If you want to create and live a wealthy life…
… a life where you are able to fill your life with joy and have the time to do want you want to do, when you want to do it and with whom you want to do it, and have the money you need to experience the things you want to experience, …
… the first thing you need to do it get really clear on what the bleep you actually want.
This is step #1 of the 4 steps to accelerate your wealthy life.
Watch the video now to discover all four steps and get yourself to freedom and your wealthy life faster.
Wealth Accelerator Step #1 => Know What You Want
Easier said than done.
We are bombarded with no’s and endless lectures and lessons telling us what we “should” want, what a “good” girl or boy should want and do, what a wealthy / successful / kind / liked person should want, wear, drive, eat and play.
It’s no wonder that most people never get to live their greatest life, because they’ve lost the muscle of discernment and self determination.
Many people live drifted lives, being pushed here and there by whatever current comes their way.
Others live a default life. A life spent anxiously following a set of checklists and random rules passed down to them by their parents, their society, their religion, their education, with a strong message saying “following these rules, do these things, want only this stuff and you’ll be acceptable”. Which is code for you’ll potentially be safe because we may not kick you out of the tribe if you conform.
A designed life is lead by knowing what you want, focusing on creating those things and directing your resources, including your time, money and energy, only to those things that authentically align to your definition of a wealthy life. Even if those things don’t align to other people’s definition of a successful, wealthy life.
Wealth Accelerator Step #2 => Automate the Good and Make the Bad Manual.
What am I talking about here? In behavioural economics and behavioural science, it’s been shown that we tend to automate the things that don’t serve us and make the things that do serve us cumbersome and manual to do.
This is such a powerful behavioural trait that there is a huge industry out there doing everything possible to “help you” automate the choices that don’t serve you.
Fast food and quick grab snacks – conveniently available to get that sugar hit when your blood sugar drops.
Consumer debt – why wait when you can have it now and you can be a slave to us forever, wow, aren’t we kind.
1-click no think check out – let us make it easy for you to unconsciously get rid of your money for crap you don’t need.
There’s a massive industry that works day and night to make it easier, and easier for you to depart with your money and the money you don’t have by going into debt.
Research has shown that the more manual we make the choices that don’t serve us, the more time we give ourselves to catch up with ourselves and ask, “Does this choice serve me or not?” .
We have two key parts of our brain involved in decision making (oversimplified I know). The limbic system, which is the reptilian, automated impulse response part. This is the part that reacts to external triggers first. It’s fantastic for real fight or flight response but not very good at deciding whether that doughnut is really what we need now. Let’s call this part the Lizard.
It is the limbic system that is driving the impulse spend, the emotionally driven spend, the “gotta have” sugar and fat slab.
The next big part of the brain involved in decision making is the frontal cortex. This is the part that has evolved to enable us to have more discernment. Let’s call this part the Sage.
The problem => the Lizard is faster than the Sage!
The Sage likes to contemplate not sprint, while the Lizard wants to dash and never think.
When we don’t design in strategies to slow things down, the Lizard gets to call the shots and before we know it, we have 8 donuts in the belly and 15 packages winging their way to us from Amazon.
We have to design strategies to give the Sage a chance to join the party and have a say in the choices we make.
The way we give the Sage (and our wealthy / healthy choices) a chance, is to say NO to automation and be more manual in the areas of our life where we know the Lizard is calling the shots.
- Stop using that contactless card.
- Disconnect your credit card number from that e-commerce platform you love so much.
- Opt-out of automated annual rebilling for subscriptions
- Say NO to “free” shipping. Amazon prime increases people’s spending by around 37%!
These are all automated, convenience based systems designed for you to do those things unconsciously, and much quicker, before the savvy Sage part of your brain can click in.
On the other side of the wealthy choice scale, are the things you don’t do which you know would be good for you. These are the things you want to automate.
- Automate your monthly investing.
- Automate your dividend reinvestment by selecting accumulation index tracker funds.
- Automate your saving.
- Automate your spending.
- Automate your debt blitzing.
Wealth Accelerator Step #3 => Simplify
The more you can simplify your life, the wealthier you’re going to be.
