Are you neglecting your finances?

A message from our CEO and Founder, Joseph Chou

One of the things I’ve noticed is that many successful professionals tend to spend almost all their time focussing on their career or family – looking after other people – neglecting their own financial wellbeing.

This is understandable as wealth and finance matters are not usually at the forefront of people’s minds. In fact, it’s usually the opposite. Wealth isn’t talked about in a favourable way.

Wealth – letting go of inherited beliefs

So much of our thinking, the way we approach life comes from our upbringing. We go with the flow and don’t even think to challenge it. Especially if we’ve come from a position of relative comfort and security. There’s no need to challenge or change the traditional way of doing things.

It reminds me of a story; a man asks his wife why she prepares and cooks her chicken in a certain way. She responds, “I don’t know why – it’s just the way my mother showed me.” They then visit her mother and ask her the same question and she also responds: “That’s the way my mother did it, so that’s how I do it.”

I’ve noticed that that’s often why those who come from adversity are more willing to challenge what they’ve seen or learned – as they know that this may not be the best way of doing something.

I also struggled a little with the idea of wealth at the beginning, but it struck me: people are going to hold wealth in this world. If I’m a good and kind person, it’s ok to be rich. We need more good people to be rich and do good in the world; bring opportunity, serve the community, create jobs and provide affordable housing! So why can’t it be you?

Pushing beyond ‘money in exchange for time’

One of the most important things I learned about wealth was back when I was an insurance salesman and my boss told me to read a book, “The richest man in Babylon” to get me started in understanding more about money.

The one thing I took away from this book at the time was that to build wealth, you need to have both cashflow and assets.

It took me a while to apply this in my own life. Initially I focussed entirely on increasing my income in my career and spent my savings on a home and a car, which wouldn’t produce me an ongoing income. I eventually realised how important asset building was, and at that point, made it my focus, and this is how I started investing in property.

Many years later, I combined this concept with a Chinese concept around ‘right-hand / left-hand’ thinking and this has evolved to become a key concept that we teach our investors at Ironfish.

  1. Your left hand is your career – study hard, work hard and grow your income.
  2. Your right hand is your assets – investing a portion of your salary into income-producing assets, so your money can make more money for you.

The key to building wealth

Building wealth is important; it is a worthy and noble aspiration. It is great to want to be self-sufficient, to not have to rely on any government support and to be in a position where you can survive just fine if your career-income stopped.

The key is to know that:

  1. You need to do it or want to do it
  2. It can be done, if you do it properly
  3. It doesn’t have to take more time and energy out of your busy life – if you can rely on a great team
  4. ….and Ironfish is here to help!

Our underlying mission is to help more people build long-term wealth through strategic investing.

If you’re ready to take the next step, a great starting place is our signature webinar series “The Art of Property Investment”. We explain in more detail the concepts I’ve mentioned here as well as the practical application of the strategy and the numbers of how it’s done.

I hope you will join our webinars or talk with us in the coming month, so that 2021 is the year you stop neglecting your finances and instead, take your first step to achieving long-term financial wellbeing.

Learn how to build wealth for your future

Save your seat for our ‘Property 101’ wealth-building webinar

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