Your Wealth-Building Plan For The Next 12 Months

Most people don't marry into money or fall into an unexpected inheritance. Wealth usually arrives bit by bit as the result of carefully setting long-term, medium-term, and short-term goals and planning out what you need to do every month, week, and day to achieve them.

You've set your lifetime, medium-term, and yearly goals. You've made a commitment to "rise early and catch the golden worm" each morning. Good so far

Now let me show you how to break down your goals for this year into concrete, achievable steps for this month, this week, and this very day. Since financial independence is one of your primary goals, let's take a look at how you might create and prioritize your objectives in terms of some of the wealth-building techniques I'll be teaching you later in this blog.

I'm going to assume that your lifetime wealth-building goal is to be financially independent. But since I don't know what you've established for yourself in terms of your medium-term wealth goals, let's go with a hypothetical scenario.

So let's assume that your medium-term goal is to have $120,000 a year in pretax passive income and that your target for achieving that goal is seven years.

There are many ways to get to that $120,000 number. Let's say you're planning to do it this way:

Medium-Term (Seven-Year) Goal: $120,000 per Year In Pretax Passive Income

• Own, free and clear, $300,000 worth of rental real estate, yielding $45,000 a year
• Own $200,000 in bonds, yielding (pretax) $15,000 a year
• Have $200,000 in stocks, averaging $25,000 a year
• Own equity in a business distributing $35,000 a year

Now what? Now you have to figure out what you have to achieve this year in order to reach those seven-year goals. Your one-year goal might look something like this:

One-Year Goal

• Buy $60,000 worth of real estate at 20 percent down
• Buy $10,000 worth of bonds
• Buy $8,000 worth of stocks
• Get a business started

Setting Monthly, Weekly, And Daily Objectives

The next step is to break your yearly goals down into manageable, bite-sized monthly objectives.

One of the yearly objectives in our example is to get a business started. So you would break that down into 12 monthly goals - what you need to do each month to get your business up and running, from doing the initial research to the grand opening.

Then you break each of those 12 monthly goals into 4 weekly goals. For instance, if your first monthly goal in getting a new business started is to identify a good business opportunity, perhaps each of your 4 weekly goals will be to research at least 10 possibilities.

Finally, you work your way down to the action you will take each day to fulfill your weekly objective. If you have made a commitment to research 10 business opportunities each week, that means one of the top priorities on your daily to-do list will be to research two possibilities.

Expect to spend one full day planning out your year. Once a month, you'll sit down for two or three hours to map out your goals for the next four weeks. Once a week, you'll spend one hour establishing your goals for the next seven days. And you'll spend about 10 or 15 minutes each morning organizing your day.

I know that sounds like a lot, but taken all together you're really spending no more than three days a year to map out your strategy for achieving financial independence in the next 7 to 15 years.

This is how I establish my goals, focus my objectives, and set daily tasks. It's not, by any means,an entirely original system. It's a patchwork of systems that have been developed by others and added by me. But there is something about this particular system that seems to work.

It works so well, in fact, that I encourage everyone who works with me in my primary business to use it. Those who do find that it works very well. I think you will, too.$

[Ed. Note: If you're not happy with your financial situation, you're in the perfect position to change it for the better – right now. Ray has just released a special video that covers an online business system that you can use to start growing your wealth. To watch this short video, click the following link: http://www.raybuckner.com]