Assemble a superb squad. When empires are mentioned, one of the first things that comes to mind are the people that back them. A single person cannot run an empire. A support system of individuals who work with you to create the empire is necessary.
Although Elena informed me she currently has hundreds of people, she anticipates having thousands in the near future. I informed her that she was the first business owner I’d met who didn’t want to reduce spending. She retorted that individuals don’t cost you money; rather, they help you generate money. It represents a distinct way of thinking.
I’ve also discovered that in order to have a rock star team, a leader must have a shared vision for all of their team members. This applies to everyone from the lowest level entry-level employee to the highest executives and business partners. When connected to an inspiring source, people work at their best. As leaders, it is our responsibility to provide them that.
To develop your team’s culture and provide the environment for your rock star team to emerge, you must have a clear shared set of values and behaviors that are promoted.
Assets should be leveraged, not liabilities.
A house is a liability, not an asset. You must pay for a house; it does not generate income. You build lasting wealth and power when you have more assets than liabilities. Elena’s unconventional way of thinking dictates that she should rent her home rather than buy one.
She does, however, favor owning investment property, and she and her husband have built an empire through multifamily property. Due to the fact that it generates income rather than just depleting it, rental property can be considered an asset.
Personally, I rely primarily on stocks and bonds over the long run when building my enterprise. Learning options trading tactics for monthly income has, however, temporarily changed my life. I advise learning everything there is to know about options trading before using such tactics to leverage the stocks you already own.
Establish a formula that forces you to work harder and harder.
A formula is a rule or tenet you follow for our objectives. Elena reassured me that money must work for us and that cash is trash.
I couldn’t agree more as someone who has mastered the stock market and educates the Latino community about it. But Elena’s method is special. It entails “being broke” or not having enough liquid assets to allow you to become overly comfortable.
Of course, your scenario will determine how much is too much. As a result, you are constantly motivated to increase your income, and your confidence grows as a result of your repeated success. In the always developing and evolving corporate world, contentment and complacency have no place.
Examining the areas of your life where you find it difficult to change will help you develop a formula that will push you. I advise carefully examining your routines and behaviors and breaking any that don’t suit you. The trick is to find something strong to take their place. Say you have a workaholic tendencies.
It would surely seem impossible to find moments of silence through meditation every day. Try it anyhow. Your development happens outside of your comfort zone, not within of it.
How to Put Your Money to Work for You
We are taught to think of money as an immaterial resource that needs to be accumulated and saved. The basis for a real empire will be laid by investing that money and making it profitable, something many people are unaware of.
It’s never too late to start investing, and I share Elena’s belief that we must continuously challenge ourselves to think creatively and differently in order to keep up with the markets we invest in. Whether you choose to invest in the stock market or real estate, creating an empire through these means takes time. Also, it requires numerous tries.
I urge everyone to make a commitment to creating their own prosperous empires. Although it costs more than just money, the result is worthwhile.
The advantages of creating an empire go beyond money; they are evident in who you become as a result and in the legacy you leave behind. Begin right now.