Are you ready to create insane wealth and build a life that you never need a vacation from?
Inside this blog, I share how you can become a millionaire in 5-15 years. If you're sitting there thinking, “I wish I didn't have to wait such a long time to get rich” this is your wake-up call.
Building wealth is a long game that requires healthy financial habits. Wealthy people have mastered the long game.
They have a clear understanding of their financial vision. More importantly, they take actionable steps every single day to maximize their chances of fulfilling their long-term goals.
Keep reading to find out my 10 steps for creating wealth, even if you have no money!
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Are you ready to create long-term wealth and build a profitable online business? CLICK HERE to take my FREE 60-second quiz to find out which business model is best for you!
This is how to create wealth, even if you're starting from zero.
A lot of people want to know what the magic bullet is for creating wealth fast. Unfortunately, there is no get-rich-quick scheme to becoming ultra-successful. Eighty percent of wealth is based on one's psychology, while only 20 percent is based on mechanics.
This is why I am a believer in developing a millionaire mindset before doing anything else. Wealthy people think and act differently. Cultivating a millionaire mindset is what will help you reach your long-term financial goals.
I recently read an article by CNBC that talked about the net worth that each generation says they need to be considered wealthy in 2021:
- Millennials (aged 24-39) – $1.4 million
- Gen X (aged 40-55) – $1.9 million
- Baby Boomers (56-74) – $2.5 million
When I was 27 years old I became a millionaire. It was an amazing experience to hit that milestone. Honestly, I achieved that goal with some mixed feelings. Once I made one million dollars, I soon realized that it wasn't enough money.
I was been born and raised in Vancouver, Canada which is one of the most expensive places in the world. I can't even buy a 1,500 square foot condo in Vancouver for $1,000,000!
Of course, the amount of money that you need to live comfortably will be based on where in the world you live. Nevertheless, I want to encourage you to think bigger than the net worth figures that you see above.
At the end of the day, it's up to YOU to define what wealth means to you.
How much money do you really need? What financial goal do you want to strive towards? I encourage you to take some time to reflect upon and answer these questions.
Inside this blog, I'm going to share 10 steps for creating wealth that will allow you to become financially free. I've broken down these 10 steps into the following 4 stages.
Stage 1 – Mindset
The first stage lays the foundation for your success. It encompasses your strategy, habits, psychology, and mindset.
A lot of people try to create wealth by starting a business or by investing. Unfortunately, they forget about the inner game of success. If you believe that you deserve success, naturally you will do whatever it takes to become successful.
However, if you have not yet done the work to reprogram your limiting beliefs, you'll only end up sabotaging your success. It's the inner game that produces the outer results.
Stage 2 – Hustle
The second stage is all about the hustle. If you want to become wealthy, you will have to take massive action and work harder than you've ever worked in your life. In effect, you'll have to do what most people will not do. If you master stage 1, you'll be fully ready for this stage.
Stage 3 – Investing
The third stage is all about investing. Once you have money, it's so much easier to make more money. Investing allows you to create large sums of money without a lot of effort.
I am currently in this stage. I don't need to hustle anymore. Typically, I only work 10 hours per week. I make more money investing than I do in my business.
If you're still hustling then you're not learning how to leverage your skills and make your money work for you. Figure out how you can get more results with less effort. The goal is to work smarter, not harder.
Stage 4 – Optimization
This is when you optimize your taxes. The biggest expense you'll ever pay is in taxes. Some people ask me, “Why did you move from Canada to Panama?” One of the main reasons was tax optimization.
By living in Panama I save millions of dollars in taxes. That is what has allowed me to accelerate my net worth. It would have taken me years to do this if I was still living in Canada. Half of my income would have gone towards taxes.
Ten Steps For Creating Wealth
I want to compel you to take notes as you move through these steps. My outcome isn't merely to give you information. Rather, I want you to implement what it is that I'm going to teach you.
Consuming information and then taking massive action is the recipe for radically transforming your life. These steps aren't easy, but they are simple. Let's dive in!
Step #1 – Create A Vision & Purpose For Creating Wealth
If you don't know the kind of lifestyle that you want to have, you'll never be able to figure out how much money you will need.
In my early 20s, I decided to write out what my ideal day would look like. I used my imagination and shifted into a mindset of possibility. I would recite my vision out loud to myself every day. Doing so made it feel real.
Another great way to make your vision a reality is to create a vision board. When you do either of these exercises make sure that you dream BIG. It will keep you hyper-focused and inspired to build the lifestyle that you desire.
You can take it one step further and do dream building. This is where you go to open houses that are outside of your price range. Browse around and get a feel about what it would be like to live in your desired home. Similarly, you could go to a car dealership and take a Ferrari for a test drive.
