Why Didn't My Accountant Tell Me That?
I shared that the difference between those who are successful at building permanent wealth and those who aren't, is how they use their resources. The resource I used as an example last week is one that everyone has - YOURSELF.Many of you got the concept of focusing on tasks you enjoy to maximize the results of your personal efforts in your wealth strategy. You also had one very important follow up question:What do I do with those tasks in my wealth strategy that I don't enjoy doing?I'll answer this question with another question:What Are The Three Most Expensive Words in a Wealth Strategy?Do It YourselfI believe these three words are not only the most expensive words in a wealth strategy but the most expensive words in the English language.
The great news is, you don't have to do everything yourself. Identify the tasks you want to do (these are the ones you enjoy doing), then have someone else do the other tasks. This is where your wealth team comes into play.
Your Wealth Team Is a Resource
Building your own personal wealth team is perhaps the most important step you can take to creating massive amounts of wealth. Why? Quite simply, it's a matter of leverage.
When we try to do things all by ourselves, we are ignoring the fact that we all have only 24 hours in the day. By building a wealth team, we are leveraging those hours into hundreds or even thousands of hours each day.
A typical wealth team will include:
Advisors Employees
Vendors
Customers/Clients
Coach
Are You Utilizing Your Team Members Correctly?
Your wealth team is a valuable resource in your wealth strategy and one that I often see used incorrectly.
Most people understand who is involved in a wealth team, but few truly understand how to utilize each team member to their full potential.
My profession is a great example of this. I talk with prospective clients every day and most have the following relationship with their accountant:
Their accountant prepares their tax return.
Outside of their tax return preparation process, they contact their accountant when they have a question and their accountant answers their question.
When I share how ProVision works with clients, I usually get asked "Why didn't my accountant tell me that?"
Why Didn't My Accountant Tell Me That?
I find that most business owners and investors don't enjoy spending hours reading the tax law. But I do!!
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