A wealth strategy shouldn’t be a big “to-do” hanging over your head.  Instead, it should be something you integrate into your everyday life over time.

The most successful wealth strategies are the result of small actions done on a regular basis.  Think of a wealth strategy as a way of life.  The actions you take to create, build and enjoy your wealth should be part of your day-to-day routine.

Here are few small actions that I do in my normal routine that have a big impact on the success of my wealth strategy.

Review Your Numbers

Daily
On a daily basis, I review all cash receipts in my businesses and investments.  This is something that is just part of my normal daily routine that allows me to adjust my wealth strategy on a daily basis if I don’t like the trends I’m seeing.

It is a task that takes me less than 1 minute every day.  How does it take so little time?  I use leverage.  I leverage my time by having someone else compile the information and provide it to me in an easy-to-review format.

Every morning, this 1 minute has a significant impact on the success of my wealth strategy.

Weekly
On a weekly basis, I meet with certain business partners.  We’ve identified reports to track certain numbers that we want to review during our weekly meetings.  These reports are powerful tools that enable us to make informed decisions and timely adjustments.

This takes 1 hour every week.  My partners are responsible for having the reports ready – and they leverage their resources by having someone else compile the reports for their review prior to providing them to all the partners.

Staying on top of my numbers enables me to make informed decisions and take action in my wealth strategy.

Meet With Your Team
Being well-prepared for the meetings with my team members moves my wealth strategy forward.Team members are an essential part of a successful wealth strategy. I’m always preparing for meetings with my team members.I have regular meetings, scheduled in advance, with all of my team members.  Some meetings are daily, others are weekly and some are quarterly.

Meetings are a great way to keep a wealth strategy moving forward. But, have you ever left a meeting and forgot to discuss one of the key items you wanted to discuss?  Or, have you ever left a meeting feeling like you didn’t fully utilize your time together?  Or, have you spent more time than you like to admit creating the agenda for your meetings?

One of the small actions I take in my everyday routine is to prepare for meetings with my team members.  I keep a folder for each team member on my computer.  When something comes up that I need to discuss with a team member,  I put that item in their folder.

When it comes time for my meeting, I’ve got my agenda ready to go.  I can’t count the number of times I’ve forgotten about important items to discuss – but am quickly reminded when I look in the folder.

I then put notes from the meeting in that folder – or a recording of the meeting.  If you work with me or my team at Vanderbilt CPA Group, then you know we record our meetings so we can easily reference items that were discussed.

Seek Opportunities for Deductions
I see every day as an opportunity for a new deduction.

Your tax strategy is an integral part of your wealth strategy.  Reducing your taxes is one of the most effective ways to feed your wealth strategy.

Everyday is an opportunity to reduce your taxes. Think about when you go shopping for a new car.  After you figure out which car you want, don’t you then see that car everywhere? The number of cars hasn’t increased – your awareness has and the same works with your tax deductions.

On a daily basis, as I spend money, I am thinking about where I’m spending my money.  Is it deductible?  Could it be deductible? If you aren’t sure if something is deductible, discuss it with your tax advisor in your next meeting.

Small Actions Give Big Results
These are just a few examples of how small actions can have a big impact on a wealth strategy.  These small actions help me stay informed so I can take the right action at the right time to successfully build permanent wealth.

 If you want to learn more about how to take advantage of these tax strategies; sign up on our website or email us for an appointment to get started today.