Wealth Building – True Secrets of the Wealthy Mentors

Wealth building is still a mystery to many. This is the age where money is plentiful but wealth is frustratingly elusive to most. But there is an elite group of the very wealthy who have found their secrets to success. These are the secrets of wealth building that elude the vast majority of people. It is my testimonial that the fastest and most lasting wealth is learning from great mentors. In this article, I will reveal where you can find them and it will surprise you to find out who they may be.

Let us discuss a little about what wealth is. It causes much confusion and angst when wealth is mistaken for what it is not. Money is not wealth it is a part of wealth. There are many things in life that describes wealth. Just ask a child or an aged person what wealth means to them. You will get surprisingly similar answers. You might get an answer like a great family, friends, comfort, respect, dignity, a toy, good food, and sometimes money. So as long as we understand what wealth truly means, we can move on to the main topic.

This is my story. This is a story as much about my personal development as it is about being able to learn and build great fortunes over and over again. Yes, it is about your finances as much as having a great family. You see I grew up on a farm, but one day, as a young man in my late teens and living through one of the worst periods of my life, I stumbled across four of the wealthiest men I had ever known. As fate would have it, they became my mentors. But truth be told, it was they who maneuvered me into their world of high flyers and jet-setters. I had to learn the hard way. It was certainly no free ride.

Now, I can most assuredly tell you that growing up a country boy and being thrown into the world of high finance and international business is about as much a culture shock as jumping into a stormy sea without learning to swim. It was terrifying at first. It was sink or swim. And without the strong helping hands and guidance of my mentors I would most certainly have been shark food.

So, who were my mentors? I had already mentioned these four business men. The main reason they had decided to hire and mentor me was because of my demeanor; my upbringing. They wanted to know how it was that I had learned all those social skills and the ancient ways of culture. I then realized there were actually more mentors in my life. They were the true mentors that teach you the life skills that become incredibly important as you journey thorough life. These business mentors actually valued what I had already learned as treasures of mankind.

My early mentors then were in my life situation, my maternal grandmother who was essentially my mother and my paternal grandfather who played the role of father to me. Grandmother taught me to give aid to people to help them get on their feet. She would never allow a child to go hungry; even the lost children that lived on the streets in the days of my childhood. Grandfather taught me the importance of building the family. The family is a great part of your wealth building foundation. He made sure I was introduced to the skills of working well in any situation. He gave me the knowledge of the ancient world; the old texts and philosophies of building wealth.

Are these people my only mentors? Let me explain. They were the most impacting in my life because they were the ones that guided me in my formative years; first as I grew up and then as I was a total neophyte of international business. Together, they formed my foundations to greater things in life.

I appreciate your reading to this point. Therefore I shall offer you the same advice my early mentors gave me. In fact, in one voice, the common pieces of advice they drummed into me were:

1) value what others try to teach you (be humble, even a child can teach you),

2) a teacher will always appear as one is ready to learn (i.e. always be ready to learn something productive),

3) ask to learn about something from knowledgeable people and offer something of equal or greater value in return (not necessarily money, it may be a service or a piece of expertise),

4) do these things over and over again throughout your life (remember the lifelong learning).

Now that I have identified what you must do to find your mentors, let us journey on and find your mentors. After all, that was the promise. But before I do, let us reiterate the importance of having mentors in your life for your ultimate success in life. Remember, mentors are people who have already gained wisdom in that part of life in which you do not already have. And that may be anyone, even a child.

Here are where you can find your mentors, and who they may be:

1) parental figures (parents, grandparents, relatives, etc.),

2) a person or people whose career or expertise you have a strong interest in (a banker, a business person, a doctor, a fisherman, a jeweler, etc.),

3) these days, you can even hire one and there are many great ones available (very commonly these mentors have a following of people, or content that is of very special interest to you, in fact, often you can actually make more money using the system or principles that you learn),

4) accept an apprenticeship if ever a person you greatly admire offers it to you (make very sure it is a win-win situation for both, be fully respectable),

5) do the above all over again in any part of the world or any part of your life that you wish to strengthen or even to renew.

If you have noticed, I have not named anybody simply because the mentor for you is someone that may mean little to another person. Remember the teacher appearing when the student is ready?

Now, it is your turn to do a lot of homework. I did my mentor search for my wealth building as though my life depended on it. How much does your life mean to you? Often, many people ask if it is all worthwhile as they have to commit to a life that is no longer like the one they now live. This is absolutely true. You will change your life and lifestyle sometimes almost completely. It all depends on the type of life you wish to have.

As for myself, I much prefer to live the live of holidays, beautiful homes, less worry, great interesting people, enjoy great health, a smiling child, and even giving a hand to a needy soul without starving myself. I have been in abject poverty, homeless, starving, so ill death was preferable, my crying child, and starving when saving fellow human being.

Yes, being the jet-setter and flying high is much more preferable to being stuck in the quagmire of despair. Which kind of life would you rather have?

1) The life of a mentored and successful financial genius.

2) The life of a lost soul on the planet.

3) Or your own life right now?

My choice is clear. It is my hope that you will find yours.

It is Not What You Make, But How Much You Keep – Wealth Building 101

Are you tired of working long hours, and sacrificing to have nothing to show for it? If you do not have a plan for your money, someone else will. Wealth building is not a fast process. In order to have and keep wealth you must understand the process of building wealth. Wealth is the value of assets, either physical or intellectual, that can be passed on through your generations. I was at the barbershop, Fair Deal’s, on E Berry in the late 80′s. One of the barbers said to a customer, “you have been working for 25 years, and you have nothing to show for it, but a broken up old body.” The customer laughed as he walked out the door. I knew him through the neighborhood, and knew over the last 25 years he had bought 10 homes and numerous vacant lots all over the city. No one knew he had accumulated wealth until after he died. The biggest tragedy was he never taught his four children the process of wealth building. The children sold it all upon his death. Sound familiar? This is why wealth is intellectual as well as physical. We all know or have heard of stories such as this. This is why I am creating THE BLUE PRINT to Wealth Building. Not just African American families, but other Americans as well, have a history of wealth building through business and land ownership, and intellectual capital. It is time for it to become a way of life again, through sharing ideas and sharing resources and taking action on our dreams. Living it every day out loud.

