10 Ways That I Built My Wealth (Part 2)

6. Focus on What Moves the Needle

I audit my bank statements like a hawk. Whether it is after a long weekend or on a casual Tuesday, whenever I see charges that I do not agree with, I dispute them. In addition, there are plenty of times when I underestimate my paycheck and sometimes have overdraft fees. If you really underestimate you know they can hit you back to back… to back with the charge. You can call your bank and ask for an overdraft fee waiver. My bank allows one per year.

7. Success Requires Failing (More Than You Think)

I could name over 50 times that I have failed building generational wealth. Triggering a wash sale, trying to time the market (check tip 9), ignoring fees just to name a few. Every failure taught me something valuable and most of them were necessary for me to grow. Many times people are afraid to fail so they just never take action, but success is not always going to be a straight line. Learning from your mistakes is what separates those who stay stuck vs those who grow.

8. Real Wealth Building Is Incredibly Boring

It is funny when I do individual sessions (go ahead and book!) many people are like can you just do it for me, the answer is always no. It is not exciting, flashy, or fun it actually is dull and boring. This is the part how people lose more money than they make by having someone else doing it out of convenience. Real wealth is about doing the same thing over and over consistently over time. Consistency often times beats luck almost every time.

9. Investing Is About Time, Not Timing

I alluded to this in an earlier tip, but trying to predict the market or figure out when the best time to buy/sell is time consuming and not a great strategy for building wealth. What I live by is investing for the long-term. I have a day job, and I do not need one that is investing. Early on, I bought a big chunk of Palantir (PLTR) when it was $10. The stock skyrocketed to $80. I told myself when it drops back down I will buy, it never dropped back and even went as high as $200. I was waiting on the “perfect moment” that never came. Obsessing over timing is a trap. The market will always have swings, corrections, and hype. One day you will lose money and one day you will be making a fortune. The truth is investing consistently and letting compounding work its magic will allow you to build wealth. Every day your money is in the market, is a day your money has a chance to grow.

10. I Don’t Save Money Nor Do I Have an Emergency Fund

About 98% of my money is in some type of investment account and about 2% is in savings. I know, I know, what the heck?! It is true. I do not have the need to save money. I have multiple income streams. If I have an emergency I just wait for my next paycheck. If it is really bad and I do not have it, I borrow from family. This is a strategy that works for me, but it is not a strategy that I teach nor do I encourage others to follow. This is what works for me, but the lesson here is figure out your goals and a system that fits your lifestyle and responsibilities.

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