You Are Either Committed To Building Wealth Or You Won’t Succeed. Find Out If You Have What It Takes And What You Can Do About It…
What separates people who actually retire early and wealthy from the people who just dream about it? What is the key ingredient that consistently and predictably determines the financial outcome of someone’s life?
The answer may surprise you – commitment. Just imagine, the “secret to wealth” and the Rosetta Stone of financial security has nothing to do with finance and everything to do with what is inside of you. Hard to believe, but true.
Commitment is the reason postal employees and blue collar laborers can retire early and wealthy while doctors and lawyers can end up in bankruptcy. It is the toll gate on the road to financial freedom that everyone must pass through. It is the great equalizer that makes the wealth building game fair and balanced for all participants.
“Unless commitment is made, there are only promises and hopes… but no plans.”
A deep and passionate commitment to building wealth is what will make it happen. Investment techniques, financial planning skills, and all the “how-tos” that supposedly lead to financial freedom are second-rate knowledge in comparison. Commitment is the on/off switch that determines whether the other financial information is useful or a waste of time. It is the reason some people who attend “how-to” seminars succeed fabulously while others get nowhere using the same learning.
But what do I mean by commitment? Why is commitment the critical factor to your financial success, and how does it work?
More importantly, how can you make sure your commitment is strong enough to assure that you retire early and wealthy? That is the purpose of this article…
Are You A Professional Wealth Builder Or Just An Amateur?
To develop a deeper understanding of what I mean by commitment let’s use an analogy from sports. There are two types of people at a professional sporting event. The first type is the professional who is on the field getting his hands dirty, taking risks, making mistakes, and receiving his lumps and bruises as he actively plays the game.
The second type is the amateur who sits on the sidelines passively watching the game because he is interested and entertained. The amateur takes no risk and never really plays the game. He might be a weekend warrior, or a critic, or someone who just loves to watch, but he’s not a player.
The professional is committed while the amateur fan is just interested. The question that’s important for you to consider is which role you play in the game of building wealth?
If you aren’t sufficiently clear about this distinction between amateur interest and professional commitment then consider the following two analogies:
- When it comes to breakfast the pig is committed and the chicken is just interested.
- When it comes to childbirth the woman is committed and the man is just interested.
So when it comes to retiring early and wealthy, are you committed or just interested?
The following criteria will help you get clear…
Test Your Commitment To Financial Success …
Let’s take a little test and see how your commitment to building wealth measures up. Below are ten examples that contrast the daily practices and attitudes of professional wealth builders with amateurs to show who is committed and who is just interested. Your job is to decide which description in each example best fits your actions and tally the results.
1: Professionals play to win because that is how they get paid. Amateurs play for fun because it interests them and results are a secondary consideration. Amateur symptoms include lots of talk, analysis, study, and preparation – but little action. Talk and analysis don’t create results without action. Professionals do exactly the opposite by talking little but taking massive action. Action is what gets results, and results are all that matters when it comes to building wealth. So how much action are you taking every day?
2: Professionals overcome all setbacks that inevitably occur in the pursuit of financial freedom because their commitment drives them to persist. Nothing less than success is acceptable: there is no viable alternative. Amateurs give up too early and get sidelined from building wealth as obstacles appear because other opportunities look more appealing and fun.
3: Professionals prioritize building wealth; whereas, amateurs play the game as an after thought to the rest of their lives. You won’t succeed at the wealth game if it is merely a tag line to the rest of your life because something will always get in your way. Professionals spend a significant portion of every day building their wealth. You must pro-actively organize your life to make room for building wealth by creating daily habits that support a wealthy outcome. So how much of your daily life is dedicated to building wealth?
“A professional is a person who can do his best at a time when he doesn’t particularly feel like it.”
4: Professionals play seven days a week because consistency and persistence creates results. They show up every day to play whether they feel like it or not. Amateurs are weekend warriors who play occasionally and only when convenient. With that said, obviously professionals take days off, but the point is to illustrate consistency of purpose and dedication.
5: Professionals are committed to a long term approach based on a realistic action plan. They build their toolbox of skills and improve their financial intelligence with daily practice because many little things done right can compound into big wealth over time. Amateurs are overambitious and have an unrealistic time table. Amateurs want the big killing now so they can “get this wealth thing over with” and get on with their lives. Amateurs are attracted to “hot tips”.
6: Professionals take their lumps and bruises with every game because that is the result of taking intelligent risks. Amateurs sit safely on the sidelines. No guts, no glory. You only get results if you are willing to take intelligent risks.
7: Professionals live by the principle of delayed gratification. They are willing to pay the price today for the greater glory that tomorrow holds. Don’t confuse this with suffering; however, because there is no suffering when pursuing what you most desire. It may be hard work, but sometimes that is necessary to realize your fullest potential. Amateurs want it now and aren’t willing to pay the price of admission. They want something for nothing and won’t follow through unless it is fun and easy.
8: Professionals don’t allow the clutter of life to keep them from playing every day. They eliminate distractions so they can focus on the goal they committed to. Amateurs are regularly distracted and lose focus.
9: Professionals face their fear of failure by stepping up to the plate and swinging the bat – even if it means striking out. You can’t hit a home run or get on base if you aren’t willing to strike out occasionally. Amateurs avoid their fear of failure by “getting ready to get ready” thus avoiding the necessary action that leads to financial success.
10: Professionals build wealth like a business with efficiency and focus. Growing their personal wealth is the professional’s primary business activity with all other work and financial tasks being designed to support it. Amateurs are casually interested like a hobby.
