People share with me on a regularly basis that they are simply too busy to focus on their wealth. They tell me that dedicating a few hours every week or month to focus on their wealth is simply just too much time. 

Creating a wealth strategy and implementing it doesn’t have to be a full-time job, but it does require focus and some time and effort.  Many people struggle with focusing on their wealth, not because they don’t know what to do, but because it is more comfortable to keep things the same.

Let’s look at two very different wealth strategies. Both involve an operating business with a business owner who wants to move from working “in” the business to working “on” the business in order to build wealth.

Wealth Strategy #1
The business owner is:

  – Working 60 hours per week.

  – Thinking about being able to get out of the day-to-day operations, but can’t imagine how the business would run without him there.

Wealth Strategy #2
The business owner is:

– Establishing a wealth team that includes key employees who manage the business.

– Using formal and informal agreements with team members to improve communication.

– Putting systems in place, including internal controls, so everyone in the business understands proper operating procedures. With these systems in place, the owner can spend his time managing the systems (which takes less time than managing the people).

– Putting reporting in place so information is readily available to make timely decisions.

Which strategy do you think will be more successful?

Wealth strategy #1 is going to struggle.

The owner is too busy to focus on wealth building. The business owner could achieve his goal if he wasn’t too busy, but it is all based on what he is willing to do. Is he willing to leverage his resources so he has the time to focus on his wealth? Is he willing to move out of his comfort zone by figuring out how his business could run without him there?  

Wealth strategy #2 embraces the leverage that comes with properly using resources.

The business owner is willing to do whatever it takes to leverage his resources. The leverage from the proper use of resources gives the owner more time to focus on building his asset (his business) in order to build his wealth.

Too Busy?

When I hear that someone is too busy to focus on their wealth, I think about these two strategies. Is anyone really too busy to focus on their wealth? If someone is truly interested in taking control of their wealth, they will make it a priority. Until then, they will remain too busy.