When setting up, structuring, and building your business, there are many things that you need to ruminate upon.
It’s also important to consider your future and what you want it to look and feel like, allowing you to put in place any habits or plans so you can build wealth, create a legacy, and figure out how you are going to exit your business. This can take on many forms, depending on the person and their goals.
Your business should be the ticket to your next venture, whether that be passing on the business, building the business and selling it or retiring and enjoying yourself!
In the very last session of ‘MASTERMIND. With Sherrie’ for 2021, financial whiz kid, Noel Whittaker, shared with the masterminders exactly how they prepare themselves. Noel is an international bestselling author, finance and investment expert, radio broadcaster, newspaper columnist and public speaker, one of the world’s foremost authorities on personal finance.
A few of the tips he shared with us are:
Starting with the basics.
Come up with a plan that has a sense of purpose. A sense of purpose will help you stay on track and work towards your goals. Everything takes time to build, your purpose will help you remain patient. Many people give up when they are almost there. Noel suggested using tactics like getting an accountability partner and actively writing down your goals and ticking them off.
Make sure that you are setting long term goals. These will give you direction and help you plan so that you can reach them. People today are living much longer. In 40 years, the average age of death for females will be 97 and for males 96. Whilst the fundamentals of securing your future don’t change, you need to ensure that you are considering all the elements, including how long you will live!
Your potential doesn’t end at your income. It’s important to build a business that can be monetised in some manner and ensure that you are diversifying your personal assets. This could be by investing in property or the share market. Look at building wealth with multiple income streams and find a trusted advisor that can guide and educate you through your decisions. When you focus on a wealth-producing strategy, the income stream will be there.
Noel also shared with us his guaranteed secret to wealth…. “Save first, spend second. You don’t miss what you don’t get”
Applications for ‘MASTERMIND. With Sherrie’ in 2022 will be launching very soon!
If you are interested in seeing who spoke in this season and want to register your details to gain early access prior to launch, you can find out more here.