Simplifying things gets a bad rap – and most people think to simplify means to go without, or to compromise. We have become a society that worships complexity, believing “if it’s complex it must be better”.
If it’s got lots more features than everything else, even if we don’t use them, that must make it better.
If there’s an investment strategy that we don’t understand at all, with a long confusing title, that must be good.
Complexity has crept into more than our buying choices. We have also been duped into believing that if we’re super busy, if we’ve got lots going on all at the same time, if we’ve got lots of complexity in our life, that means success.
Research shows over, and over, that interwoven hurriedness, confusion, unnecessary complexity and the worst of all, multi-tasking, takes us away from being effective or efficient and robs us of real, wealthy, joyful living.
Look at each area of your life and ask, “How can I simplify this aspect of my life?”
Simplify your money management
Simplify the number of bank accounts you have.
Simplify your spend decisions – refer to Wealthy Accelerator Step #3.
Simplify your investment portfolio design.
I love this quote from a great friend of mine Justin Livingston and the founder of the amazing training and empowered community platform Fully Women says:
I love that!
Be conscious about where and why you choose the bring complexity into your life and better still be ruthless about getting rid of complexity where it isn’t serving you.
Wealth Accelerator Step # 4 => Create and Stick to a Set of Clear Money Rules.
Create your own 10 Money Rules to live by and then stick to them. Frameworks create freedom and having a set of money rules eliminates decision making in the moment. You’ve made the decision (aka THE MONEY RULE) and that is what you live by.
If you are in a relationship, discuss your Money Rules with your partner, encourage them to set up their own set of rules (or adopt yours) and create an additional set of Relationship Money Rules.
Having Money rules is how you automate and simplify your financial wellbeing decisions.
When you have money rules, they are absolutes, clear do and don’t.
You’ll discover that truly successful people have a lot more absolutes in their lives – clear boundaries and rules they live by. Clear rules and boundaries around their time, their money, their energy, who they hang out with, eating, and the things they will and won’t do.
Less successful people tend to have porous boundaries with a lot of maybes, and I’ll try.
Your first Money Rule should be about the percentage of your income you are going to invest – what will you Pay Yourself First?
When I was creating my wealth, my Pay Myself First rule was that I would ALWAYS invested a minimum of 20% of ALL of the income that flowed in my life.
In the Wealth Pie Money Management System, I recommend the PYF amount should be a minimum of 10%. But I upped my PYF percentage to 20%, because I wanted to achieve my freedom faster.
This is still the #1 Money Rule in my life, and even though I have been financially free for over 13 years now, I still invest a minimum of 20% of all the income that flows into my life.
Here are my current 10 Money Rules, you’re welcome to copy them. 😉
- Invest 20% of all income
- Save 10% of all income
- Once an asset always an asset (I can’t rob my assets to pay for anything other than other assets)
- NO consumer debt
- Pay off Credit card in full every month
- Pay cash for all large purchases
- Have 6 months of survival living needs in a Cash Safety Net
- Reinvest my investment returns
- Never lend money to friends and family
- Any desired spend over $1000 goes on a Wish Waitlist for 5 days before I can buy the thing.
And now that I am financially free and I feed off my assets I have a rule for how I do that…
11. Live a juicy life with a maximum annual drawdown of 4% of my Net Worth
These are the rules that work for me. Yours might be different. The point is, you need rules and you need to stick to them.
Use these 4 steps to accelerate your wealthy life. Use these steps as a framework to support you in living and experiencing your amazing, juicy, wealthy life with money and assets serving you, not enslaving you.
In the comments below I’d love to know:
- What MONEY RULE really helps you?
Please share in as much detail as you can, because by doing so you may inspire someone else to try out your rule and in doing so you may transform their life.
Remember, wealth is created by baby steps consistently taken.
P.S. Speaking of frameworks and systems to create your wealth and live your juicy designed life, join me on December 10th, for a FREE LIVE HOW TO BE A SAVVY INVESTOR webinar where I’ll share with you how to create your freedom and have assets working hard for you, so you can get on and live the life you really want.
I’ll also be answering all your wealth creation questions live, so join me and go into 2020 feeling confident about your financial wellbeing with the tools, frameworks and support to be a Savvy Investor.