Once you know what your vision is you need to get clear on what your purpose is. Why do you want to create wealth? This is the 80% that will lead to your success.
I challenge you to create 100 reasons why you want success.
If you can ingrain those truths into your psyche, you will be successful. Here's what I know to be true… if you have a strong enough ‘WHY', you will continue failing forward.
If you can't find a way, you'll make a way. Metaphorically speaking, you'll go over the wall, through the wall, and around the wall. If you want success badly enough, you'll do anything to achieve it.
Step #2 – Cultivate A Wealth Mindset & Habits
First, if you want to create wealth, there are certain beliefs that you need to reprogram. How you were taught to think about money when you were growing up determines your relationship with money in adulthood.
These are referred to as “money scripts” – your values and beliefs about money that you grew up with that impact your habits today. Oftentimes, people aren't even consciously aware of how these beliefs impact them negatively.
For example, if your parents taught you that money is bad and that rich people are evil, what are the chances of you becoming a rich person? You won't! As long as you link pain to wealth, you'll never become wealthy.
Instead, if you link pleasure to people who are wealthy, you will be motivated to create wealth. One of the best ways to reprogram your money scripts is to study wealthy people – read their books, go through their courses, and attend their seminars. Find out what they are doing.
Success always leaves clues. I published a video on my YouTube channel where I walk you through my top 10 books for creating financial freedom. I encourage you to take the mindset and strategies of these authors and apply them to your life.
Second, I want to empower you to learn how to delay gratification A lot of people make money, and then they spend it right away. If you can delay gratification, save your money, and invest it into your future, you will create more wealth. You've got to be willing to make short-term sacrifices for long-term gain.
Third, you need to build a strong work ethic. Cultivate the habit of over-delivering.
Be the best at what you do every single day.
Go above and beyond. In the business world, this habit will serve you tremendously when it comes to building a brand and creating raving fans.
Finally, always strive to fail forward. Failure is an inevitable part of doing business.
When things don't work out the way that you expected they would, don't put your head in the sand and give up. Rather, find the opportunities from growth and learn from your mistakes.
The goal is to move from failure to failure without losing your enthusiasm. Ultimately, by failing forward you will become more resilient which will ensure that you never give up.
Step #3 – Know Where You're Starting From
You have to know what your current net worth is. That is the number that matters most. It's not how much money that you make that matters. Rather, it's how much money that you keep. If you're living paycheck to paycheck you will never get ahead in life.
The way that you determine your net worth is by knowing what your assets and liabilities are. Your assets are things like cash in the bank, investments, your online business, or your computer. An example of a liability would be debt.
For example, let's say that you had $5,000 in the bank, but you had $40,000 in student loan debt. If you took your assets and subtracted your liabilities, you would have a $-35,000 net worth. Yes, a student loan debt can be an investment IF it gets you a great job, but at this moment it's a liability.
Tracking your assets and your liabilities every 3 months on a spreadsheet is a great strategy to consistently knowing your net worth. You want to make sure that your net worth goes up every quarter. That's how you measure your progress over time.
Step #4 – Master Money Management
You have to become a master of money. This means that you have to know what your income and expenses are, and you have to track your finances. All wealthy people are great money managers.
The key to creating wealth is to spend less than you earn and invest the difference. From there, you want to re-invest those profits to create even more wealth. If you are spending what you earn, there will be no difference that you can save or invest.
Thus, you'll just keep spinning your wheels and never get ahead financially. If you can't manage the money that you currently have, you won't be able to manage millions of dollars. It's that simple.
Make it a habit of managing your finances. A great way to do this is by tracking your income and your expenses weekly. The reason why I suggest doing this every week is that it allows you to set a budget for yourself. If you overspend in one area of your life, you will be better able to catch yourself and make an adjustment.
Also, you want to make sure that you have 3-6 months' worth of savings of whatever your monthly expenses are. For example, if your experiences are $2,000 per month, you want to have $6,000 saved.
This is your emergency money. If you end up losing your job or have a medical expense that you have to pay for, this money will help you sleep at night. You never want to be in a position where you have zero savings and you have to sell your investments for an emergency.
Step #5 – Set Financial Goals
Your financial goals are the stepping stones that allow you to turn your vision into a reality. You'll have to set many different types of financial goals, whether that's paying off debt, launching your product, or creating a monthly budget.
When you are setting your goals, you want to make sure that they are SMART (Specific, Measurable, Achievable, Relevant, and Time-based). As an example, let's say that you want to publish a Kindle book on Amazon. Here is an example of how you would use the SMART goal criteria to set that goal:
- Specific: I will write a book about how to be more productive and it will be 100 pages long.
