How to create wealth fast
As far back as I can remember, until my late 30's, I've had an unhealthy obsession with success and money. I say unhealthy because, at times, I've been guilty of disregarding my health and doing things I regret and am ashamed of in the pursuit of growing my Fitness Businesses and making money. So a quick note to anyone who is career, business or money-obsessed, if you're neglecting your health, your family, or doings that cross over your core values, then stop what you're doing immediately and find a better path!
After a few nasty stings during my fitness business days, I soon arrived at a point where I realised the 5 figure months (once a 6-figure month) were simply not worth the stress and strain placed on my mental and physical health. My family life suffered, and my world was imploding despite the fancy cars and houses, so I realised this journey was no longer for me. I needed to stop everything I was doing, reflect deeply, and re-create a new life and a journey forward that was profoundly fulfilling but also gave me the material things I wanted in life.
During my time in reflection, I realised I didn’t need to become a multi-millionaire with a big whacking business. Instead, I asked myself what I wanted my life to look like in the distant future when I hit retirement age and what I wanted my life to look like today. Once I created this vision, I then started crunching the numbers. To my shock, I soon discovered I could live a remarkable life immediately and build on that over the coming months and years to reach a level of financial freedom, which I would call true wealth.
What is wealth?
The good old Oxford dictionary states the following:
- An abundance of valuable possessions or money.
- A plentiful supply of a particular desirable thing.
Read those two statements very carefully. Today’s society creates a picture of what wealth is, big fancy cars worth more than most houses and big fancy houses worth more than most hotels. Let me put you straight that is NOT the definition of wealth.
The critical thing to note about wealth is that it's completely subjective. It's what YOU see as valuable. So, if you focus on what matters to you and how you can move those things that matter into abundance, then, my friend, you're wealthy!
Action step
Take a second to figure out what you want in life when you hit retirement age. For example, who are the people in your life, where will you live, what will your health be like, what things will you be doing with those closest to you, how much money will you want to live off each month etc.
Once you've done this, start looking at the minimum amount of money you need to make these things happen. From here, let your creative mind explore possible revenue streams you could adopt to hit the required income. You'll soon see it's nowhere near as much as you think.
How to become wealthy
Firstly, let’s deal with your perception and start where you live. If you're unhappy with where you live today, and the finances aren't in place to move into a better-suited home, you need to do the best with what you've got. Try decluttering your home, throw away a load of stuff you've been hoarding for years that you'll never use, and start practising minimalism. Then, try rearranging your furniture and give your walls a new lick of paint. It will transform the way your home looks and feels. Your home needs to be an incubator for feeling good. Where you live directly impacts how you think and feel, so create your new little space of heaven. Remember, wealth is the abundance of desire, so make that desirable space your home!
The 3 M’s of Wealth Creation
Now that you live in a better space and look at wealth differently, it's time to start looking at the 3 M's regarding material wealth.
- Make money – The money you can generate now.
- Manage money – Controlling the money you spend vs the money you invest
- Multiplying money – Building a cash generator that pays you significantly in the future
I will go into these 3 key components of wealth in detail in a future blog. For today, let's focus on the basics that will aid you significantly should you start taking action.
In my wealth coaching programme, I take my clients through this process. It's not about becoming a multi-millionaire. It's about you being resourceful and strategising additional income to create the life you want. So, get the multi-millions out of your head because you don't need them!
Make Money
This is looking at how you can create an additional income for your existing earnings. Most people have a fixed mindset when considering secondary revenue because they lack a little creativity. However, with the right attitude and a small amount of creativity, you can generate an incredible secondary income.
For this, you'll need two raw ingredients:
- 2 Hours a day – This is all you need in time to generate a high income.
- Resourcefulness – Using your unique talent, skill, and passion for things in your world that you can create value for others.
Time – By allocating two hours a day to your passion project, you'll very quickly produce something of substance that other people will find of great value, which you can provide them. Start looking at the structure of your day and create those 2 hours. Look to see where you're wasting time. Can you get up earlier and be more efficient with your schedule during the day? Do you even have a diary, or are you one who flies through the day by the seat of your pants types?
Resourcefulness – Think about the things you're passionate about and where your skills and talents lie that can be produced into a package to help others. Then, start searching on YouTube for some of your ideas and see what other people are already doing in that space, and you'll see how so many people are making money through their unique skills, talents, and/or passions these days. Here are some simple examples:
Excel Spreadsheets – I absolutely hate Excel, and the thought of having to create formulas on a spreadsheet makes me want to jump off a bridge. However, an old friend used to work in the corporate world, and one of her talents was spreadsheets. She managed to transform productivity in the workplace by creating these funky excel spreadsheets, which streamlined communication across departments. Long story short, she left the corporate space because she could create practical spreadsheets for other businesses and was paid well for it. Eventually, she earned that much on her secondary income stream; it blew away her existing salary for fewer hours.
