How to Build Wealth in 2023

WELCOME TO 2023!

Hopefully you had some time to rest, see family and have fun (preferable all three).

Why is it important to develop a plan to build wealth?

Developing a plan to build wealth is important because it allows you to align your goals, values, and lifestyle to achieve your desired financial outcomes. A good plan will help you identify your short and long-term objectives and determine the steps needed to reach them. It will also help you to prioritise and allocate your resources wisely, so you can make the most of your money.

Having a plan for building wealth is also important for accountability. Having a plan allows you to track your progress and hold yourself accountable. You can use this information to identify areas where you need to improve and areas where you can take advantage of opportunities. A plan can also help you stay motivated and focused on your goals, giving you the confidence and assurance to continue working toward them. With a good plan in place, you can increase your chances of achieving your desired lifestyle and financial goals.

Here are some fundamental steps to help you:

1. YOU: exploring your values and lifestyle goals
2. Your MIND: delving into your beliefs, stories and identity
3. Your HABITS: building consistent and disciplined behaviors.

Let's take a deeper look into each of these steps...

YOU

What do YOU want out of life?  What do you want money for and WHY?  What makes you happy and WHY?  These are some fundamental questions, with lots of "what" and "why" questions.  You're possibly asking "but HOW?" do I find the answers or do the things I'm meant to do.  That is part of the journey, and why I start with YOU (or the "self").  

Understanding your Core Values is a vital part of this, and acts as the compass to help you set goals that once you achieve will help you realise the life you really want.

Your MIND

Your mind is full of experiences and memories.  It can also be influenced by fear, anxiety and guilt.  The power of your mind is a resource largely untapped and capable of so much.

The Beliefs of who you are (aka your identify) shape how you perceive your experiences, which then become the Stories that you form and then tell repeatedly until they become your truth.  You might want to read that again, as I've used words very deliberately - "perceived truth" for example.

The first step in building wealth is to delve into your beliefs, stories and identity. This means understanding what money means to you and why you even want money. To do this, it's important to engage in some introspection, journaling, and possibly meditation to open your mind up and go where it needs to go. This process will help you get a clean slate for the new year, allowing you to start building your life from the ground up.

It's also important to think about how money has shown up in your life and how that has formed your beliefs and identity. Have a think about the stories you've been telling yourself and why you believe them. This is your chance to challenge any "shoulds", and choose what you want to believe about yourself. Selecting a word for the year can also be helpful in guiding your journey, as long as it aligns with your values.

Finally, it's important to recognise that you can always evolve and grow. Having mentors can be helpful in this process, as they can provide guidance, support and a different perspective. It's important to be open to new experiences and uncomfortable situations, as they will help you grow and expand.

An important part of understanding your beliefs is to identify the stories and beliefs that no longer serve you. It's important to recognize that these stories and beliefs can be changed and shifted, but first you need to be aware of them. This is the first step in creating a new identity around money.

Money is a powerful tool and can be used to create great things in the world. It's important to create a relationship with money that aligns with your values and what you want to create in the world. This can be done through setting intentions and making conscious choices as to how you use your money. These intentions and choices can help to create a strong foundation for building wealth and a life of abundance.

Your HABITS

Habits are essential to building wealth. To develop consistent and disciplined behaviors, it is important to understand what money means to you, what lifestyle you want to create and how money has shown up in your life.

Creating a habit starts with understanding your core values and setting a word or phrase that will be your theme for the year. This will allow you to make decisions that are aligned with your values and have a greater chance of success. Next, it is important to understand your beliefs and stories (which is why I start with YOU). Many of these beliefs and stories have been shaped by our upbringing, culture, and people around us. It is important to challenge these beliefs and stories to ensure that they are in line with our values and goals.

It is important to practice discipline and consistency when it comes to building wealth. This can be done by setting small, achievable goals and building upon them. Find ways to make it easy to stay on track, such as habit stacking (e.g. putting vitamins next to your morning water glass). By consistently working towards these goals, you will be able to create the habits needed to build wealth.

In addition to developing habits, it is important to cultivate a mindset of abundance. This means shifting your mindset from scarcity to abundance, believing that there is enough for everyone and that you have the power to create the life you want. This can be done by examining the stories and beliefs you have around money and challenging them. It is also important to reframe any negative thoughts or feelings you may have about money and focus on the positive aspects of having it.

It is also important to create a plan and set goals. When creating a plan, it is important to be clear about what your goals are and how you will achieve them. This will help keep you motivated and on track to reach your goals. Additionally, it can be helpful to create a vision board to help you stay focused and motivated. By clearly defining your goals and creating a plan to reach them, you will be able to create the wealth you desire.

The key to building wealth lies in understanding and challenging your beliefs and stories, understanding your values and lifestyle goals, and developing consistent, disciplined habits.

With a Wealth Building Framework in place, you can create a plan that will help you stay motivated, focused and accountable as you work toward achieving your financial and lifestyle goals.