Have you ever noticed how the wealth plans provided by traditional financial advisers just sit on the shelf and collect dust?
Who really uses them?
The problem is they aren't wealth plans. They are investment plans... and that is the crux of the problem.
These "investment plans" are nothing more than a computer simulation that applies historical return assumptions to a static portfolio mix.
No wonder they sit on the shelf and collect dust - there is nothing for you to do except save the money and send it to your broker to invest. It is passive. It is not a working document that governs how you'll build wealth.
That's because traditional financial advisers are in the business of managing the wealth you already built. They are not in the business of helping you build the wealth in the first place.
Shocking... but true.
If you aren't completely clear on this fact just try and get a financial adviser to return your phone call after you tell him you have no money to invest. (It will be a long wait.)
What you need is a plan to build the wealth in the first place. Not a plan to park the wealth you built elsewhere.
An essential principle to this plan is that it must be based on your unique values, skills, interests, goals, and resources in order to produce results. It must harvest your unique competitive advantage and be an expression of your life today as well as where you want to be in the future.
Generic, cookie-cutter, computer simulation, "wealth plans" won't work. It must be unique to you and an expression of your life.
For example, I have one client building wealth through single family homes because his wife is a realtor with great "deal flow".
The area he lives in offers positive cash-flow at retail pricing (not to mention the great deals he gets through his wife).
The key point to notice is how this plan specifically capitalizes on the unique skills and competitive advantages this client enjoys.
It harvests the low hanging fruit... and your plan should do the same.
Continuing with examples, another client is building wealth by growing his law practice and parking that high income in both paper assets and the commercial building that houses his law practice.
The key attribute to this client's situation is the high earning capacity of his law career. He won't improve his earnings by diverting attention elsewhere so the focus of the plan is to better maximize his already strong income into optimal asset growth. Again, notice how each client is harvesting his competitive advantage. You must do the same. Your homework is to figure out your competitive advantage. Where is the low hanging fruit in your life that can be developed into a wealth plan? Identifying these strengths is the key to designing your unique wealth plan that will actually work.
It's why no two coaching clients of mine have identical wealth plans. Every plan is different because each client is different... yet they all obey similar principles.
In the course on designing your wealth plan (where these lessons are excerpted from) the entire first Module is dedicated to developing your competitive advantage by connecting those personal attributes into your wealth plan. There's even a cool 3 part series of lessons in Module 1 called "You Inc." showing you how to efficiently organize your life activities for life balance and efficient wealth growth - both at the same time!
In your next lesson of this course we'll continue with the 3rd in this 5 part series of essential principles that must be included in your wealth plan.
In your next lesson of this course we'll continue with the 3rd in this 5 part series of essential principles that must be included in your wealth plan.
See you in a few days...
Allaudin Bldg Shop No 1,Manchubhai Road,Malad East,Mumbai - 400097.Shop No.9,Param Ratan Bldg,Jakaria Road,Malad West,Mumbai - 400064.Tel:28891775/28816101/28828756/28823279. CELL:9930444099 www.tejasconsultancy.co.in | E-mail Us: ritesh@tejasconsultancy.co.inGo Green...Save a tree. Don't print this e-mail unless it's really necessary
Ritesh.Sheth CWM®
CHARTERED WEALTH MANAGER
Helping you invest better...
Allaudin Bldg Shop No 1,Manchubhai Road,Malad East,Mumbai - 400097.Shop No.9,Param Ratan Bldg,Jakaria Road,Malad West,Mumbai - 400064.Tel:28891775/28816101/28828756/28823279. CELL:9930444099 www.tejasconsultancy.co.in | E-mail Us: ritesh@tejasconsultancy.co.inGo Green...Save a tree. Don't print this e-mail unless it's really necessary
Disclaimer:This blog is addressed to and intended for the investors of Ritesh Sheth & Tejas Consultancy only. You are advised to contact Ritesh Sheth & Tejas Consultancy to clarify any issue that you may have with regards to any information contained in this emailer. The views are personal. Ritesh Sheth & Family or Tejas Consultancy does not guarantee the accuracy, adequacy or completeness of any information in this blog and is not responsible for any errors or omissions or for results obtained from the use of such information. Investopedia definitions are used for educational purpose. Ritesh Sheth & Family or Tejas Consultancy does not have any liability to any person on account of the use of information provided herein and the said information is provided on a best effort basis only for educating investor. In case of investments in any of our schemes, please read the offer documents carefully before investing.
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