Last month over dinner in Toronto, my friend Andrea Reindl and I were talking about different vehicles to get to our wealth goals.
There are lots of ways to make money: investing, real estate, entrepreneurship, etc. The key is to pick the one that is most aligned with your skills, interests, and personality. In other words, the one in which you can be most yourself.
You also have to consider the potential income from whichever vehicle you choose.
As my mentor says, if you think you’re going to make a million dollars flipping hamburgers, it’s going to take you a lot of hamburgers. You need to think about both compounding and time.
So, what should you consider when creating your wealth goal?
Rachel Rodgers wrote in her book, We Should All Be Millionaires:
Isn’t six figures enough? No, it’s not… Even in the most affordable metro areas of the United States, $100,000 households are left with 2 percent disposable income (that’s only $2,000 per year) after paying their basic expenses. In other words, even when you earn $100,000, you are likely only one emergency away from financial distress.
So first, consider whether or not your wealth goal is big enough to create the security and freedom you’re seeking.
Then, consider the vehicle that will get you there…
My friend, Candy, is a real estate entrepreneur and investor. She’s building an empire. At first, I thought I might like to get into real estate as well. After all, I’ve loved the time I spent building houses ? with Habitat for Humanity and I’m all about DIY renovations.
But then Candy started telling me about the never-ending interactions with various contractors, loan officers, etc. She is great at all of that stuff, but the reality is, I’m just not that social. ? In hearing her stories, I quickly realized that real estate investing was NOT going to be the best fit for me.
While I’ve had some level of success as a coach (a six-figure business), the best vehicle I’ve found to get me to where I want to go with my wealth goals is trading. It suits my personality well. Anything where I can use my brain ? to make money that doesn’t include talking to people is right up my alley.
As Alexander Elder said in The New Trading for a Living, “The idea of making money by thinking gripped me.”
A friend and client, Bettina Gordon, recently shared with me how unhappy she’s been trying to do online business by herself. While I thrive as a solopreneur, to her, it feels like torture. She absolutely loves connecting with people. I told her, “I 100% support you doing it YOUR way.” She doesn’t have to build a business like I have. I can’t wait to see what she creates by doing it HER way.
Building a business requires hard work.
Trading requires hard work.
Real estate requires hard work.
I don’t know of any vehicle to wealth that doesn’t require hard work. So the key ?️ is to discover the work that best aligns with how your brain operates, where you source your energy from (being with people or being alone), the stuff you’re good at…
It’s not that when you pursue your passion, the money will follow. It’s that unless you have a passion for the hard work you’re doing, it’s even more difficult to stick with it through the tough times (which inevitably will come).
While I still speak at events, coach clients 1:1, and offer online courses, I’ve drastically reduced the amount of marketing and media I’ve done over the last number of months allowing me to focus even more on trading.
Figuring out the right vehicle for your wealth goals may not be an overnight thing. But it’s worth the effort to keep trying out new vehicles until you find the one that fits you best.
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