Start Wealth Building With These Simple Action Steps

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Top agent Jessica Starr is passionate about wealth building. So much so that she’s made it her quest to get people excited about the possibilities that real estate investing can create. As a result of her journey into this realm, Jess has created a multi-session course to teach people both inside and outside of the real estate community how to invest and build wealth. In our sit down, she introduces us to her insights around this topic.
As Jessica shares, building net worth and becoming an investor comes down to two main things: mindset and action. Read on for a look into both.
Mindset first
If you’re interested in taking the first step into wealth building, you’ll need to develop an investor mindset. This means teaching ourselves to look at the world differently. We know, investing can be scary. However, with the proper know-how around different strategies and approaches, we can reduce our fear and learn what’s necessary to invest properly. That means looking around us and acknowledging there are opportunities everywhere. When we focus on the opportunities, we can see that it’s never too late to begin to make lifestyle changes and decisions that can change our wealth trajectory.
Remember, when it comes to wealth building, it’s not about how much money you make but how much money you keep.
Action next
You don’t have to run out and purchase your first investment property immediately. In fact, you probably shouldn’t. What you should do first and foremost, is create a budget. Most people don’t have a budget and it’s safe to say that most people don’t even know what they spend each month. So, begin there. After all, we can’t know where we are going unless we have a realistic idea of where we’re starting. Print out three months’ worth of your personal accounts and ask yourself if you’re making enough money to cover your existing bills. Then, start to get rid of excess spending. Look at your personal spending first and then move to your business spending. If you can live without it (think extraneous streaming services or monthly subscriptions you don’t use), get rid of it. Leverage the savings you’ve achieved through cutting to start building your wealth.
We should also take the time to determine what our current net worth is. This involves looking at all of our assets and our debt and starting to track it. After all, until we take the time to understand the full financial picture of our lives, we won’t know what we’re truly worth. Once we’ve started to track our net worth, we can set a goal and get laser focused around achieving it.
You don’t need to make any extreme changes overnight. Jessica suggests making changes to your investment mindset, approach to spending, and net worth tracking in incremental steps. And remember, when it comes to building wealth, the sacrifices you make now will result in rewards down the road.
If you’re interested in building wealth and aren’t sure where to start, join Jessica as she gives us an introductory overview on Wednesday, September 27th into her in-depth classes called Your Legacy: Design. Build. Live. You can sign up to attend this FREE class on Zoom here! The series continues in three additional sessions, each designed to go further in-depth on how to design your legacy, build your legacy, and most importantly, live the life you want. If this sounds up your alley – be sure to check it out for more information!
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