Build Wealth

THIS Is The Wealth Plan That You Need!

February 13, 2024
Wealth-building almost never happens by accident. In order to achieve your income goals, you need a strategic wealth plan. Here's how to create one in 6 steps...
Britt and Laurie-Anne two women laughing and looking at their computers on a couch in a well-styled living room
Britt & Laurie Anne
Two female investors in their 30s with a collective net wealth of over $6 million+
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Great things rarely happen by accident. Good things happen by accident – like finding a $20 bill in an old purse – but the best things usually require work and planning.

One thing that almost never happens by accident is wealth-building. You need a wealth plan.

That’s what I’m going to help you with today.

What’s a wealth plan?

A wealth plan (aka a financial plan or a wealth management plan) is your intentional plan for increasing your net wealth and achieving your financial goals.

Why a wealth plan is important

I’m going to explain how to make a wealth plan in a minute, but first, in case you’re on the fence, I want to go over some of the reasons why a wealth plan is important. For example…

1. Avoid Short-Term Thinking

Our world encourages you to think short-term. You’re bombarded by thousands of ads every day, trying to persuade you to buy new shoes, join new streaming services, upgrade your phone...

By having an intentional wealth plan in place, you can avoid falling into that trap and jeopardizing your financial wellness.

2. Clear Goals

A wealth plan helps you define and prioritize your financial goals, whether it's buying a home, saving for education, retirement, or starting a business. Having clear goals provides direction and purpose for your financial decisions.

3. Greater Financial Awareness

A wealth plan encourages you to assess your current financial situation, including your income, expenses, assets, and liabilities. This is essential for making informed decisions and taking control of your financial well-being.

4. Faster Financial Progress

When you have clear, defined goals and actionable steps, you start knocking them out faster than you expected

5. Financial Peace of Mind

Knowing that you have a structured plan in place can reduce stress and anxiety about your financial future.

How to make a wealth plan

1. Know your “why”

Building wealth will require you to do things differently, and that change can be uncomfortable. Having a clear picture of your “why” will help you stay motivated and focused when things get tough.

Maybe your “why” is…

  • Being able to afford more opportunities that make you excited
  • Not living in fear of the future
  • Wanting to build a better future for your family

Write down three reasons why building wealth is important to you, and keep those in a place that’s easily accessible. Maybe on your desk or right next to your computer monitor.

2. Assess your current financial situation

Take a close look at your current financial situation, including your income, expenses, assets, and liabilities. Understanding where you stand financially is essential for creating an effective wealth plan.

Now, the next few steps are actually an overview of what we cover in our course, Wealth Building Accelerator. We dive a lot deeper in the course, but this should give you an idea of our system:

3. Create a spending plan

I’ve talked about this before, but I’ve learned the hard way that when you don’t have a plan for how you’re going to spend and save your money, it typically ends up in someone else’s pocket.

The first step of a spending plan is to set a budget. For simplicity, I always recommend the 50/30/20 budget – spend no more than 50% of your monthly income on needs (like housing, groceries, and transportation), 30% on wants (like a night out or streaming services), and save at least 20%.

4. Create an income plan

By “income plan,” I mean a plan to increase the amount of money you’re bringing in every month.

This could mean launching a side hustle. But it could also be as simple as asking for a raise or if you’re a freelancer, raising your rates.

5. Create an investment plan

Aka, have a plan to passively grow your money. This could be as simple as putting money into a high yield savings account or bumping up your retirement contributions. Or it could mean diversifying your investment portfolio or seeking out ethical investments.

There are so many different investment options and strategies, like dollar cost averaging.

6. Reassess and tweak your plan

Stay cognizant of your progress. Review your goals and your progress during your weekly money ritual.

Remember that a wealth plan is a dynamic document that should evolve with your life and financial circumstances.

As you achieve different milestones and your priorities change, don’t be afraid to tweak your plan.

Need Help Upleveling Your Wealth?

Unless you find a winning Powerball ticket on the sidewalk or turn out to be the long-lost heir to the Romanov fortune, building wealth rarely happens by accident. It needs to be an intentional, strategic choice.

I hope that this helps you on your wealth-building journey. If you want to get your wealth-building off to a strong start, then be sure to check out our free masterclass! We’ll give you the secrets you need to uplevel your wealth-building journey.

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