- Measurable: I will write one chapter every two weeks.
- Attainable: I will finish the book in 1 month. Once it is completed, I will publish it on Amazon.
- Relevant: Writing a book on productivity will help me grow my coaching business.
- Time-based: I will sell 100 copies of my book in 6 months.
I would suggest setting weekly, monthly, quarterly, and yearly goals where you determine how much money you want to make. Every time that you achieve a goal, you will gain confidence and momentum. Success breeds more success.
Step #6 – Choose Your Vehicle For Creating Wealth
You want to reflect on what your vision is and figure out which vehicle will allow you to create the wealth that you desire. Here is my story about how I ended up choosing my vehicle.
Early on I knew that if I went to university and invested $100,000 into my education, I could end up getting into a lot of debt in my 20s. If I started making $60,000 per year in a job, I knew that it would take me years to pay off my debt.
If I continued to gain experience in a role perhaps I could eventually make $100,00 per year. However, there would be no way to know for sure. As a result, I knew that this path would not lead to the vision that I had for my life.
I realized that the most successful people were entrepreneurs. They took their ideas, turned them into a reality, and profited from their passion.
A lot of people start a business with very little money. However, if they commit to the process, they can end up becoming extremely wealthy in 5-10 years. I started studying these types of people. I read their books, took their courses, attended their events, and listened to their podcasts.
Taking it one step further, I even found ways to add value to successful people so that I could be mentored by them. I started to implement their success habits into my daily life. Within a few years, I had an online business that was making incredible money.
Entrepreneurship was the vehicle that transformed my entire life. Everyone is different. Only you can decide which vehicle is best for you and your life.
Step #7 – Master Your Wealth Vehicle
Once you know what your wealth vehicle is, you need to master it! Who do you need to learn from? Which books do you need to read? What mindsets and habits do you need to cultivate?
Determine how you can immerse yourself in your chosen vehicle within the next year so that you can become a master of your craft. You won't achieve massive success by chasing shiny objects and being a jack-of-all-trades.
Rather, you need to stay focused on one thing and go deep with it. Furthermore, you want to figure out which high-income skill(s) you need to cultivate that will make you rich. For me, this was speaking and coaching. Focus on being great at one or two things and leverage them.
If you decide to build an online business, two of the most important high-income skills that you should master are sales and marketing. They are the lifeblood of every business.
Step #8 – Create Leverage To Scale Your Wealth
When you start a business and you find your high-income skill, that's enough to make you a 6-figure income. However, if you want to create the next level of wealth, the next step is learning how to create leverage and scale your vehicle.
This is where you start working smarter and leverage the power of outsourcing. One of the biggest challenges that entrepreneurs face is that they try to do everything on their own. However, you can't scale your business if you're wearing all of the hats. Time is money.
At a certain point, you've got to know what your time is worth. You want to be spending time on things that produce the most revenue.
Financial success is the result of you working ON your business instead of IN your business. That should always be the end goal. You don't want to be a business operator. Rather, you want to be a business owner.
Step #9 – Invest For Financial Freedom
At this stage, you want to figure out how you can make your money work for you. You should have over $1,000 per month to invest.
There are a variety of different investment vehicles that you can choose from, whether it's real estate, stocks, ETFs, or investing in other businesses.
Pick 1-2 vehicles and go deep with them. For me, that has been investing in stocks and cryptocurrencies. You want to get clear on your investing strategy and not dilute your focus. Most of the top entrepreneurs in the world have moved into this stage.
Step #10 – Optimize Your Wealth
At this stage, you're making a lot of money. Your taxes become the biggest expense that you have. You want to figure out a strategy for how you can pay less. When I started making millions of dollars and paying half of my income in taxes, I decided to give up my Canadian residency.
I moved to Panama, became a digital nomad, and set up an offshore corporation in Singapore. It cost a lot of money to do this, but I knew that it would be worth it. If I did this for a few years I knew that I would save millions of dollars in taxes, and that is exactly what happened.
I invested the money that I saved. As a result, I've built my net worth faster than I ever would have had I stayed in Canada.
Another thing that you're going to focus on at this stage is diversification and allocating your investments. I don't want to have all of my investments in stocks. Rather, I want to branch off and have them in different asset classes, long-term. Always think big picture about how you're going to create the next level of wealth. Decide what amount of money will allow you to live life on your terms.
These are the 10 steps for creating wealth (even if you have no money right now).
I promise you that if you follow the above 10 steps and you go deep with each one of them, there is no limit to how much money you can make. Start the journey of creating financial freedom and building your dream lifestyle today!
Are you ready to create long-term wealth and build a profitable online business? CLICK HERE to take my FREE 60-second quiz to find out which business model is best for you!