There are many habits that build wealth. Reading every morning, writing a gratitude list daily, giving large tips, and I’ve even heard of writing blank checks to yourself. Today I want to share what I believe to be the #1 wealth building habit out there. It isn’t glamorous, but it works.
Have a weekly Wealth Meeting.
It sounds simple, but it is profound. Now, understand that this is not a “weekly budget committee” or a personal finance meeting. This meeting is about Wealth. I’m going to share with you how to conduct this meeting in your household.
1. Pick a recurring 30 minute time each week. This should be the same time and same day every week. Mark your calendar. Make sure your spouse is there. Turn off distractions. In fact, I even recommend going out for coffee, dessert, or dinner for this. This makes it an event and more significant. It also allows for tax deductions, which I will cover later.
2. Review your goals, wins, and targets. Start the meeting by reviewing where you are going in life. Look at the past week and acknowledge the things you won at. This is important because this meeting is a high energy meeting. Thinking about wins help you think big. Identify your targets for the coming week so that you keep the purpose of this meeting in mind.
3. Look at your account balances. How much money do you have currently? What are your cash positions? What do you owe? What are your debt balances? What is your net worth this week? This part is fast! Know these numbers.
4. Look at your expenses. Do this part very fast! Why? Because you will not build wealth by budgeting and contracting. You must expand. Keep in mind, there is power in expenses though. I want you to play the 1 – 5 game with your expenses. It goes like this: Rate your expenses mentally on a 1 to 5 scale. 1= DUMB expense. Return it and put the refund money immediately into your sacred account. 2= bad timing. Return it and put the refund money into your sacred account. 3= maybe. Stop being indecisive. Set 3’s on the back-burner until the end of the exercise and come back to decide if you will keep it or get rid of it. 4= needed for survival. Food, clothing, shelter, transportation, and things that increase emotional wellbeing are considered a 4. Do not return these. 5= INCOME PRODUCING. 5’s are your friend! Get as many 5’s as possible and do not return them. 5’s produce income and if they produce income they are generally also tax deductible. The wealthy try to make everything in their lives a 5. You should too.
5. Who’s got my money! Now look at your pipeline. Your pipeline is income that you can count on or create this week. You should spend 95% of your time here. How much is already coming in this week? How much do you expect to close this week? What opportunities are available this week? What do you need to go create in addition?
Put me up against a lottery winner and I only have this exercise and in 2 years I will have more income and assets than that lottery winner. Why? Because behavior builds wealth. Those who lose everything and end up wealthy again, do so because of this exercise. They understand the importance of doing this weekly. If you want wealth, make this happen no matter what.Click here to schedule a free consultation and learn more wealth building tools like this.
Own Your Potential,
Jerry Fetta helps his clients make money, keep it, and multiply it.
He believes everyone should own their potential. He believes you were not created to spend 40+ hours per week serving the 40-year-to-life sentence trading your precious time for money just to live in mediocrity.
However, the truth is that time and money must be exchanged. It just doesn’t need to be you making the exchange.
Jerry helps his clients create wealth that exchanges time and money on their behalf.
His clients see a 30% increase in income, a guaranteed increase in savings rate, and 8-12% fixed annual returns on their assets in the 1st 90 days of working with him.