A few days ago as my husband and I drove on our way back from an appointment, I noticed a billboard. The words written on it caught my attention.
It had the picture of a couple…apparently in love and the words- “Even love needs a game plan” written by their picture.
What is true in marriage and relationships is true with your money. You need a game plan for your Money
This post is about the things holding back your wealth, how you can destroy them, and steps to designing your own Wealth Building Game Plan for your Money.
The proven 3-Step RoadMap to Wealth will help you design your own winning game plan for your finances.
Money is powerful because it answers “all” things. It’s very critical to survival. Money makes dreams come true. It sometimes makes the “impossible” possible. Money, Money, Money.
But as important as money is, with all our many years of studying in school, we never get taught how money works. The only thing we are fed are some negative mindsets about money like
- Money is evil
- Every wealthy person is a fraudster/scammer
- Money is never enough
- I can never be rich
- Money is only for some “select” few
- Wealthy people are selfish
- My father is rich, I don’t need to work
….and the list is endless
I want you to do a quick assessment. Get a pen and paper and Write out 5 negative Money Mindsets that you presently have?
(Don’t worry it’s only for your eyes)
These mindsets are diverse and usually are sown as seeds in your mind from things you hear or see in your environment. As harmless as they may appear, they grow, take root and become a major limitation to becoming wealthy. They become a wall that limits you from getting the best out of life.
Here is another task for you: Write out the opposite of that negative mindset you wrote. Personalize it. Write this statement every day for the next 21days.
For instance: Negative Mindset- “I can never be rich”
Rewrite it as “I am wealthy, I have the wisdom to grow my resources into abundance.”
This activity, as simple as it is, if followed through will pull down those negative walls.
Now You are Ready!
Enter The 3-Step RoadMap to Wealth
1. Make Money
The first step to wealth is to make money. It’s that simple (I wish)
According to. Brian Tracy, “Your greatest financial asset is your earning ability or the sum total of all your knowledge and experience, all your education and training, and all your habits and skills.” Basically, you make money when you exchange any or all of these abilities for money.
When I was working in the bank, I was exchanging my education for money. By starting and running my business, I exchange my skills and knowledge for money.
Are you making money? I’m sure you are. Except you are living on an allowance or gifts from your parents or friends.
Bottom line is that you make money from a job or starting and running a business or company. These days it’s so easy to even do both with people starting a side gig while still keeping their day jobs.
However, being wealthy doesn’t end there. In fact, this is just the beginning. The truth is that for you to become wealthy you must go to the next two steps. No matter how much you make in step one you need to move to the next steps to become financially free.
2. Manage Money
The next step is to manage the money you are making in step one.
I’m sure you must have heard a friend or colleague make the statement “where did all my money go?” especially around the middle of the month (I hope you haven’t been making that statement too) lol.
Anyway don’t worry after reading this post and taking the necessary ACTION, you will never make that statement again.
Don’t let your money get lost on the way rather, tell it where to go. Set up the map and give the direction you want your money to go.
So how do you do this?
- You must value every money you earn. Do you know that the way you handle the tiniest fraction of your money is the same way you will handle 1 million? So value even those little changes that seem immaterial.
- Track your income(s) and expenses. Get a notebook. You can call it your Money Journal. For the next one month record every money you earn as income daily. In the same vein, record every money you spend- how much you spent and what you spent it on. Keep this daily record for the next one month. If you prefer digital, you can try different Personal Finance apps. I personally use this Money Manager App This will give you a clear picture of where your money is going currently every month.
- Develop a money map. Tell your money where you want it to go.
This is the money map I designed for a group of young people I was teaching how to develop a money map. Yours will be unique to you.
I recommend using this breakdown in designing your money map-
- Tithes- 10% (I’m a Christian and I strongly believe in tithing)
- Dream Fund 5%
- Emergency Fund 5%
- Growth Fund 10%
- Bills and Expenses 70%
Finally, we move to step 3 in our Roadmap to Wealth.
3. Multiply Money
Great! Your money is now going in the direction you want it to go.
You are at this point already becoming a “Money Master” because you’re beginning to control your money and not your money controlling you.
The final step in the 3-Step RoadMap to Wealth is to Multiply Money.
Basically, you multiply your money by converting your Earned Income into Passive and Portfolio Income.
According to Robert Kiyosaki, “Earned Income is money you are paid because you’re working at a job. Passive income is money you’re being paid even when you’re not physically working e.g. royalty of sales of books, songs, rent from real estate, etc. Portfolio Income is money you earn from investing in paper assets like stocks, bonds, mutual funds, etc”
So what do you do?
- Establish your Net worth. In your Money Journal, list out all your assets(everything bringing you money). Then list out your liabilities(everything taking money from you). Subtract your liabilities from your assets. This is your current Net Worth. It is your present financial position. If it’s in the negative don’t worry after following these steps faithfully, in a short while you’ll be smiling.
- Ensure you keep acquiring more assets…things that will give you Passive and Portfolio Income.
- Keep your liabilities and expenses low. Be disciplined in following your money map.
Phew! It’s been such a long one. So much to absorb and so much to do.
I know it can be demanding and challenging to grasp and follow through with all this information now. I want to help you on your journey to Building Wealth.
So I am offering you my Money Mastery Course.
In this course, I will walk you through the 3-Step RoadMap to Wealth, one step at a time and you will say Goodbye to poverty forever! It will be like a coach holding your hand and you will be able to learn at your own pace. Coupled with that, you will be able to ask all the questions you want to ask within a community of fellow Money Masters.
If you would like to be notified when the Money Mastery Course launches, click here.