University. For more information, visit www.provisionwealth.com
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