The 3 Key Factors Responsible for Your Wealth

Are you eager to create a greater level of wealth?

I know a lot of people are reflecting on their personal situations during these times of change and are looking to improve their circumstances.

While thoughts are important, the more difficult part becomes how and where to start.

I have focussed on 3 key factors that I believe can have the greatest impact, as you start your journey.

These are factors within your control, but there is also some outside of your control.

Although I am talking specifically about property investment as a vehicle in this article, the principles can be replicated.

So, here are my thoughts:

1. You

It is you who has the greatest impact on your wealth.

That may seem like an obvious statement, but to some, it may be hard to comprehend.

Some may feel that there are outside influences that dictate their life path or in this case, their level of financial success.

There is no doubt some people have had major setbacks or are at a distinct disadvantage and need to overcome considerable odds.

Others may feel like it is the government, their parents, or their boss, that holds the key.

But once they take responsibility and realise that they can control their own future, things begin to change.

I believe that education is the key and a vital first step to changing and fine-tuning your mindset.

Something that sounds so simple can often be the most difficult to take control of.

Once you have control of your mind and direction, you then must take action!

2. Finance

There is no doubt you will need to take on a level of debt to build greater wealth.

The rules continually change and investing in property is now a game of finance with a few properties thrown in.

There has been a steady drive from financial regulators and institutions to focus heavily on serviceability over equity.

Many sales strategies and books have to be rewritten and changed, as the days of buying 10 properties in 10 years or racing from 0 – 100 properties are long gone.

Your ability to continually borrow more money will dry up faster than the multitude of opportunities that will arise.

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