Five Behaviors to Build Wealth

In my 25 plus years of experience, I've worked with thousands of business owners, families and individuals and have distilled down the five steps that separate the wealthy from the average. We call this the Build Wealth System. The Build wealth system will help you build and protect your wealth so you can invest your time, money and energy in into what brings you the most joy in life. Whether that's your next business venture or traveling the world with your family. You no longer have to jump from one idea to another with the hopes of finding the next best strategy or struggle to find the right professionals to assist you. Our dedicated wealth team will help you discover exactly how to take control of your entire financial situation and have your money in 100% alignment with your goals in five simple steps. Step one is getting clarity. What's most important to you in life? I ask because what we value influences how we invest. The first step that all wealthy individuals take is to get clear on their true desires. We'll dive deep into what's most important to you and help you understand how your money is currently flowing and detect any holes where you may be leaking cash. We'll align your cash flow and resources with your goals so you can focus on what matters most to you in life, like retiring early, traveling and spending time with your family or doing the.

Things that you love.

Step two is we'll help you identify all the roadblocks. Identifying the roadblocks standing in your way of achieving your goals is a key to overcoming them. We'll take inventory of your current financial picture. Examine which resources that's income, businesses, savings, retirement accounts, etc. That are propelling you towards your goals and which ones are holding you back so you can realign and take control of them and ensure that you money is available when you need it. Step three is building a solid foundation. It's critical to look at the pieces of your financial plan that pose the greatest risk so we can uncover any blind spots and ensure you're protected. We'll solidify the foundational pillars to make sure your financial plan is strong from multiple angles. This includes developing a private banking system designed to help reduce any dependency on banks. Step four is mirroring success. Success leaves clues and there are key principles the top 1% use to manage their wealth and build their balance sheet. We'll come up with your custom plan using proper diversification and set formulas that mirror how the wealthy invest. Our wealth team supports you each step of the way so you can be confident that you're building a future proof plan for yourself that will impact your current and future generations to come. Step five is mapping your progress an often overlooked aspect to managing money is managing emotion.

You're going to hear things that cause.

You to doubt if what you're doing is right.

You're going to see the markets become.

Volatile at times, making you feel anxious about what's next. Our wealth team will be here for you each step of the way to help you focus on your plan, evaluate your progress, avoid potential pitfalls, and make the necessary adjustments to keep you on track and moving towards your biggest goals and dreams. This system is designed to help successful business owners and individuals grow and protect their wealth. The result is having your money and your goals in 100% alignment for your future. If you are eager to accelerate your progress and build a financial plan, sign up to get plugged into the Build wealth system today by visiting thebuildwealthsystem.com.

