How to Get Strategic so you Build Wealth faster.

The shortest, surest path to wealth is the strategic path. What do I mean by “strategic path”? In this lesson you will learn how to take it one step further by identifying the critical factors to success and limiting factors that hold you back.

It is the “strategic path”.

The best way to explain this is by example;

Let’s assume you love your high-paying career, you’re under 30, and you lead a simple life. There is no need to get fancy with your wealth plan. Your primary asset is your earning capacity so your strategic factors are to control lifestyle costs, maximize savings, and keep the process simple with a traditional paper asset investment plan.

This plan will do the job with minimal risk and hassle. However, if you are a 50 year old, high school teacher with modest savings then the previous plan won’t be enough. You will need to exploit your other advantages: You have summers available and excellent handyman skills.

Your best chance to make up for lost time and insufficient savings is to buy fixer-upper properties for long-term rental. Set a goal of one per year and spend the summer getting each unit fixed-up and rented.

Do you see the pattern?

The goal is to capitalize on your strengths while managing your weaknesses as an integral part of your wealth plan. Each person’s life implies certain wealth building characteristics, no two are identical. There is no perfect solution; however, some work well in certain situations and others work better in alternative situations.

One size does not fit all. Your task is to match your strategy to the inherent characteristics of your life. Stated another way, there are an unlimited number of ways to build wealth, but there is only one best way for you. Your job is to find that best strategy so you have the highest odds of reaching the goal.

The way you can do that is by thinking strategically about the inherent characteristics of the strategy and matching those characteristics to your personal resources, skills, interests, and abilities. It is the fastest, surest, most enjoyable way to achieving the goal. It is the strategic path to wealth.

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