The Most Important Step to Building Wealth

When you think of building wealth, what do you think the most important step is?  I imagine most people will say, saving your money or investing your money.  And although these are very important steps to building wealth, they are not the most important one.

The Key to Building Wealth

Have you noticed this trend? Your friend says they are going to be better with money.  They say they will be more conscious about their spending, finally pay off their debt, and start saving.  They are hyped about this new goal for all of a day maybe two, but then before you know it, they are back on the hamster wheel of work-spend-get in debt repeat.  What happened?  

Or what about that friend who suddenly breaks up with her long time bf. Then tries to drown her sorrows in shopping sprees or a year long Eat, Pray, Love trip that drains her money and all but ensures her enslavement to debt for the next 40 years?  

In all seriousness, we’ve all had our moments of weakness.  Ahem, those New Years Resolutions that don’t make it past the first week let alone the first month.  I mean, it’s hard to make these commitments that can potentially change the direction of your life forever.

We know it's good for us but just cant seem to find the motivation to see it through.  What are we missing? 

What we need is a why.  And not just any why, a big WHY.  

The Importance of WHY

Behind every thought there is a reason for that thought.  Behind every action there is a reason.  Behind every existence there is a reason.  'Why' is such an integral part of life that it is amazing many of us ignore it on a daily basis.  

As a child, we were aware of its power (think about your three year old nephew that is always saying but why?).  Sadly, as we grow older and begin to be absorbed in our fast paced world, we lose it.  Things become routine, mundane even, and we stop even considering why we are doing what we are doing.  It is in this way life can lose its meaning and you can lose your drive and motivation.

However, that can all change simply by having a why.  A reason for doing what you are doing.  The key here is to have not just any why but a BIG WHY.  Because, by having a BIG WHY, you always have something to push you to finish what you set out to do, something that will keep you on track for accomplishing your goals.

So it can’t be just any old thing.  Your why needs to be able to weather the up and downs that we all know life will throw at us.  It needs to be a heart-clenching, inspirational sort of big.  The sort of big that inspires in you consistent commitment and unwavering follow through so that no matter what happens you will remain dedicated to achieving your dreams.  

Thus, the most important step to building your wealth is discovering your BIG WHY.

Discovering your BIG Why.

Figuring out your BIG Why doesn't have to be hard.  It doesn't have to require extended hours of soul-searching and meditation (unless you want it to).  You simply have to think about what matters most to you.  Is it your family? or prestige? or just being the best chef around?

Another way you could think of this is, what makes you the happiest?  In an ideal world, what would you be doing?  Take some time to imagine your perfect life.  In doing so, you will be able to see what you value most.

Remember this is supposed to be your ideal life so don't be afraid to go all out!  Imagine the best of the best no matter how unrealistic it may seem.  There are no limits.

The fact of the matter is, if family is the most important to you, just thinking about your family will make you happy.  If you love being a chef, just thinking of all the delicious food you would make and all the people enjoying your creations, would make you light up. 

So think, what matters to you most?

Putting it All Together

Once you have your one most important thing, you are going to use this as a basis for your BIG Why.  The best way to do this is to go back to that image you created of your ideal life.  Then think about how money could help you get there.  Additionally, what could money do to make it better?

I know, for me, reaching FIRE would give me the freedom to spend more time with my family.  It would also allow me to do the things I love to do like traveling and volunteering.  Connecting money to your most important thing and creating your why is the key to building long-lasting wealth.

Negative Beliefs Holding You Back?

If you are having trouble doing this or find that you keep doubting yourself or your ability to make your dream come true, then you probably have some underlying negative beliefs that are holding you back.  Take some to work through these before going any further. Because, it is those beliefs that can keep you from achieving your dream life.

You may also want to look into what preconceptions you may have about money and people who have lots of it.  These preconceptions can also create a barrier between you and the life of your dreams.  Here are the top 5 money myths that hold most people back.

Why investing or saving isn't the most important step to building wealth.

The most important step is not investing or saving because those are just goals that you can change or adjust at anytime.  They are flexible. Therefore, without a good reason to back it up, they lack the rigidness or stickiness that would make you do something continuously for years on end.  

Goals themselves are not the driving factor in any substantial change. The reason for that goal is.  This is because the reason you chose that goal is the driving force behind your actions.  So remember setting a goal is great but, having a goal by itself, is like paragliding with no wind.  No matter how hard or fast you run, you won't get very far. 

All in All

The hardest part you will find on your own journey to building wealth and financial independence is following through on your decision.  That's why the most important thing you can do is establish a firm foundation so that no matter what, you can achieve your ultimate goal: Wealth.

An essential part of that firm foundation is your WHY.  This why will pull you through those rough patches that are sure to pop up.  So make sure it's Big, Bold, and Beautiful cause, I don't know about you, but my why is here to stay.

The Next Steps

Now that you have your big WHY, it is time to start making some concrete plans for accomplishing it.  Because as they say, “People don’t plan to fail, they fail to plan.”  So next, we'll take a look at another important step in your wealth building journey: Establishing a Plan.