This past Memorial Day weekend, I attended the Build Your Own Brand (aka BYOB) retreat in Atlanta, GA created by Andrew Nguyen. It was an exhilarating weekend exploding with tons of energy from thousands of creative millennials from across the US and Canada. Not only was I able to connect with amazing people, but the speakers also dropped so many knowledge bombs that I couldn’t write fast enough to capture all of them. Needless to say, this experience was well worth the investment.
While I attended this conference to understand ways I could build the Finances on Point community, I realized that there were several tips that were applicable to everyone; even if you are not interested in building a business. Many of the words of wisdom shared with business owners and creators could also be applied to anyone interested in growing wealth and experiencing an abundant life.
I couldn’t miss this opportunity to share with you, so here are a few takeaways to help you grow and create wealth – the BYOB edition.
Understand Your Network Matters
I’m sure you have already heard the phrase – “Your Network is Your Net Worth”, but during a fireside chat with Dia Simms, President of Combs Enterprise, she elaborated on the purpose of cultivating a strong circle.
“Steel sharpens steel,”
This is how she referred to the network she has grown and cultivated over the years. Your network should make you better. Your circle should push each other to expand and grow together. I’m sure you already know that birds of a feather flock together, so why not intentionally associate with people that want to excel?
If your current network is not growing, find people who are because that’s where you need to spend your time. This was one of the reasons it was important that I to attend this conference – to see and feel the energy of people doing the things that I wanted and planned to do. Your network either propels you forward or holds you back. You choose.
How This Applies to Wealth: Just as your network matters with achieving your goals, it also matters with your financial goals as well. If you want to increase your net worth, pay off debt, and create financial stability, then you must spend time with people who are focused on doing the same thing. They will inspire and encourage you to achieve those objectives. They will share new information and opportunities with you. However, if your circle only wants to buy the latest clothes, pop bottles, gossip, and never discuss creating wealth, your money will likely reflect those choices as well.
Just Start
Alex Wolf, the author of Resonate, discussed how so many people don’t start because they fear doing it wrong.
However, there are phases to greatness. If you want to be great, you must be willing to be good. If you are good, you must first willing to be bad and if you are bad, you likely had to get started. If you wait for perfection, you will never get started. Why?
- People are not perfect.
- In order to get close to perfect, you have to develop the skill.
So many people are tripping up at the starting line because they want everything to be perfect from the beginning. Just get out of your own way and go! You will figure it out.
How This Applies to Wealth: Similarly, with your finances, if you wait to save and invest until you get a raise, a bonus, tax refund, or when your child is out of daycare, you are losing precious time. You must build the habit no matter how humble your beginnings will be. The key is to start. You will build momentum once you start seeing results.
Stop waiting for the right opportunity to start saving or investing. Take a hard look at your finances and find something you can save now.
Consistency Produces Results
Almost every speaker discussed the importance of consistency; especially when it feels inconvenient. No matter how small the effort, if you make progress daily, you will see results. Typically, people give up too quickly, expecting immediate gratification. Unfortunately, this feeling occurs right before the breakthrough. One speaker discussed how it took her over 6 months to gain traction on her YouTube channel. Now she has over 30,000 subscribers and multiple brand partnerships.
Consistency creates progress.
Progress yields results.
How This Applies to Wealth: Consistency is the cornerstone for building wealth. Despite the overnight success stories of lottery winners, success is produced through consistent action. This is why making saving and investing a habit is so critical. It does not matter how little you start with, once you build the habit, you will see results and more opportunities to increase it.
Use Leverage to Scale and Grow
Leverage is the ability to use a resource to maximize your results. Scaling is the ability to do more with less effort.
In a panel discussion about how to use automated systems for your business, the facilitator stated:
“You cannot grow without scaling and you cannot scale without systems.”
Leverage accelerates growth and there are many ways to do this. Typically, people think of leveraging OPM (other people’s money) but you can also leverage time, technology, and other resources to accelerate your goals as well.
By leveraging systems, you free up your time and energy to focus on what is more important. Leverage systems or other resources to maximize your time and goals.
How This Applies to Wealth: One easy way you can apply this to wealth building is by leveraging technology to automate your savings and investments through direct deposit or automatic bank transfers. Automation also eliminates the temptation to adjust or skip deposits. This will remove you from the process and require one less decision that you have to make.
Dream Crazy
You only get one life. Why not live out your wildest dreams? Too often as adults, we suppress what is possible by what we see in our current environment. Going back to the importance of your network, adults tend to believe what is possible by what they see around them. If you only strive for what you or your friends and family have, then that is all you will receive.
Charlie Jabaley, Nike Athlete, and former 2 Chains Manager stated that we must
“Take custody of your inner child.”
This means you need to go back to your childlike mind; remember when any and everything was possible. Kids have no filter and their imagination is expansive as the sky. Somewhere along the lines, we have been programmed to suppress our dreams to what someone thought could be a reality.
Dia Simms also echoed the importance of imagination and dreaming big to achieve success. She recommended the book called the “Imagination Gap,” to help you not only think outside the box but create a whole new paradigm where you can experience things that are unseen.
How This Applies to Wealth: Your level of wealth and opportunities will only rise to the level of your belief. If you received a vision of something currently not in your reality, it’s a preview of what is possible. Only you have received that specific vision which means it was created for you to achieve. If the vision seems scary or out of reach, then that is more reason why you need to act on it. You must trust your intuition and work towards becoming the person who receives that reality.
Final Thoughts
Even if you do not want to become an entrepreneur, these tips are still relevant for everyone to live the life they choose. Review this list again and select a few or all of them to execute in your daily life. Small changes over time can create significant results. Stay tuned for the Part II coming soon!
8 thoughts on “How to Create Wealth: The Build Your Own Brand Retreat Edition (Part I)”
Steph,
As usual, this is on point and right on time. Thanks so much for sharing!
Thanks so much Kyle!! Appreciate you reading and providing feedback 🙂 So glad you enjoyed it.
Steph! I really enjoyed this piece! I like how you tied each topic to building wealth! I’m taking mental notes!
Thank you so much for reading and sharing the post! Glad you liked the correlation 🙂 I plan to do more of it b/c it all ties together.
This is so on point Steph! I love this and hope to see more blog posts similar to this.
Yay!! Thanks for reading George! Part II coming up soon.
Steph, I truly enjoyed this! I definitely have some changes to make. I hope it’s not too late for me.
It’s definitely not too late! Just start now and you will see a difference. Thank you so much for reading.