Social media – I've worked with social media for my own businesses over the years. Although I don't think I'm a social Ninja, I'm pretty good at it, much better than many small businesses. At one point, I earned £2000 a month by assisting personal trainers with their social media profiles whilst running my fitness business. Unfortunately, due to the demands of my business (14-hour days), I struggled to sustain it. However, should I not have been such a dick with my pursuit of becoming a millionaire, I could have easily kept this side income going for years.
Property & Car Flipping – Another friend of mine had an excellent eye for bargains and took out a small loan (not that I'm recommending) and purchased a cheap car and house from a local auction. He spent 3 months refurbishing both items and sold them with a collective profit margin of £37,000. With his full-time occupation in corporate sales taking up most of his time during the week, he spent a few hours each weekend attending to the house and car, so he wasn't getting burned out with stress. After that result, he repeated the process again, and after 12 months, he was just short of £100,000 profit. As you've probably assumed, he left his career to focus on this full-time.
iPhone photography – Many people are passionate about photography but can't afford the fancy cameras but have mastered the art of taking great stills using their iPhones. With the excellent results they produce on platforms like Pinterest and Instagram, they have created online courses on how to make great images using your iPhone. I know they have no shortage of customers by looking at their testimonials.
Merchandise – Did you know you can create any merchandise you want without purchasing any stock? You can create your own merchandise products now and link up with white label companies who can manufacture, print, pack and ship your products to customers worldwide. All you need to do is come up with your product ideas and designs and contact a white-label company to do the production for you. You just need to be creative, set up a website, and start showing your friends and family. Of course, the production company will make most of the profit but, who cares, they are doing all the work for you. Come up with your idea, and let someone else deal with all the headaches whilst you sit back and watch your money roll in without spending a penny!
If you put your mind to it, you'll see endless opportunities to make a high secondary income, above are just a few simple examples to show you what is possible. So, get to work, and stop letting money pass you by.
Managing money
This one sounds simple, but most people fail to understand the basics. This isn't about becoming so frugal that your life starts to suffer. Instead, management of money is looking at what you're spending money on compared to what you invest.
As I've mentioned earlier, investing will give you a return in the future. However, it doesn't always mean financial too. Here is an example of how this works:
Let's say you're spending £500 a month on a car, and after your lifestyle costs, you don't have any surplus income. You also don't have any money invested into a future asset. Then you enter a lean period in life where finances are tight, and you decide to slash the gym membership of £70 a month but keep the car.
This is a wrong move, as the gym is an investment in your health, and the car is just a box on wheels that takes you from A to B. So instead, best to get rid of the £500 a month car, purchase a £200 a month car, keep the gym membership and now have a £230 surplus which you may need, or you can make a small payment of, say, £100 into a financial asset. This will still leave you with a £130 surplus, an investment in your future finances, and an investment in your health.
Can you see how you can make better decisions on what you spend vs what you invest? Be smart, and all the good stuff will soon come your way!
Multiplying Money
Move a small part of your money into a machine that gives you a guaranteed return over time. Most long-term strategies, like renting properties and investing in an index fund, will give you an average return of 7-10%. This is an excellent return based on your investment.
Whatever you decide to invest in over the long term, you want to aim for that figure. Now, here's the thing with long-term investments! They are LONG TERM, which means you do NOT touch them. Financial assets are the goose that will keep laying the golden egg for you. Despite how valuable that goose becomes, you must never sell it. Keep hold of the goose and let it work for you in your later years. Here's an example:
Let's say, over 30 years, you manage to purchase 4 buy-to-let properties worth £250,000 each. During these 30 years, your tenants have now paid the mortgages for you, and you'll leave with a collective asset value of £1m. Many people would be tempted to cash in on the £1m at the 30-year point. This is a big mistake! Instead, keep hold of your assets for life and let them pay you that 7% return year on year until you die. Let's do the maths:
- £1000,000 cash sum = £4,166 per month for 20 years before you've spent up. With inflation over 20 years, you would lose 20% of this figure. Also, don't forget you'll have been hit with taxes on selling your assets. So your 20-year monthly figure would look more like £2800 a month. After 20 years, you will be at £0
- £1000,000 asset on 7% return = This would give you an annual return of £70k. After taxes, you'd receive £4,048 a month for the rest of your life!
Which would you prefer to have?... Don't sell the goose. Keep investing in it over the years, and keep hold of it!
To Conclude
Wealth is subjective and based upon what you see as valuable. Remember, you only need to create an abundance of what you see as valuable, which you can start today. Rearrange, redesign, or refurbish your home. Give your car a deep clean and polish. Practice minimalism and enjoy the space and everything you have right now. Throw away stuff that no longer matters, including toxic people, and empty your kitchen cupboards of junk food, replacing them with everything that well nourishes your body. Be thankful for everything you already have, and you'll see that you're already wealthy or very close.
Once you’ve covered the basics and live a wealthy life today, you can then start to look to build on this in the future using the guide I have shown you today.
Start putting these steps into action and start enjoying your wealthy life. Should you need any support, then take a look at my wealth accelerator programme to drastically change your finances in just 12 weeks!
I hope this serves you well.
Lewis