The first part of a Wealthability strategy for entrepreneurs and investors is to understand your background, assets, liabilities, passions, interests, and talents. This will include a thorough review of your personal information. You will also need to think carefully about your future goals and aspirations. This part of the strategy is called "visioning."
Next, you need to map your assets and liabilities on graph paper. Note the position of each asset, as well as its value at this point in time. In the wealth strategy plan, one asset represents one dollar. Look at other assets that total more than one hundred dollars. Then, determine the value of each asset. The goal is to create an asset allocation strategy that best meets your needs.
After the mapping of assets, it is time to create a list of your passions and interests. Ask yourself what brings pleasure to you. What do you look forward to doing? One way to answer this question is to list all of the things that you would do if you won the lottery.
The final step in a comprehensive wealth strategy for entrepreneurs and investors is to determine the proper investment mix. This includes both long term and short term investments. You will want to use your own money and invest in a combination of stocks, bonds, real estate, franchises, partnerships, private equity, and other types of investing. You may want to consider using different investment vehicles, depending upon your personal circumstances and financial goals. For example, if you are currently in the early stages of investing, you may not want to get involved with the stock market.
What is a wealth strategy ? A wealth strategy for entrepreneurs and investors must be organized in steps. You must begin by brainstorming possible strategies, then select one, test it, and revise it. Keep refining it until you have it down, and then stick with it. Don't give up, and keep looking for new strategies, until one works.
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