There are Four Foundations of Wealth Creation that are essential to building true wealth. The first foundation of wealth creation is increasing your monthly recurring income. In “How to Start Creating True Wealth,” I discuss building your 'wealth blueprint' and 'wealth list' so you can truly express and clearly define what the term 'wealth' means to you. You should have a clear picture of what 'wealth' means to you and why it's important to you before trying to execute each foundation.
Generating additional monthly revenue can be difficult based on your lifestyle, time restraints, and current situation. Generating more income requires discipline and commitment. I've realized from my own experience that you need to change your daily routine to be able to take your recurring monthly income to the next level.
1. The Decision
You cannot generate more income until you decide that you are ready to take the steps necessary to get there. Although this process seems easy, it isn’t! When you decide to start generating more income, you are committing to the process. Once a decision is made, declare it!
Write down the following: “I am laying the foundation of my wealth system. I decided to increase my wealth and finally get what I want. I have made the decision TODAY, and will do whatever it takes to increase my wealth systematically!”
2. Goal Writing & Affirmations
Once you have decided to commit to the process, you can transform it into something achievable. It is now more than just a thought, it is molding into an action.
Goal writing is the standard operating procedure for your life and business. Writing your goals down is important, but the biggest takeaway is the consistency and discipline you will create by implementing this daily action. The repetition will create a huge shift in your mindset. Write down what it is you truly wish to accomplish, even if it does not seem attainable right now. This practice will provide you with the confidence needed to overcome any doubt or fear that might creep into your mind when making the decision to increase your monthly recurring income.
Here are some examples of goals to get you started:
“I will make $(X) amount this year.”
“My net worth will exceed $(X) amount.”
“I will clean up my diet.”
"I will spend (X) hours with my kids every week."
The goals you write down can be intimidating and create doubt in your ability to achieve them. When you write down uplifting and positive declarations, it creates a positive headspace to accomplish what it is you are wishing to achieve.
Here are some affirmations to inspire you to create your own:
“I am confident in my ability to generate wealth.”
“I give myself space to learn and grow.”
“I trust that I am on the right path.”
"I can accomplish anything I set my mind to."
Goal writing and affirmations are essential to generating monthly income because it is instilling a daily routine into your life that feeds into the system you are creating.
3. The Daily Ledger & Daily Targets
Once you have begun to write down your goals and affirmations, it is important to have the appropriate place to write them that you can look back and reflect on.
The Daily Ledger is the name of the journal I started writing my daily actions in. My daily actions consist of writing down my goals twice a day, writing down my affirmations, and writing down the targets I want to hit for the day.
Patience is an important virtue to remember when you are taking the steps to achieve your goals. There is no such thing as reaching your goals in a short period of time. This is why you create daily targets. Targets are short term goals that you can execute daily to accomplish your goal for the day.
The Daily Ledger is adaptable, fluid, and living, which is where its beauty comes from. You can change it based on your situation in a manner that is best suited to your life.
Accountability is the “time” it takes to achieve your goal. It allows us to examine ourselves on a recurring basis.
Accountability comes in 3 forms:
Choosing a goal and writing it down
Sharing your goal with someone you trust
Asking that they follow up with you on your goal
I highly recommend finding an accountability partner. Write down someone who you trust in your life and share with them what wealth means to you and what your goals are. Ask them to follow up with you on your goal writing, executing the daily ledger, and the decision you have made right now to execute on this first foundation of wealth creation.