I’ve been asking myself…How can I build wealth ‘simply?’
I like the concept…But is it possible?
I genuinely believe it is… But it will require a heck of a lot of intention.
The reason I’ve been thinking about this is that I’m observing a lot of very tired rich people in general and it got me thinking. Surely there’s a better way?
I want to enjoy slow living, more precious time with my kiddies and have more blank space to do what I want when I want..
Granted I have a lot more time than most now, but I want to take that up a gear.
As a property investor, I often see very busy people in my field who have quit their jobs to become ‘FREE’ through building a passive income through property, but instead have just created another ‘job‘ that’s an even bigger time guzzler than what they had before…
This doesn’t just apply to property investing. This applies to any business. More often than not small business owners work crazy hours, when they could be enjoying a few check-ins a week and living the good life.
After all, what’s the point of creating another job, or working to quit your job so you can run a business that will just eat up our time?
Having quit my banking job 7 years ago, due to building up 10kpm passive income through property, I am grateful we are financially independent (I have worked hard to get there.) But I’m keen to swap time-intensive strategies for building wealth using simpler ones only.
I am now determined to ensure all new wealth added moving forward is built simply. I believe I will do that, and want to trailblaze the way for you to follow my journey.
How to build meaningful 7 figure Wealth
Firstly building wealth through working 8-15 hour days isn’t really where it’s at, is it? In order to live the life we truly want, wealth needs to be passive. So we get paid when we sleep 🙂
Having done most property investment strategies from Rent to Rent, Portfolio Building, developments, HMO’s etc. There are some strategies that are time guzzlers, more stressful, yet are embarked upon because we are sold the belief they will give us our time back?!
Even if we give the higher intensive assets to professional management agencies to manage post-purchase, it doesn’t take away the stress…
Managing agents still need managing, to ensure they do a good job, and there are a lot of them that do not do a very good job at ‘managing!’
Passive income means making money with the least amount of time/ energy expended by you. Therefore giving us more time to do what we love.
I thought about building wealth simply and liked the concept of this so much It is something I’m planning on pursuing this year. I believe that we can create significant wealth, smartly, without losing lots of time…I’m talking getting ROI’s of 20-30% + on investments and money/ wealth.
What is required?
- Intentional: Building wealth simply will require lots of very intentional decisions every single day. To ensure we are incredibly clear on what we actually will be focusing on. So much is screaming for our time. Therefore if we don’t determine how each hour will be spent, someone else will.
- Saying NO: a lot. I know sone of the main reasons I managed to get financial Freedom in 18 months, was due to saying no A LOT. There’s no point me sharing simple strategies and paths to wealth if we’re going to then busy ourselves and say yes to everything. It’s just not going to work 🙂
- Routines: In order to build wealth simply we need to ensure we have lots of good self-care habits, I’m talking about blank space in your diary to think, breath, time scheduled for you, consistent habits built into your morning and evening routines.
- Boundaries: Not allowing external people or events to disrupt you. Not answering your phone all the time, using your phone as a tool not an obstruction.
What Strategies I’m looking to drop
‘Simpler’ wealth-building means… LESS STRESS.
For you that might mean changing the direction of how you build wealth completely. For me that means the more time-consuming strategies need to go.
Goodbye Holiday Lets.
Goodbye HMO’s (House of multiple occupancies, basically where you rent out the rooms in the house rather than the whole house to one family.)
Now I got, to be honest, we have a few in the pipeline so you’ll have to forgive me on those…Like the sexy little cottage I posted this week in my facebook group, offer got accepted woo hoo, and stamp duty will be reimbursed!)
What does simple Wealth building look like for me?
Hello to…
- Investing in the Stock market . (Will let you know what I’m investing in) I feel really excited about investment funds I have made 20%plus on my portfolio, and my husbands trading (we both work from home), takes a lot less time than property, and his returns are very healthy. Will share more in future blogs.
- Working with property sourcing agents. (Working smart not hard)I’ve shared openly that I’m buying a handful of properties in Sheffield/ Nottingham through sourcing agents to get exposure in areas I think will ‘pop’. This is alongside the other stuff we’re buying on the South Coast is something I’m keen to continue to do. 2020 is the time to simplify I feel…Not just wealth creation but our lives. Then to step into more time with the kids, to cook, to bake, to walk, to RELAX, to give back. I’ll be sharing more on my simpler path to wealth and freedom in the coming weeks.
Check out my youtube video for more thoughts on building wealth simply.
Tara Coley
www.taracoley.com
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