5 Takeaways From Reading Wealth Can’t Wait

 

One of my mentors, David Osborn, and his colleague, Paul Morris, released a new book this year called Wealth Can’t Wait:  Avoid the 7 Wealth Traps, Implement the 7 Business Pillars, and Complete a Life Audit Today!

Both these gentlemen managed to grow their Keller Williams Real Estate brokerages into company behemoths.

However, they both have gone on to build wealth in other areas as well, and both focus on creating multiple streams of income.

Knowing this is what led me to read this book in the first place, since most of you know that I am a firm believer in having multiple income streams.

This book is broken down into 5 sections, so my goal is to pull one main takeaway from each and write about it in this post.

Just reading this post won’t do you any good though.  The book is full of wisdom for anyone who is serious about building wealth.  It is a must read, and this post is just a taste of what you will get out of reading it.

Let’s get to it.

 

Part 1:  Make The Choice To Build Wealth

The first section of Wealth Can’t Wait, is all about making the choice to build wealth.  This section of the book is broken down into eleven chapters, such as “Avoiding the Seven Wealth Traps,” and “Taking Responsibility For Your Wealth,” to name a couple.

This part of the book was eye-opening for me, as it reinforced what so many of my mentors have been trying to instill in me…becoming wealthy starts with a choice.

My big takeaway for this section is that “wealth is just a code for freedom, and freedom is the ultimate gift in life.”  By choosing to build wealth, you are granting yourself the freedom to make the choices you want to make in life.  You are taking control of your destiny.  You are giving yourself the power of possibility.  When you think about what is truly possible in life, you realize that being wealthy gives you the opportunities to explore many of those possibilities.

You owe it to yourself to build wealth, so that you can enjoy all the gifts of this world.

Part 2:  Embrace The Mind-Set That Builds Wealth

Once you make the choice to build wealth, it becomes a matter of mind-set.

You know you can do anything you put your mind to, and building wealth is no different.  The 16 chapters in the section really break down what to think, and just as important, how to think.

Osborn and Morris state “So much of wealth is about who you are, and how you see the world.”

Think about that for a second.

What they are saying is that a big part of the battle towards building wealth starts and ends with you, and your mind-set.  It is one of the few things in this world that is free, and available to everyone.  Yet, not everyone takes the steps necessary to become capable of creating a healthy wealth mind-set.

For me, the biggest takeaway in this section of the book is the authors truly believe if you are willing to change how you think about wealth, and take the steps necessary to build wealth, then anyone is capable of becoming wealthy.

Think about that for a second.  You, me, anyone else reading this post, who then goes on to read this book, will have the road map to becoming wealthy.  There are no hidden secrets.  It is all there for each of us.  We just have to commit to having the right mind-set to begin with, or else, it’s just mental masturbation.

Part 3:  Create The Habits That Build Wealth

Part 3 of Wealth Can’t Wait is all about the habits that are necessary in order to build wealth.  Mind-set is important, but mind-set alone won’t build wealth for you no matter how many times you watch The Secret.

You have to take action.

Consistent action.

Habits.

You need to build the habits that will build your wealth.

This section of the book goes into the 7 habits you need to develop in order to build wealth.  Those habits are:

1.  Live Life By Design
2. Make Business Decisions Based On Solid Fundamentals
3. Stick With What You Know And Drill Deep
4. Earn More By Learning More
5. Chunk Down Big Goals And Add Accountability
6. Spend Less Than You Earn And Invest The Rest
7. Let Go Of The Small Stuff

Each of these habits can be a blog post on their own.  In fact, I may just create a series on these in the future.

But for now, I want to focus on what was a huge takeaway after reading this section of the book.

Stick with what you know and drill deep.

I HATED reading the title of this chapter.

This is why I hated reading The One Thing, by Gary Keller.

I hate the idea of “A One Thing.”

I get bored easily, and am always “trying” the next idea.

If you remember in the beginning of this post, I wrote that both authors have many streams of income.  So you may be saying to yourself (as I was when I first read this chapter) this seems contradictory.

What they are saying here is that you should have your one core competency (for them, it is real estate) and use that to continuously grow your wealth.  They aren’t saying not to diversify, what they are saying here is to get really good a one thing that generates revenue and wealth, and drill very deep on it.

I must say, this is my biggest weakness, and is the number one thing that has held me back from creating the wealth I desire.  I “try” too many things instead of focusing on just one and crushing it.  My goal for 2018 and beyond is to create that intense focus on this habit.

Part 4:  Develop A Business That Builds Wealth

This section of the book is all about the 7 Business Pillars you will want to implement on your road to building wealth.  These 7 pillars are:

1.  Client Acquisition Is King-(it is the most important skill)
2.  Look For Barriers To Entry
3.  Magnify Your Effectiveness and Power Through Leverage
4.  Modeling- Identifying a Person or Company Who is Doing What You Are Doing At a Much Higher Level
5.  Invest In Your Area Of Core Competence
6.  Use The 80/20 Rule To Drill Down To The Vital Few
7.  Invest In Coaches, Mentors, and Masterminds

Now again, each of these can stand alone as their own posts.  It is just too much information to try to cover here.  The big takeaway for me is looking for barriers to entry.  In almost every endeavor I have been a part of, the barrier to entry is not particularly high.  From owning pizzerias and restaurants, to operating a real estate investing company, none of these involved rocket science.  Yet, according to one of Paul’s partners, Eddie Krifcher, “if you can find high barriers to entry that will chase away most investors, and you invest the time and money to resolve the problems, you can create unique opportunity.”

Part 5:  Generate The Momentum That Builds Wealth

The final section of the book is all about momentum.  Topics covered include momentum through scale and health, just to name a few.

However, my biggest takeaway came from the authors statement that once you begin to build wealth, then wealth becomes about flow.  The three most important forms of flow are:

1.  Deal Flow
2.  Talent Flow
3.  Life Flow

For me, the realization that I must constantly be on the lookout for talented people who will buy into my vision should be one of my top priorities is eye-opening.

I need to develop a plan to make this a conscious effort on my part.

Conclusion For The 5 Takeaways From Reading Wealth Can’t Wait

David Osborn has become a mentor of mine, not only through Keller Williams, but through Gobundance as well (www.gobundance.com).

Because of this, I was excited to read his book and support someone who has supported me more than he will ever realize.  I was expecting a great book filled with actionable items to help me on my path to building wealth.

What I was not expecting was a roadmap where all the “secrets” would be revealed, and in a way that is so easy to comprehend, I now realize the only thing stopping me from becoming wealthy is me.

Do yourself a favor and get a copy of Wealth Can’t Wait by clicking HERE.

You will thank me for it!