Publish date:

Build a Wealth Team

You're the captain and must pick the right players.

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.

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.

TheStreet Recommends

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.

Field partners, and everyone else on your team, for that matter, will help you mitigate risk -- another team benefit. Their collective knowledge and experience will become invaluable in setting your goals and making decisions. They help you understand the "numbers" in any deal and diversify your Wealth Cycle investing across different asset classes.

Whether on Wall Street or in Wealth Cycle Investing, there is always some degree of risk. Everyone's financial situation is different. If you have a team, you will reach a far better understanding of risk, and make informed decisions based on your own tolerance for risk. Your team will help you sleep better at night.

Wealth-building is a team sport. But someone has to be captain, and that's you. You are the most important person on the team. You have to lead your team. All the players should be excited by your vision and energized by your pursuit. You are responsible for finding every partner on your team.

You will lead, listen and learn -- all at the same time. But you will never abdicate your leadership or responsibilities, no matter how smart or expert your team is. You are the leader; you drive your wealth; you are responsible and accountable for everything.

A master coach and financial strategist, Loral Langemeier has proven how consumers and businesses can create wealth from the inside out. As author of "The Millionaire Maker" and "The Millionaire Maker's Guide to Wealth Cycle Investing" and director of Live Out Loud, a financial coaching and mentoring company founded in 2000, Langemeier has become one of the most successful business and financial speakers in the country.