Build a Wealth Team

Time is just the beginning of the conversation about team. Wealthy people also surround themselves with knowledge and expertise -- people who know more than they do. You will want a mentor or two right at the start -- someone who has been where you want to go. A good mentor shares your vision and helps you get back on track, should you lose focus or if your resolve wavers along the way.

Some clients are nervous, or even afraid to make that first call. As the saying goes, "Just do it!" Use whatever psychology you need to take action. Use your enthusiasm and energy. Most people I know are pleased and honored when asked to be a mentor.

Mentors can be excellent sources for referrals to the professionals you will need on your team. Whether your cash machine will be buying a Laundromat or starting a consulting business, undoubtedly you may need some help in other areas that you may not be as skilled in. You will need lawyers, accountants, bookkeepers and other professionals whom you trust and who will support your cause. Every team is different.

Yours, of course, will match your needs, and change as you work your way up the learning curve. Yes, there will be a cost for this expertise. But the payback will be enormous down the road.

Field Partners

As your Wealth Cycle gears up, and you begin your direct investing, you will need field partners on your team. This is a fundamental approach that the wealthy have always used. Whichever asset classes you choose -- real estate, private equities, gas and oil -- you must have someone on the street, in the industry or company who is helping you make things happen and keeping an eye on your investments. Your field partners will be a big part of your business life. Finding ones you trust and ones enjoy being with is essential.