There is an art and a science to building wealth.
The Art includes things like:
- Vision boards
- Goal setting
- Building relationships
- Interviewing successful people
- Inspiring design shows on Sunday
Everyone loves the Art of building wealth. You feel like you’re making progress when you create a vision board, or read an inspiring story, or get a big ah ha from someone wealthier than you. It’s an immediate endorphin rush.
But it’s the science where real progress is quietly made, with little fanfare and often in frustratingly slow increments.
The Science of building wealth includes things like:
- Organizing your entity, bank, and credit card accounts so they don’t commingle.
- Allocating time each week to work with your financial team.
- Learning how to read financial reports and tax returns.
- Establishing and maintaining a budget.
- Becoming relatively proficient with excel.
- Setting up investment accounts.
- Investing in a team of professionals to help you.
The truth is the science behind financial success isn’t immediately rewarding, and that is part of the reason it’s hard.
You only see the results in hindsight, often in the context of months or years.
Anyone who is financially a big success, which I would define as someone with a net worth of at least $7M (excluding their primary residence), when you pull back the curtain you’ll see a lot of science behind what they do, with just a sprinkle of art for direction and inspiration.
How can you focus more on the science of wealth building?
What specifically is holding you back?
See if you can identify the next, most logical step that will advance your wealth, scientifically.