Build a Wealth Team

This is the latest article from Loral Langemeier, a financial coach and author. Click here for a list of her articles.

Building and leading your team is critical in building your Wealth Cycle.

Once you commit to changing your life and getting into new conversations about money, the next important building block is team. Remember, there is no such thing as a self-made millionaire. You cannot and should not even attempt to do it without a team.

Yes, you have to do it alone, but not by yourself. Confusing? It means you alone have to take the first step, get off the couch, get into action and be the leader of your team. Alone, yes, but with a team for support and encouragement. Your team can provide the professional expertise and time you will need to execute your wealth plan. A team is about support, expertise and time -- your time in becoming a millionaire.

You need to buy your time back to become wealthy. Think about it: Are you better off cutting your grass, cleaning your house, or are you better off dedicating your time to making money? Saving $10 to $20 an hour by doing your own housework is not the way to build wealth. That's about a life of scrimping and saving, staying stuck where you are. The conversation in our Live Out Loud wealth-building community is about building a life of more, not less.

Utility Players

Our teams include what I call utility players. Hiring good help for 10 hours a week buys you 40 more hours each month to focus on your Wealth Cycle. If you don't have time, you need a team.