BLUE PRINT of Wealth Building: Phase 1

• HAVE A PASSION THAT IS WORTH YOUR BEST EFFORTS

  • Have no fear when it comes to realizing your dreams. Whatever you dream is, it can become reality faster than you think. Once you come to grips with the fact that it is your dream, and not anyone else’s (i.e.: your dream killers) it will come faster. 1) Decide to do it, 2) Plan how to get there, 3) Take Action on your plan, 4) Stay Focused. You may say I make it sound too easy. It is not! You have to believe in you, and give it your best efforts every day. LIVE IT through YOUR everyday life; not by watching others live your dreams.

• IDENTIFY WHAT HANDS ARE CATCHING YOUR MONEY BEFORE IT HITS YOUR POCKETS

  • In order for you to build physical wealth you have to know who or what is taking it away. Some of the hands we can’t avoid such as cost of food, the mortgage, taxes, and health care costs. You have at least three hands reaching at your money. Identify the hands and prioritize them according to your dream.

  1. Hand 1- Wealth Building – The money that goes into investing in your dream. Investing in your saving accounts, retirement plan, real estate, higher education, or small business.
  2. Hand 2- Responsibilities – Anything that can go on your credit report if not paid. Children do not go on your credit, but they are a privilege and a responsibility. Mortgages, rent, car payments, cell phone bills, child support are responsibilities you must pay.
  3. Hand 3- Wants – Are the icing on the cake. The vacations, the cars, and clothes are great. Life is short, so live it and enjoy it. But do not make your wants your number priority. There is nothing like a well-dressed, but broke person.

• INVEST INTO WHAT YOU UNDERSTAND AND WHAT YOU CAN COMMIT TO

  • Do your research on any investment you put your money in to. Investments are more than stocks and mutual funds. Going back to school is an investment. The background research you do will make you more confident of your choices. Believe me any person making an investment presentation will be ready for you and your questions.
  • The best investments are the ones you understand. Consider these tips as rules of thumb before investing your money.

  1. Know how the investment makes money
  2. Know how you make money
  3. Know your exit strategy (cost, time restraints)
  4. Know how much it will cost you
  5. Know the history of performance, lawsuits, etc.
  6. Know your decision to commit to this for the full time frame required to see growth

In the following weeks I will continue adding to the BLUE PRINT of Wealth Building. This approach may or may not work for you. Explore your options and start the dialogue of wealth building. You may be amazed of what will happen once you make it a priority.

Market Blurb

One of the most common questions I hear is: “what do you think about the market?” “Or what is a good investment now?” Here is your answer:

Like a perfectionist that is never satisfied, when presented with some of the best fundamental data in years, the market chooses to find faults and be picky. Not that there aren’t a number of things to be critical of, including the situation in Greece, lack of job growth, high budget deficits, and slowing loan growth in China. These are all reminders that risks to the economy and earnings still exist. Expect volatility, much like what has been experienced already this year. Volatility will continue as the economy and markets transition from a stimulus-driven recovery to an environment of self-sustaining growth.

Also, there are two very different ways of considering risk: opportunity or danger. Some would argue the latter is far more likely than the former at these levels in the market and at this stage of the market recovery. With a little patience, the commitment to a well thought out investment plan and a willingness to follow Warren Buffet’s sage advice “be greedy when others are fearful, and fearful when others are greedy,” could result in turning the tone of this market pullback from danger to opportunity.

Live Your Dream!

JDG

Jamie D. Grant

3 Tips to Start the New Year With Your Wealth Building on Track

It’s that time of year when resolutions are made. If you are one of the many who have a resolution that involves your finances, you’ll want to read this article. Studies show that less than 50% of resolutions are kept so it’s vital to get started on the right track.

3 Tips to Start the New Year with Your Wealth Building on Track:

#1 – Keep Your Goals Realistic. Starting with an unrealistic goal is a sure way to guarantee failure. An unrealistic goal will drain you of all your motivation and will have you back to your old habits in no time. Do you know what a realistic target is for building your wealth over the next year? The next 2 years? 5 years?

One way to measure how realistic your wealth goals are is to break them into long-term goals and short-term goals. Have short-term goals that are measurable in 30 days. This will help you adjust on a timely basis if your wealth goals are too lofty. This simple technique will help you keep your wealth building on track throughout the year.

#2 – Make Wealth Building a Habit. Make building your wealth a habit. Everyday should include doing something that helps you build your wealth. This doesn’t mean setting aside hours each day, it can be something that takes you only a few minutes but moves you toward building your wealth. Breakdown your short-term goals into a daily task list and use this list to be able to do something everyday to move you toward achieving your wealth goals.

Monthly wealth coaching can help you make your wealth building a habit. With weekly email assignments and a live monthly coaching teleconference, you will make your wealth building a part of your daily routine in no time.

#3 – Hire a Wealth Coach. If you have ever played a sport, you understand the role of a coach. The coach is there to coordinate all the team members and help you become a better player. A wealth coach does the same for your wealth. A wealth coach helps you find and coordinate all the members you need on your team based on your goals. A wealth coach will help you come up with the plays you need to execute to achieve your wealth goals. Most of all, a wealth coach will help you get started! Most people are ready to build their wealth but just don’t know how to start.

Imagine the impact a wealth coach could have on your wealth building.