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Navigating and Mastering Your Wealth Creation

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by: No more debt !
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Word Count: 720
Date: Mon, 29 Nov 2010 Time: 10:25 PM
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For most of us the first step towards a bright wealthy future is to have control over our life's navigation system, and to conceive a plan to realize our desired objectives and goals. For the rest of us, life is a melody of unintentional wins, losses and in between, generated by a chaotic mismatch of not knowing where we're going and how to get there, driven by a misguided faith coupled with the dreadful familiarity factor.

For example, during our daily routine of travelling by car from one appointment to another, we travel to all places known to us without even thinking or stopping to plan our route. That's because by habit we developed a familiarity factor that instilled in us an automatic pilot that drives our internal habitual response to all things familiar. To get to a new destination, some of us, get in the car, set up the navigation system or look up the location in the street directory to identify the best route , and thus plan our road map. To the rest of us, following the road signs faithfully might just be the way to get there; hopefully!

The following are some suggested activities that can help you escape mediocrity, control your life's navigation system and get you back in the seat, on the way to achieving your financial wealth destination.

Like a diet requiring you to keep track of what you eat in order to control and cut the fat, you should also track your spending for a month to see where it all goes. The findings will stagger you, and will  highlight areas to be targeted for savings. Above all, you will find yourself in familiar grounds with unfamiliar rationalization of living beyond your means in one area, or compromising your wealth in another.

For example, many of us carry too much insurance, in some areas, while we're dangerously underinsured in others. Gather all your insurance statements and policies and offer them to two reputable insurance brokers in order to update coverage, or reduce your costs, and then choose the best policies. Driving a car that is getting older and less valuable, without adjusting your policy is an expensive mistake. It's the dreaded familiarity factor again! Equally heinous if you have skimped on your home, life or business insurance.

Read Money Magazines or other financial publications to get their list of low cost credit cards and cut your credit costs. There are many lower fee and lower interest rate alternatives available from financial institutions other than the big banks.

Establish a self managed superannuation fund to allow you to build your retirement nest egg. If you have an existing super account, analyze your investments to ensure that  they are properly aligned with your risk preference and your wealth objectives.

Buy what you need wholesale, or join a buying group that offers big discounts.

Joining a health club to get fit is a great idea, but if you pay your yearly membership and do not go, it's time to decide, do it or quit.  If you are a fitness enthusiast with a matching commitment, I suggest you look into off peak or alternative day plans offered by some clubs, that can help cut the fat of your budget.

Michael Samuel  Glason, in his book, The Richest Man in Babylon, bestows the golden cardinal financial advice  "A part of all you earn is yours to keep." Create a plan to save 10% of your earnings " Pay yourself first"  and remind yourself time and again  that "part of all you earn is yours to keep"  and  save now for the future. Invest this money wisely by seeking the advice of a person who is doing well in the area you wish to invest in.

Needless to say that having financial literacy coupled with an abundance mind set and a strong awareness of where you are, where you're going and how to get there, are essential , if you are to accrue wealth  in a  sustainable way. Saving, investing, leveraging, opportunity development, financial propriety, setting goals, enthusiasm, and positive attitude are all ingredients of mastering your wealth creation.

About the Author

Michael Yacoub is the CEO and Founder of Advantex International. Advantex International is located on the Gold Coast, Qld Australia and provides business consulting, development and business coaching services. For more information on business coaching, please visit http://www.advantexinternational.com.au


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