Episode 970: Ten Wealth Building Principles

[00:00:00] Scott Maderer: Thanks for joining me on episode 970 of the inspired stewardship podcast.

[00:00:07] Julie Tofilon: I'm Julie Tafolla. I challenge you to invest in yourself and others develop your influence and impact the world by using your time, talent, and treasures, to live out your calling. Having the ability to communicate and build relationships is vital.

[00:00:25] And one inspirational way to develop. Is to listen to this. Be inspired stewardship podcast with my friend, Scott.

[00:00:34] Scott Maderer: All of us have moments where these principles are hard for us to do. They're things that we don't put into practice, but the more often you can. Put them into practice. The more successful you will find yourself in the longterm. And again, that's how ever you define success. However you define wealth, it will help you achieve it because it's really about how you [00:01:00] manage yourself.

[00:01:02] Welcome, and thank you for joining us on the inspired stewardship podcast. If you truly desire to become the person who God wants you to be, then you must learn to use your time, your talent and your treasures for your true calling in the inspired stewardship podcast. We'll learn to invest in yourself, invest in others and develop your influence so that you can impact the world.

[00:01:28] And today's episode about developing your influence through stewarding your treasures. I talk with you about 10 wealth building principles. I also share why these 10 always apply, but we don't always believe it. And I also share why these principles are simple, but never easy as we talk about stewarding your treasures.

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[00:02:15] So I came across a friend of mine who was talking about 10 wealth building principles. And as I listened to him talk, I realized that these are indeed principles that apply to building wealth. No matter how you define Mel wealth. Now he was talking about monetary wealth, but actually these can be even deeper than that.

[00:02:37] So the first wealth principle that he was talking about is getting deeply motivated. You've heard me talk before about getting your, why, finding what is the reason you want to do things. And that's what he's talking about here. The second that he shared was give more value than you take another words, put more out into the world that you take away.

[00:02:59] [00:03:00] It's a better way to live. And what's funny is it also means more wealth will come your way, both monetary and others. The third wealth building principle live with a hundred percent integrity. In other words, be true to yourself. Be honest, tell the truth and be true to who you are. The fourth, be courageous.

[00:03:20] In other words, be out there and willing to be a self-starter and try things. Fifth be disciplined. We'll focus on the daily habits, the little habits of success doing the better things each and every day, the sixth avoid huge consumption. Another words don't just spend everything you make and then some ma rather instead focus on delayed gratification and recognizing that leverage should not be used to buy.

[00:03:52] The seventh build supportive environment, surround yourself with people that have similar goals and want to see you succeed. [00:04:00] The eighth apply, leverage to build wealth. Now he is talking here about financial leverage, but more than that, it's also about using things like time, leverage systems, leverage technology as leverage, marketing, networking, knowledge, skills, it's about finding those things that you can do and leveraging them to generate more wealth.

[00:04:24] It's not about using. To produce more wealth or at least not only that y'all know that I avoid debt and don't use it. Some people do. I think it can be dangerous, but there are other kinds of leverage that I do focus on. The ninth principle, treat your wealth like a business. In other words, treat the money you make as if its job is to help make more money or treat the other wealth goals that you have as if those are there to help you get more of that.

[00:04:57] And then the last, and this was the one that caused [00:05:00] my ears. Steward your wealth, make sure that you are treating your wealth as something that should be beyond you bigger than you. Something that can leave a legacy, something that is more than just yours, but belongs bigger than that. No, the truth is these 10 things always apply, but we often don't really believe it.

[00:05:26] We look at these sorts of things and we say to ourselves, this is too simple. This is too simplistic. This can't be the quote unquote, secret to building wealth. But the truth is these sorts of simple principles are the real secret to building wealth. The truth is though that there are some. And easy to understand, and that's why we ignore them, but they're not easy to put into practice.

[00:05:51] That's the hard part. It isn't hearing them. It isn't understanding them. It's actually applying them. The number of people that [00:06:00] will tell me, they know that they should live on less than they make. But then when you look at their pocket book, they don't do that year after year. Or the people that will say that they want to be a better steward of their time and their talent and their treasures, but then they don't manage to do that.

[00:06:19] Or they don't have a deep and passionate why instead they just go through the motions of living day to day, all of the. I have moments where these principles are hard for us to do. They're things that we don't put into practice, but the more often you can put them into practice, the more successful you will find yourself in the long-term.

[00:06:42] And again, that's how ever you define success. However you define wealth, it will help you achieve it because it's really about. You manage yourself, think about it all 10 of these really have to do with your mindset, with your behaviors, [00:07:00] with your mentality, with your habits they have to do with you.

[00:07:04] That's why I jokingly say that people come to me for help with their time they come to me for help with their finances. But they really only get help with their talent because at the end of the day, the way you handle your time, the way you handle your treasures is the way you handle yourself. That's why these 10 principles are simple to understand, but not easy to put into practice because it's hard to change ourselves, but it's worth it when we really want to achieve what we believe is true.

[00:07:39] Thanks for listening.

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