Welcome back to those who have joined me before and to any newcomers, to our different conversation around money and building wealth -- your wealth.
With all the attention right now on my just-published book,
The Millionaire Maker's Guide to Creating a Cash Machine for Life
, I have been extremely busy with TV and radio interviews across the country.
However, for the thousands of future millionaires joining us here for the first time, I wanted to take this opportunity to recap our prior conversations. I also want this to serve as a reality check for those with cash machines already in place.
Perhaps you are having problems and didn't get it
set up just right. Let's take a look.
I'll tell you right now that in our ongoing conversations about cash machines in my Live Out Loud community across the country, or even here in this space, rarely do you hear me say, "Whoa, let's slow down."
As most of you know, I am all about getting off the couch now and getting into action, because if you don't get started right now, a year from now you'll wish you had.
If you do have your
skill set defined, your
team in place, due diligence done and your cash machine up and running, way to go! I love cash and making more and more money, but I never take my eye off my longer-term goals. Cash machines are essential, yes, but there is more. Let's stop for a moment for a reality check.
All good leaders do this: reminding their team of their vision for their financial future.
Are you on the road to that destination of incredible wealth and financial freedom, or still stuck in your life-cycle way of living -- one of debt, a W-2 job and simply making money to cover expenses?
These should all be fading in the rearview mirror.
If not, you need to step back and take a hard look at where you are and why. Get your map out. Did you make a wrong turn? You need to revisit where you started and the actions you took, and get back on the right road.
Let's do a quick overview now for all you newcomers and as a tune-up for the rest of you.
I always say first things first. If you read my first book,
The Millionaire Maker: Act, Think and Make Money the Way the Wealthy Do
, you already get it -- sequencing, or how to activate your
wealth cycle and how and when your cash machine fits in.
Remember, everyone must do the first three steps below in the same order to get started. The next nine steps, while they are essential building blocks in getting to your cash machine and making it work, will be completed in different orders, depending on what sequencing works best for you.
Here are brief definitions of my key building blocks to wealth:
The Financial Makeover: the map or model that defines where you are, where you're going and how to get there.
Your Financial Baseline: a detailed overview of your current financial situation -- your income, expenses, assets and liabilities.
Freedom Day. a clearly defined goal for where you want to be, and when.
Your situation is unique, and the next steps might be in a different order for you. But you will (or should) complete each and every one. Millionaires do.
Debt Management: a five-step debt elimination plan that erases consumer debt, the greatest barrier to wealth-building.
Entities: the organization of trusts, partnerships and corporations that hold and service wealth and take advantage of the tax strategies devised by Congress and state legislatures to protect companies and help businesses grow.
Cash Machine: the fuel that accelerates the wealth cycle, which comes from your capacity -- your own skill set -- to create more cash from a legitimate business venture. You must learn to earn.
Wealth Account: an account in which you consistently commit a portion of earnings for investing.
Forecasting: a projection of your revenue, expenditures, assets and liabilities and how to direct those numbers into companies that make full use of the tax code.
Assets: direct and diversified asset allocation, which is essential to create passive income to feed the wealth cycle.
Leadership: You must learn to lead your wealth. Though you may, and should, choose to delegate some of your wealth-building, no one can drive the wealth-cycle process like you can.
Teamwork: You must build and direct a team of professionals to help you develop and execute your strategies and reach your goals. Wealth-building is a team sport.
Conditioning: a financial way of thinking as you accumulate the experience that gets results and gain confidence.
Again, welcome to all of you who are just joining me. Now go do your homework on all 12 of these building blocks, understand them, get your team in place, and get into action.
And for those of you with cash machines having problems, or if you have lost sight of your longer-term goals, go back and get your foundation in order.
As I have said, the order or sequence of building blocks differs, depending on the person and his or her individual objectives. But everyone needs to have a wealth plan in place. Is yours the right one for you?
Check back regularly, as we will be getting back to building and growing your cash machine business and into sales and marketing, finance and operations.
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.