A lot of people ask me, “Jim, what are the basic but essential steps you focus on for wealth building?”
I love this question because each time I think about it, the answer becomes a bit clearer, and I feel as if I grow from the thinking exercise as well.
While each time the answer grows, there are 4 essential steps that I keep coming back to.
Today I’m going to break them down for you—and show you how to make money come to YOU when you call…
While my insights might evolve over time, I keep coming back to a powerful quote by Napoleon Hill:
“Some people foolishly believe that only money can make money. This is not true! Desire, transmuted into its monetary equivalent, is the agency through which money is ‘made.’ Money, of itself, is nothing but inert matter. It cannot move, think, or talk, but it can ‘hear’ when one who desires it calls it to come!”
That quote never fails to motivate me. But what does it mean for you as someone just starting your wealth-building journey?
That’s what these 4 steps cover…
Step 1: Make Sure Your Head Is Clear
When you get a business idea, don’t let it fade away before it has a chance to develop into something great. Write it down immediately.
It’s human nature to focus on the negatives, often dismissing ideas before giving them a fair shot.
Consider Ray Kroc, who took an idea that the McDonald’s brothers had and turned it into a multi-billion-dollar franchise.
Kroc brought a fresh perspective that made the McDonald’s brothers wealthier than they ever imagined.
The best ideas rarely come together all at once—they evolve over time and sometimes require input from others.
Write down your idea, step away from it, and revisit it later. If another idea comes to you, jot that down too.
When you revisit these notes days or even weeks later, you’ll have a fresh perspective and a better ability to judge their potential.
Clearing your mind creates the space needed for million-dollar ideas to grow.
Step 2: Focus on the Positives
Identify what excites you about the idea. Reflect on the strengths and potential growth areas, and make notes of them.
Just as Kroc did with McDonald’s, look for unique advantages. Kroc saw opportunity not in the food itself, but in the real estate—the key locations on popular streets.
Think about how often you pass the iconic golden arches on your way home. Chances are, you see a few.
Build upon these positives. Treat them as individual components that can be developed further. Once each positive has reached its full potential, bring them together to strengthen your overall business plan.
Step 3: Weed Out the Negatives
Once you’ve let your idea sit for a bit, return to it and examine any negative aspects. You don’t have to interrogate it, but you do need to address the issues.
Identify the negatives, write them down, and completely eliminate them from your plan.
Kroc noticed overly complex menus as a negative and chose to simplify. He kept the core idea of McDonald’s simple: a burger with fries and a drink.
Write down these negatives, and get rid of them permanently. Shred them, trash them, or burn them—whatever you need to ensure they don’t linger and cloud your vision.
Step 4: Commit to Your Idea
Belief in your idea is essential. Determination is the cornerstone of any successful venture. Without it, even the best ideas will fall flat.
Remind yourself daily of this incredible idea—the one you’ve refined, polished, and strengthened.
Convince yourself that this idea will soon become a reality and generate income. The rest will follow.
Ray Kroc’s determination speaks for itself. Next time you bite into a Big Mac, think about the determination that went into creating that single burger.
That burger was born from a real estate vision, fueled by an unwavering commitment, and built on the knowledge that success was inevitable.
Only the determined succeed.
By following these same principles used by some of the most successful entrepreneurs, you’ll find that whenever you call, money comes running!
