For example, buying gold because it seems like a good investment, or buying a rental property because it seems like a good investment.
What makes an investment a good investment is how it works toward the goals in your wealth strategy. Simply making an investment because it seems like a good investment isn’t enough – what will it do in your wealth strategy to achieve your wealth goals?
While it is great to take action, there needs to be a strategy behind the action so the actions lead to the results you want.
Winging it in a wealth strategy can set the wealth strategy behind by years – even decades.
For example, let’s say you have a goal to invest in a rental property and have a plan to look at prospective properties this month.
However, when you get the call to go look at the properties, you’re in the middle of running errands, or too busy with work, or need to finish a project. The list goes on and on. Looking at properties gets put on hold and your wealth strategy quickly falls off track.
There is always something else to do if your wealth strategy is not a priority.
What works for your neighbor will not necessarily work for you.
Your wealth strategy must be specific to you based on your likes, your dislikes, your family, your goals, your dreams, and your financial situation. To maximize the results of your wealth strategy, it must be customized to you.
The road to achieving your wealth goals is not always a smooth one. In fact, it is common to hit several bumps along the way.
Those who have a team are less likely to get off track when they hit that first bump, or maybe they make it to the second or third bump before turning around. Navigating with an entire team supporting you makes the process much smoother.
Build a team around you to support you and help you achieve your wealth goals.
The challenge with going at an unsustainable speed is it all too often leads to crashing and burning, and that can be devastating in a wealth strategy.