Business News

Money makeover, day 12 – how to build wealth

| More

by Peter Switzer

I have many favourite quotations that drive me daily and I share them regularly with my business and personal investment audiences. However, I have two I use the most to make people take on their biggest challenge to their success – themselves!

Make wealth a reality

This is the final and 12th article in my money makeover series.

The goal has been to help you change so you rid yourself of your money chaos, encourage you to establish your money goals and ultimately create the plan – either by you or by a professional – to make these goals or dreams come true.

Switzer shares his quotes

The two best quotes come from two very different people but they’re beauties to get you motivated.

Will yourself to win

The first comes from the great tennis player Chris Evert. She once was reported as saying: “Deep down, I wanted to win so badly, I could actually will it to happen. I think most of my career was based on desire.”

She had the best win-rate in professional tennis of all-time, at around 90 per cent!

Important answers

So, ask yourself these questions:

Do you want to get wealthier?
Do you want to be comfortable when you retire?
Do you want to help your kids financially through life?
Do you want to help others – friends, family or the needy?

The will to win

If you do, you have to want to build wealth – deep down.

You have to do a SWOT analysis – that is, look at your strengths, weaknesses, opportunities and threats – and see which of these will help or hinder in making your money dreams come true.

Evert tells us you have to want it so badly that you can make it happen.

Some people go to an adviser, who has the passion for his or her clients, and that can be an alternative way to building wealth, but we advisers do like our clients to be fully engaged in the process.

Second quote

The next quote was given to me at a franchise conference in 1994 by a guy I barely knew, although he liked to fling around profound business quotations.

I suspect this one came from US business thinker and speaker, Jim Rohn.

It goes like this: “Work out what you want. Find out how much it costs. Pay the price!”

I’m not saying you have to pay the price to a financial planner – though given the fact I own a financial planning business, I’m not opposed to the idea – but I am saying you have to put the time into creating your money plan.

Pay the price!

The cost could be time but the returns can be sensational.

You might have to start reading finance and personal investment information every day on great websites such as www.switzer.com.au and (undoubtedly) there are others.

You need to watch great business television programs such as SWITZER on Sky News Business Channel each week night at 7pm and later at 10pm. (Apologies for this self-promotion but I am really proud of what we are doing in the money education and entertainment space right now.)

Watch the results

The change will see you regularly save, spend more wisely and invest sensibly as well as frequently.

Over time, you will get wealthier and you will understand that you don’t build wealth in a day but daily.

You will change from being chaotic to being planned with your money. You will be committed to a strategy based on knowledge of financial options, an understanding of how to invest long-term and to a plan that has been created for you and your goals.

Do you really want it?

The starting point goes back to Evert – do you really want to win deep down?

The next thing to do is to read these 12 articles again.

It then would be time to do a SWOT. Work out what needs to be done to you to change you for the better.

Just do it!

Next, see what price needs to be paid to make it happen – time or money for expertise or education – then, pay the price!

For advice you can trust, contact Switzer Financial Services.

Important information:This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

The Switzer Super Report is a newsletter and website for self managed super funds. With exclusive commentary from Peter Switzer and Paul Rickard the Switzer Super Report will help you maximise your after tax investment returns and grow your DIY Super. Click here for a free trial or subscribe today.

Published on: Thursday, January 07, 2010