By Patrice Tartt (Best-selling Author, National Blogger, Entrepreneur, Ultimate Connector, Speaker, Certified Coach, CEO of Patrice Tartt Publishing, LLC and The Dream Big Writing Coach™)
Over the next decade, it’s reported that women will control two thirds of consumer wealth in the United States and be the beneficiaries of the ostentatious transfer of wealth in our country’s history. Evaluations range from $12 to $40 trillion dollars. Will you be in the number and what is your plan to get there?
According to Wealth Activator and Strategist, LaShawne Holland, “Let’s face it, we’re not about to earn our way to wealth. Earned income alone doesn’t lead to wealth for the majority of Americans. Somehow, we think that if we work harder, smarter, longer, we’ll achieve our financial dreams. But our paycheck alone, no matter how big—isn’t the answer. We need to hold a purse of our own.”
Holland says that jobs are not designed to make you wealthy; they’re designed to make the owner of the company wealthy. As a little girl, her grandmother use to say, “God bless the child that’s has her own.” She has developed winning wealth strategies for hundreds over the past 20 years and has witnessed the evidence that there is power in knowing and controlling your OWN numbers.
LaShawne shares ten (10) wealth tips to empower your purse:
1. Build A Wealthy Mindset. You will not grow beyond your thinking. If your thinking and money mindset is toxic, your wallet will be too. Consider your thoughts around money. Do they help you grow or keep you stuck? Are they negative or are they abundant? Your thoughts become your realities. Think wealthy thoughts!
2. Get Clear On Your Wealth Vision. Most people stay stuck in their finances because they make their financial problems bigger than the vision of what’s possible for them. It’s inevitable that you need a vision for what you’re going to do in your life and in the life of your family. The critical component that most people lack is—a financial vision. So many people that I talk to on a daily basis don’t have a vision for their life, family, and certainly not finances. They have wants. They have desires. They have wishes, but they don’t have a vision, that includes actionable strategy to get to their desired destination or manifestation.
3. Create An Environment For Wealth Attraction. In order for anything to grow successfully and be sustainable, you need the right environment for success. This means spending time with people that desire to grow in the same direction, developing successful financial habits, and position your personal development so you can be the right person to grow your purse power. It’s not good enough to be in the right seat on the bus. You have to be the right person, in the right seat, on the right bus. Your environment matters.
4. Stop Killing The Golden Goose. Don’t spend 100% of your income. Remember the old childhood fable of the Golden Goose? Oftentimes, we kill the financial strength of our ability to grow wealth because we spend 100% of what we make. You have to put money away for your golden years, plan for personal development, have money set aside for your continued education, and have a planned living expenses account. Furthermore, make sure that they are in different vessels, not in the same pot.
5. Believe You Are Worthy Of Wealth. Your beliefs empower your actions. If you don’t believe you are worthy of wealth, don’t worry, wealth will never visit your house. You were created to be brilliant and abundant, but neither will shine through if your belief system is broken in these areas.
6. Compound at an Elevated Rate. You have to invest in a cash cow. A cash cow is something that is going to grow and build wealth for you. It could be a business, real estate, the stock market, insurance products, or precious metals or semi-precious stones or commodities. It’s something that can grow and appreciate in value and be worth more tomorrow than it is today. Learning and understanding the concept and principle of compound interest empowers your purse. Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from that point on. This addition of interest to the principal is called compounding. One of the ways to give your purse power is to compound at a high rate.
7. Eliminate What’s Subtracting and Not Multiplying. In other words, if it’s not multiplying, it’s dying. Find out what are the financial culprits like consumer debt. Consumer debt depletes the power of your purse and limits your purchasing power in the marketplace in things that multiply.
8. Save Money For Purchasing Power, Not Saving Power. With today’s low interest rates (even with the new hike, still a drop in the bucket), it’s almost not worth parking your money in a savings account expecting it to grow exponentially. But I am a believer in saving to be able to position your money in the market to grow. I often advise people who don’t have a huge amount to invest to save and take what you save to purchase investments, so your saving account is really your purchasing power account for investing.
9. Have A Wealth Plan. Without a wealth plan, your purse will be powerless. Your man is not a financial plan. You empower your purse when you have a written plan to make, multiply and leverage your money. What are your goals for growth? Are they written where you can see them daily? What steps do you need to do daily, weekly, monthly, or quarterly to reach the goal?
10. Win With A Wealth Coach. It is vitally imperative that if you want to accomplish something, that you find someone who is accomplished in the area that you want to accomplish. What does this look like? It’s really about finding that person who has already broke the barriers and burst through the blind spots of success. It’s about learning from someone that has done what it is that you desire to do. This is amazingly important because in the personal finance space, there are a lot of people who are journalists. There are a lot of people who are talking heads on television that say they are financial experts but haven’t created wealth in their own life. You want to see those who have proven evidence of results in the marketplace. So, finding a mentor is discovering that person who can show you the shortest path to get “there.” Results-driven mentors and coaches have the ability to turn decades of learning into days. They accelerate your path.
You have to desire change, choose to change and commit to the changing process. Then, and only then, will your purse burst at the seams with unstoppable financial power.