David and Paul have teamed up to write the book Wealth Can’t Wait to share their decades of wealth building experience with any entrepreneur or business owner who is willing to take the time to work on themselves. The authors share tips, discuss the seven habits that build wealth, dive into horizontal income (passive) versus vertical income (work), write about creating momentum to build wealth and how to develop a business that builds wealth.
The most important theme throughout the book is their belief in personal responsibility. They share this powerful formula in the book:
Events in our life have the meaning that we designate to them. Let me give you a quick example in my life. When my business began to slow after the great recession, it was a blessing in disguise. Although it was a short-term impediment, that event led to my personal growth and the attainment of my big goals. I could have decided to focus my energy on a business that was radically changing and that I had lost passion for, or I could have chosen a different path. I was the master of my own fate, and I finally decided to focus on horizontal income (multifamily properties) and strive for financial freedom.
With using the above formula, you have the ability to affect the outcome. We are in control of our future, and the events are in the past. We don’t know what the outcome from a certain situation is in our life, but with David and Paul’s formula, you can affect that outcome greatly.
In Part Four of the book, the authors deliver the
Control the client, control the business. Focus on acquiring and retaining the clients.
Look for barriers to entry: You want a business to have barriers to entry to make it difficult for competitors to enter and erode your returns.
Magnify your effectiveness and power through leverage: Utilize leverage to scale your business.
Modeling: Look for someone who is already successful and model them.
Invest in your area of core competence: In the words of the authors, don’t chase too many rabbits. Focus on your expertise.
Use the 80/20 rule to drill down to the vital few: Use Pareto’s principal of 80% of results derive 20% of the effort and vice-versa.
Invest in coaches, mentors and masterminds: You need accountability in your life. One of my favorite quotes in the book “If you don’t have a daily agenda, the first person you meet each day will give you theirs”.
Wealth Can’t Wait provides the reader with a framework on how to avoid the trappings of wealth, create a mindset and habits that build wealth, and develop a business through the application of the Seven Pillars of Business. Once you finish reading the book, you will be excited to begin your life audit, a balance sheet of your life right now, and the authors will be your guide!
Most of us focus on wealth in terms of finance, but the authors have done an amazing job to incorporate all aspects of your life into what they define as leading a wealthy life. So don’t wait. Follow the fourth pillar of business and begin to model David and Paul to achieve a “wealthy life”.
Thanks so much for joining us again. Have some feedback you’d like to share? Leave a note in the comment section below!
If you enjoyed this episode, please share it using the social media buttons you see at the top of the post!
Click here to learn more about our multifamily educational platform:
If you have any questions, please email me at firstname.lastname@example.org
If you would like to partner or invest with Jake & Gino, please fill out this form:
MULTIFAMILY MASTERY LIVE
Join Jake and Gino, along with 34 speakers and more than 100 successful Multi Family Investors for a weekend of non-stop learning, networking and ... Making It Happen!
NOVEMBER 11 & 12