So much about the process of building wealth has to do with cultivating smart habits from the start. These are the behaviors and activities you practice every day, even the littlest ones, that bring you one step closer to your goal.
In their new book "Wealth Can't Wait," entrepreneurs, real estate investors, and self-made millionaires David Osborn and Paul Morris outline how to build sustainable wealth by cultivating smart habits, or disciplines.
Osborn is the operating partner of Keller Williams Realty and managing partner at private equity group Align Capital. Morris is the CEO of the second-largest Keller Williams franchise, located in Beverly Hills, California.
Below, check out their seven strategies to help you build more wealth.
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1. Constantly revisit your plan
"Nothing is more powerful than creating a vision of the near-term, mid-term, and long-term future," the authors write. It's important to "design your life" knowing exactly how you'd like it to end up.
But because life is filled with unexpected bumps and changes in course, it's imperative to revisit your plan constantly. Osborn heads to a coffee shop or juice bar once a week to sit and consider recent accomplishments or setbacks, check in on his progress, and adjust his plan accordingly.
2. Become your own expert
Just because someone is labeled an "expert" at something doesn't mean they can predict the future. Consider the numerous economists who were calling mortgage-backed securities safe "right up until they were nearly worthless," write Morris and Osborn. Or the 2016 presidential election, which Moody's — and nearly every other "expert" under the sun — predicted would be a runaway victory for Hillary Clinton.
Instead of listening to guesses about what will happen in the future, base your investments and business decisions on what works for you now, the authors advise.
"Invest in things that will stand up if circumstances stay the same for a long time or get worse. Have a plan that will create a predictable value-add. Then go for it."
3. Stay in your lane
This tip is simple: Stick with what you know. "Great wealth isn't built by diversifying into a million different things. ... get really good at something that generates revenue and stick with it," Morris and Osborn write.
For these two entrepreneurs, that's real estate. They each have a target annual rate of return of 15%, and as they pay off more of the mortgage on a property every year they add principal growth.
"Compare that to the long-term rate of a diversified portfolio of assets and you'll see why we say don't diversify," they write. That said, once you've built wealth, get in touch with a financial adviser who can help you strategically diversify that earned wealth into new investments.
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