"Building wealth from scratch doesn’t come easy….but it is possible!" Article by Steve Marsten

Recently I entertained a client who wanted to know how to put together a wealth portfolio. He complained that he was not from a well-to-do family. He stated how it’s easy for others and it’s so hard for him! How he has been so unlucky.

I pointed out that at some point in the past someone somewhere made sacrifices that set them and their children on a path to wealth. Sure some have dumb luck and win lotto and that’s life. The key point is that the most successful ones write their goals down. Read them regularly. We need to stop looking at others with envy. We need to develop and learn the discipline of postponing gratification. Adopt a policy of doing something every day that contributes to your overall wealth. That might be something simple as cutting back cigarettes or drinking less or simply buying a home brand for a change.

It’s the other components in our life that also impact on our ability to attract wealth such as choosing a life partner who shares your vision and your self-discipline. There is absolutely no point being all visionary and frugal with your wealth creation plan if you marry a spender who lives for the moment.

The most important point that separates you from everyone else is you need to be prepared to work harder, longer and smarter then those around you. Sure you don’t have to go to Harvard and you won’t need to work 12 hours a day 365 days a year. You just need to make sure that compared to the people you are mixing with, you’re working above average.

Many people like to set their wealth bar high and this gives them the excuse to toss it all in when it turns out that it looks too hard. Truth is – it is hard but it’s also possible. Get over it and get on with it!

With a good financial plan you do need input to ensure that you are on the right track and you have the right job and salary growth to achieve your life’s goals. At Sothertons we work with clients to clearly set out your life goal targets and establish the check-points along the way to make sure you are on target. Feel free to ring us on 07 4972 1300.