You'Re listening to the Common Sense Financial Podcast. I'm your host Brian Scribonia. Thanks for tuning in and let's get into today. Today's topic Hi, I'm Brian Scribonia and welcome to today's podcast. One thing I've learned over the last six months, during a time of a growing market and economy to a sudden shift of social distancing and virtual workplaces due to COVID 19 pandemic, is that people are motivated by two emotions, fear and greed. And I know listening to this can almost seem insensitive or downright offensive, but it's the truth. Think about it as a parent, a business owner, friend, employ spouse, neighbor, our emotions can lead us into making decisions that we can reflect back on after the emotion passes to realize that maybe we could have done better. I see this all the time with people when it comes to investment decisions. When markets are good, people believe markets will go higher and they become eager to ride the market higher. And when markets are bad, people believe markets will go lower and can experience an onset of behavior that is if it's not managed, can lead to bad decisions. Take Lauren for example. I met with Lauren last fall to discuss her plans for retirement in 2020. We discussed moving some of her money out of the market to protect it from a market decline, since she was relying on this portion of her portfolio for income at the time, I obviously had no idea what was about to happen and was simply practicing prudent planning by making a recommendation to protect what that money was designed for. And at the time the markets were doing well and there was no reason to think that they would go down well, like so many other investors in times when markets are good, she felt that the markets would continue to go up and can grow her investment assets a little higher without worry. But we now see this emotion called greed drove a belief that markets will continue to go up and unfortunately turned out to be the wrong decision. Her emotion drove her decision making and caused her to lose sight of her retirement goal. Now fast forward to March. When the markets began seeing significant losses, her emotions shifted to fear and she began worrying that her retirement plans may not work out. Fear had her thinking that she should move her investments to cash to avoid further losses. In an attempt to preserve the purpose that she had for the money. She went from an attitude of riding the market wave higher to an attitude of wanting to move everything to cash. I mean, I saw both greed and fear from the same person within a matter of just a few short months. Emotion is a very powerful thing. Now, the good news is that Lauren and I were able to work through the emotions she was feeling by creating a strategy that will keep her retirement plans on track. But the point is this, allowing your emotions to guide your behavior can often lead you down a path that you may not want to go down. In good times and in bad. When emotions are fueling our propensity to act, we have to stop to realize what is happening. To keep our emotions in check, we have to remind ourselves that while these feelings are real, they should not be used to make important decisions for the future. Now, there are times when you may get lucky in your attempt to outsmart the markets. But we have to agree that getting lucky is not the same as being successful. Luck is not a strategy and it cannot be controlled. While success is clearly the result of a well thought out strategy for realizing a specific outcome. And lucky people do not have a repeatable strategy for achieving that same level of success again and cannot articulate a method for helping someone else experience that same result for themselves. However, when it comes to successful behaviors, there are specific repeatable things you can do to be successful in times of stress and fear. Specifically, there are five things that I have found successful people do in good times and in bad that can be linked to their success. Number one, they don't allow emotions to drive their behavior. They realize that while emotions are real, they understand that emotions can impair judgment and can lead to bad decision making. Number two, in good times or in bad times, in periods of fear or greed, they remain focused on their goals and they don't get too distracted with current events or temporary Setbacks. Number three is they focus on areas of their life that they have control over and they set aside anything that they cannot control that only leads to worry and anxiety. Number four, they manage their money different than the average person when it comes to money, they they ensure that they have access to cash, they work to control the outcome, they focus on creating passive income, they protect the purpose they have for the money, they strive for consistency over volatility. And number five, they understand that success is the result of a well thought out strategy that creates an intentional and controllable outcome. So how about you? Are you focused on the media markets and the Coronavirus or are you focused on your goals? No one can blame you or someone else for having some uncertainty about what is happening in our world right now with the Coronavirus we are experiencing an unprecedented event that is challenging our way of thinking, our way of life, and for some their families. This virus should be taken seriously and is a wake up call to remind us that life is fragile and the comfort of the past is not necessarily the reality for our future. The two things that come to mind through all of this are gratitude and action. We need to be grateful for what we have regardless of where we are in life. What you're going through or what you have experienced there is good. In times of fear it is helpful to physically write down all the things that you are thankful for. I have found that this exercise can help provide some perspective in a time of uncertainty and for action. There are many sayings that motivate and encourage such as just do it or the time is now. These sayings are commonly associated with achievement and success. We have to remind ourselves that fear and uncertainty leaves you like a fan sitting in the stands watching as the game is being played. The game controls your emotions and you have no control over the outcome. There's a reason that the most successful people are on the field playing the game and are focused on the things they can control. They realize that things are up to them and if they sit around waiting for some event to happen or situation to change, then they are leaving the outcome to chance and their goals are left unmet. So the question you have to ask yourself right now is this. What are you doing right now to move yourself closer to your long term goals? Are you letting outside circumstances control or prevent you from taking action? Are you allowing thoughts such as I'll do something after this passes or I'll do something after the market gets back to all time highs or I'll wait until after we get back to work are you allowing these things to stop you from taking action? The truth is, we all have our reasons and excuses for not taking actions on a normal day, much less when there's a pandemic ripping through our nation. So it's more important than ever to overcome these thoughts and do what is necessary through it all to make sure you continue to play the game and move the football down the field. With all that said, my team and I are here to help you stay on track by offering the guidance you need to navigate through these uncertain times and to move you closer to your goals. If you're not already following me on Facebook, YouTube, Instagram and LinkedIn, and if you're not already subscribed to our Forbes Top 10 rated podcast, the Common Sense Financial Podcast, take time to do that right now. And if you do have specific questions or are looking for an advisor to help you navigate through these unprecedented times.

Reach out through our website.

That concludes today's podcast. I'm Brian Scribonia and thank you for listening to the Common Sense Financial Podcast.

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