Personal Development

3 Simple Words That Will Help You Build Wealth

Expertise: Landlording & Rental Properties, Personal Development, Real Estate News & Commentary, Real Estate Investing Basics, Business Management, Flipping Houses, Mortgages & Creative Financing, Real Estate Deal Analysis & Advice, Real Estate Wholesaling, Personal Finance, Real Estate Marketing, AskBP
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build-wealth

We need to have a little chat — and it might get a little awkward. But those are the conversations that change us, so let’s talk. You see, you’ve said time and again that you want to build wealth. To achieve great things. To retire young, rich and happy.

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You want to spend your active days exploring the world, raising incredible children and helping your parents age well.

You want things to be different from how they currently are. You don’t want to wake up, drag yourself out of bed and spend hours in traffic to sit at a job you despise. You don’t want to take advice from that boss you can’t stand, to live your life as a footnote in someone else’s book.

I get it. I’ve been there. But, let me be perfectly honest: That drudgery you currently call life will probably be yours forever. Let me explain why.

turnkey-problem

The reason you haven’t succeeded yet

Each week, you have a new idea. Each month, you shift focus. Every book you read tells you another way to make money. Every podcast you listen to, every dinner conversation, every blog post you read — each gives you more and more ideas for building wealth.

Related: 6 Easy-to-Acquire Habits That Will Help You Build Wealth

So, you keep changing your mind. You’ve contemplated ideas, such as:

  • Real estate investing
  • Multilevel marketing
  • Getting a better job
  • Selling products on Amazon
  • Selling information online
  • Inventing a product
  • Becoming a movie/rock star
  • Creating a “muse”
  • Saving your job income
  • Podcasting
  • Writing a book

. . . and probably 100 other ideas. You’ve probably bought educational courses on a number of these methods and not finished a single one. Each week, you have a different passion, something else that you are going to do to achieve financial freedom.

So, you pivot and, once again, ask me what I think of the idea. And this has been going on for years. But, it’s time to stop — because here’s the shockingly simple truth about building wealth. This truth is so simple, it can be summed up in three little words: “It all works.”

Three words that will forever change how you build wealth

It all works. It’s such a simple phrase, but I want you to repeat that to yourself every day. A hundred times a day, if you have to. Do it every time you are tempted to abandon what you are working on because a little voice starts telling you, “This won’t work.”

That’s a lie; it does work. Because it all works. Every single idea you’ve had for building wealth — someone has done it. Someone has made millions. It can be done, and you can do it. For example:

  • Can you become a millionaire by investing in rental properties? Of course. Many people have.
  • Can you become a millionaire by importing products from Amazon and selling them online? Of course. Many people have.
  • Can you become a millionaire by working a job you love, living frugally, and saving up your income? Of course.

Hopefully, you see a pattern here. Of course, I’m not saying every crazy idea you have will lead to success — because it won’t. You will likely have to travel a tough path to get the success you so desperately crave.

But that’s what life is, so why would you expect anything else? Is it because you only see the success stories of famous entrepreneurs, not the decade-long journey they had to travel through hell to get there?

For example, you might decide that buying rental properties is going to be your ticket to financial freedom. But with the first deal, you end up only breaking even. Does that mean rental properties don’t work? Of course not. As millions of people can testify, investing in rentals does work. But if I buy that first property and it doesn’t turn out so well, should I abandon it for another idea? No! Instead, I’ll learn from it and keep moving. Because it all works.

sharing-economy-investors

Related: 10 Seemingly Harmless Habits That Sabotage Ambitious Millennials

Every method for building wealth you can think of has worked, and the key to success is being persistent until you find that success.

Stop with the ideas, already! Please, stop coming to me with ideas. I’ll keep telling you the exact same thing: It all works. It’s a great idea! Go with it, but make this your last idea. No more. Because this idea will work. Sure, you might fail, but eventually you’ll succeed if you stick with it. Maybe you’ll have to change the product, alter the service, amend the strategy.

But it will work if you keep working it. And, that’s the problem, isn’t it? You get bored and stop working on it! Sometimes, you never even start! The excitement wears off, and the passion turns into hard work — which is often not very sexy.

But entrepreneurship is 1 percent ideas and 99 percent work. So, promise me something. Pick something, anything. And just do it, starting today. Starting right now. And then, next week, when some other cool idea becomes appealing, stop.

That’s when you need to fight though and repeat those three simple words to yourself: It all works.

Then, get back to work.

[This article originally appeared on Entrepreneur.com.]

What are your thoughts? Have you ever fallen into the trap of too many ideas and not enough action?

Leave your comments below.

Brandon Turner is an active real estate investor, entrepreneur, writer, and co-host of the BiggerPockets Podcast. He began buying rental properties and flipping houses at age 21, discovering he didn’t need to work 40 years at a corporate job to have “the good life.” Today, with nearly 100 rental units and dozens of rehabs under his belt, he continues to invest in real estate while also showing others the power, and impact, of financial freedom. His writings have been featured on Forbes.com, Entrepreneur.com, FoxNews.com, Money Magazine, and numerous other publications across the web and in print media. He is the author of The Book on Investing in Real Estate with No (and Low) Money Down, The Book on Rental Property Investing, and co-author of The Book on Managing Rental Properties, which he wrote alongside his wife, Heather, and How to Invest in Real Estate, which he wrote alongside Joshua Dorkin. A life-long adventurer, Brandon (along with Heather and daughter Rosie) splits his time between his home in Washington State and various destinations around the globe.