Judging by the actual results of your life, how did you score? Are you a professional or an amateur wealth builder? More importantly, why should you care?
How Professional Wealth Builders Put The Odds Of Success On Their Side
There is a common theme that separates the professional from the amateur in the above examples. The professional persistently takes action despite the obstacles because s/he is committed to building wealth. The amateur gets distracted by life’s clutter. When you are committed your daily habits become congruent with building wealth which is what makes it happen. That is the key: your results are a product of your daily habits.
The reason commitment is essential is because persistence through daily habits is necessary to build wealth through compound growth. I know that is a mouthful, but it is important to make the connections: commitment equals persistence which equals daily habits designed to build wealth which results in compound growth. That is the cause and effect cycle for financial success: if commitment isn’t at the beginning wealth doesn’t come out the back end. Building wealth is simply a “rinse and repeat” process until financial success results. The key is to start right so you persist long enough to succeed, and that starting point is commitment.
For all but the freak exception wealth is built on an endless number of small, daily actions, each of which multiplies through compound growth into something substantial. I know that isn’t glamorous but that is how the process works for most successful people.
That is how people who weren’t born with trust funds, inheritances, or destined to win the lottery succeed at building wealth. It is the “everyman’s” way to wealth. You intuitively know this is true because when you look at any area of your life where you are already successful you will see the above formula applies. Consider your career, health, marriage or whatever it may be. You will see that success is the result of persistent, regular action focused on a specific result over a prolonged period of time. Commitment is the reason that action occurs.
Apparent instant wealth almost always stands on the foundation of many years of small, daily habits that have compounded into “sudden riches”. Few will build wealth out of one or two big killings, but will instead compound it brick by brick over a period of time. For example:
- A business person builds his business one product, one client, one employee, and one project at a time with each of these successes requiring habitual daily actions to support the outcome.
- A real estate investor builds his portfolio one deal at a time with each deal requiring ingredients of capital, skill and knowledge that are built through a regular series of small, daily actions.
- Paper asset investors compound wealth by saving regularly each month with a daily discipline designed to conserve capital while constantly pruning and adding to the investments in their portfolio.
“The quality of a person’s life is in direct proportion to their commitment…”
Vincent T. Lombardi
It is no coincidence that business, real estate and paper assets (as described above) are the three paths to achieve financial freedom, and success with each follows the same formula. Each requires commitment.
The problem that keeps nearly everybody who desires success from actually experiencing success is their lives get overrun with seemingly urgent matters that distract time, money and energy away from their commitment. Life is a daily battle between your most important, internally driven desires and the clutter of life imposed by the external world. The winner of this epic battle is determined by your commitment.
Without commitment your time, money and energy get diffused and distracted. Without commitment the actions that lead to success never get done because something else is always getting in the way. Without commitment the external world wins the battle for your time causing wealth and financial freedom to forever remain a dream.
So which one are you? Are you a committed, professional wealth builder who is destined to achieve financial freedom, or are you a casual amateur destined for financial mediocrity?
How You Get Committed To Wealth …
How do you become a professional wealth builder? How do you raise your commitment to a level that makes financial freedom a question of “when” rather than “if”?
You can do it yourself through trial and error by studying the existing self-help literature available. Everything you need to know already exists in books on the subject. There are no secrets. You will need to blend proven financial techniques with perennial success wisdom and distill it down to a system that helps you commit to building your wealth.
Alternatively, you can accelerate the journey and increase your odds of success by allowing me to do that work for you. Step One of my Seven Steps to Seven Figures course is specifically designed to get you committed to your wealth building process so you can play the game like a professional. It is the essential starting point on the road to wealth that can make or break your success.
Anyone can become wealthy. It’s not a matter of brain power, luck or being in the right place at the right time. It is about a deep commitment to the goal that lasts long enough and effects your actions in such a way that you get results.
I know, I know … I can already hear the whining and moaning. “But Todd, I have a job, two and half kids, my Aunt is sick, the dog ate my homework, yada, yada, yada.” I can’t possibly be a professional. I don’t have the time to get wealthy.
“Every artist was first an amateur.”
Ralph Waldo Emerson
Wrong. You are already a professional at something … just not wealth building. What are you committed to right now? Maybe you’re a professional in your job or career, or maybe it is motherhood. Some people are professional victims and underachievers. Just look at the criteria again and you will see that you are a professional in at least one of the roles you play in your life because that is the role you are committed to. The reason you aren’t a professional wealth builder is because that role has never been a priority. It is as simple as that.
“But Todd, you don’t understand. My life is so busy I barely have time to go to the bathroom.”
Correct … but that is not the point. If building wealth was your priority then you would make it happen just like you always manage to find time to go to the bathroom when it becomes a high enough priority. I know it sounds funny, but it is literally the way it works. I’ve seen it time and time again in my financial coaching practice. When you break through on your commitment then everything else starts to happen. It is literally the way it works.
Let’s get something straight here – wealth is not for the masses. Numerous studies show less than 5% of the population will retire with anything resembling financial security and abundance. The rest are destined to financial mediocrity. Sorry, but those are the statistics.
Either you are committed to building wealth or you aren’t.
Either you get results or you don’t. It’s just not that complicated. All the rest of the talk is just amateur psychobabble. Judge by results – often harsh but always fair.
If you keep doing financially what you did for the last five years, where will you be five years from now? Ten years from now? What needs to change?
Maybe now is the time to get financially committed. Step One of Seven Steps To Seven Figures will show you how. It is the starting point to building wealth that nobody succeeds without completing…