Last week I took my 7-year-old son to soccer practice. This year I am coaching with a couple other cool Dad’s.
We are having a blast and the kids are really enjoying it as well. They have so much energy and excitement for life.
After our normal warm ups and drills we divided up the team and started a scrimmage.
During this particular practice game one of our team members was about 5 feet from scoring a goal, but got distracted and ended up dribbling the ball all the way down the field to the other goal, almost scoring a goal on her own goalie, but luckily someone kicked it out of bounds.
As coaches we laugh to ourselves because the kids start to get the hang of a skill during the repetition of the drills but when a game starts it all flies out the window and it turns into a free-for-all.
There are a few parallels I would like to make from this experience as it relates to your wealth building.
First off, building wealth is about increasing your financial literacy. Just like those kiddos practicing their drills, until they have it down without thinking, it’s always going to be a struggle.
It’s vitally important that you invest in yourself with books, courses, etc. so that you can learn the things “you don’t know that you don’t know.”
How many people do you know that may have made a pile of money only to lose it because something they didn’t understand or something caught them by surprise.
Never stop learning!
Second, how do you know that you aren’t going the wrong way and taking your wealth to the wrong goal??
What do I mean by that?
- Are you chasing returns or building cash flow?
- Are you in the wrong asset classes?
- Do you segment your risk properly between different risk tiers?
- What part of economic cycles are we in?
- If it’s all about timing, when is the right time to buy or sell?
- Are you putting too much into a tax deferred vehicle if taxes are rising?
These are just a few questions on the tip of the iceberg.
Growing wealth can be really fun and rewarding, but it also can be a huge source of stress and concern.
My job is to help take away that stress and concern and help you grow solid wealth for your family and generations to come.
If you would like to take a look into your own situation let’s jump on a short call and see if you qualify for a deep dive into our proprietary process.
Look forward to helping you kick it in the right goal!
Remember — It’s Your Time…