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When it comes to improving your business or personal financial future, here are three key ideas from my experience that increase your financial success.
- Identify your passion
Give yourself permission to spend time reflecting on what you’re really passionate about. What gets you out of bed every morning? Whether it’s food, fitness, design, travel or finance – it’s crucial that you identify what it is that drives you to succeed.
I attended a conference in San Francisco a few years ago and a key note speaker Troy Hazard challenged us to find our passion and follow it. This was the time that I made a choice to become an entrepreneur and follow my passion to help people do the same. I identified that my passion was to apply my knowledge, skills and experience to start, develop and run businesses in the financial services industry. It’s that same passion that has driven me to where I am today.
This process removes the word “job” from your vocabulary and you will find the fire within.
- Seize every opportunity
For me, opportunity is all about mindset. If you are open to seeing opportunities, they will present themselves all the time. Most people don’t spend enough time acknowledging what drives their decision-making process, which tends to result in a negative mindset towards change and opportunity.
Change your mindset, change your outcome. The first step to creating an opportunity is being aware of your thought process and be willing to be conscious of what’s evolving around you.
The most successful people (and I don’t necessarily mean financially successful) have a mindset that is open to change and opportunity. If you want to change your outcome, take the opportunity that presents itself and explore where it could take you.
Each week I spend time with my team on transformational thinking, challenging our processes and considering options to make the client experience even better. This leads to opportunities, change and new processes, and engages our whole team at the same time.
- Leverage what you can
The number one wealth tip I can give you is leverage. Simply put, use someone else’s money!
If someone could guarantee that all the investments you purchase from today would have a rate of return of 6-7% over a 25 to 30-year period, you would own as many as possible. Most people will make decisions expecting the worst-case scenario, yet they’re more than happy to borrow 80% for a mortgage and repay it over a 25-year term.
If your mindset is focused on what you don’t have or the worst case scenario, you will be stuck in a limited mindset and this will reflect in your outcome. In other words, you will be fixated on repaying your mortgage and miss all the investment opportunities around you. While leveraging has some risk associated, this can be mitigated with seeking appropriate advice and always having a Plan B.
The most financially successful clients I work with say that in hindsight, they wish they had bought more and took more risks. Change your mindset, seize every opportunity and use someone else’s money to change your financial outcome.
From my experience, these three tips are a total game changer. Personally, I now own six businesses and have a team of 20 who are passionate about changing people’s financial futures. And we are only just getting started.
If you would like my assistance in exploring your options, please contact our office on 02 4032 7934 and book a complimentary meeting where we can work with you to create your ideal future financial position.
DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.