    Joe Harper Landlord and Appraiser from Bartow, Florida
    Replied over 3 years ago
    Another inspiring post! My mentor and I had a falling out about these very themes. Flipping for tens of thousands in gains versus slow rolling a bunch of rentals and cash out refi’s. Comes down to time resources, personality types, and how bad I need the cash at the moment. As a student of Kiyosaki and DeRoos, I love me some depreciation and cash flow. Ferriss’ theme is also cash flow not a pile of cash in the bank. It might take me longer but I happen to like my day job. It all works!!!
    Hil Hernandez Real Estate Agent from Lakewood, CA
    Replied over 3 years ago
    Great post Brandon, I have found myself at those same crossroads many times. At the moment, we have been successful at buying distressed homes, fixing and selling them in Southern California. Also, found good cash flow with <30K investments in Central Texas, However, for some reason we still look at other opportunities and have determined they slow us down or distract us from progressing our business!. Appreciate your wisdom and effort to keep us focused…
    Steve Vaughan Rental Property Investor from East Wenatchee, WA
    Replied over 3 years ago
    Best article I’ve read in a long, long time, Brandon. Thank you for the reminder to stay focused on what works for me (without any ‘salesmany’ undertones!) This should be required reading for every new person. Well done!
    Ankith Chandra from Houston, Texas
    Replied over 3 years ago
    Great post Brandon! This is applicable to everyone and especially to folks who are new to the game. Thanks for sharing.
    Jerry W. Investor from Thermopolis, Wyoming
    Replied over 3 years ago
    Great article Brandon. Very few make millions in a very short time. Most make millions over the long haul, and that takes work.
    Martin Carstens Investor from Edmonds, Washington
    Replied over 3 years ago
    Bravo! Hard work is the definition of success! No matter what you do. After twenty year of commercial crab fishing, anything is easy! I’m still at sea, only twelve hour days and eight months out of the year. I read every book I can, local new papers,”on line” and visit Bigger Pockets everyday. A wealth of knowledge and experience free for the taking! In seven years I have been able to pick six SFR,s and number seven is in sight! Thank you for your great post Brandon!
    Shawn C. Investor from Cedar Park, TX
    Replied over 3 years ago
    This was a really great article.
    Lisa DuFaux Investor from New Port Richey, Florida
    Replied over 3 years ago
    Brandon, you are wise beyond your years! This is great advice and I wish I had understood it at your age.
    Tracy @ financial nirvana mama
    Replied over 3 years ago
    Wise words Brandon. Thanks for this article.
    Lee Jackson from Peterborough , Ontario
    Replied over 3 years ago
    Great article! So true! It all works!
    Syed Hussain from Laurel, Maryland
    Replied over 3 years ago
    THIS. I’ve been going through these same exact motions the past few years, thinking something else will be the next great thing. But I’m now realizing that it’s consistent and focused work in any area that will give you the highest chance of success. Narrowing your focus and working hard at it will give you so much more success than dabbling in different fields. I’ve now determined what areas I really want to focus on and am working little by little everyday to improve myself. Realizing this has made all the difference.
    Steve G. from Winter Haven, Florida
    Replied over 3 years ago
    Fantastic. I don’t think anyone has made it more clear . I have seen so many people exactly like you describe in your story.
    Jamie S. Real Estate Investor from Palm Harbor, Florida
    Replied over 3 years ago
    Great article! This is the conclusion I’ve sloooowly been coming to over the past several months as I’ve contemplated my past efforts. You put it so simply and matter-of-fact-ly. Thank you, Brandon!
    Greg W. Buy and Hold Investor from Alexandria, Virginia
    Replied over 3 years ago
    Good points. Focus and keep your eye on the ball. The book, “Good to Great” describes this in detail. Keep pushing the flywheel. It will turn slowly at first but pickup momentum. Just keep plugging away in the beginning and stick to the plan.
    Art Hoskins Rental Property Investor from Saint Louis, Missouri
    Replied over 3 years ago
    Great article Brandon. The entrepreneur in all of us want to win so bad we try whatever sparks our interests but it’s easy to lose focus. No matter how many different things I’ve tried over the years I always come back to my number one thing which has brought me here. Thanks for putting it so clearly.
    mike802
    Replied over 3 years ago
    I think that so many people are unable to separate “passion” from what actually makes them money. Sure, passion is nice to have in your life, but you have to know what your goals are. If you keep at something, through success and failure, you’re going to build up experience. This has nothing to do with passion, but it generates money for us. Anyway, good luck staying focused out there!
    Mayo Higuera from halmstad, Sweden
    Replied about 3 years ago
    Man you just described my life with this post…