258: The First Step to Building and Preserving Wealth (7 Steps to Wealth, Step 1: Decide)

Have you decided to be rich?

That might seem like a very straightforward question, and most people would probably say, “Of course I’ve decided to be rich. I’m listening to this podcast, after all!”

But I think most people haven’t truly decided to be rich yet, and I want to dig into what I mean by deciding to be rich: Are you making decisions every day that help you build and preserve wealth?

Most people who have decided to be rich (in theory) are (in practice) actively deciding to spend money in the moment… at the cost of saving it for the future. They’re more caught up in maintaining the appearance of being wealthy than achieving financial freedom–an expensive endeavor in the short term, and an incredibly costly mistake in the long term.

Decide is the first of The 7 Steps to Wealth, a framework that I use with my clients and in my own life, because to be truly wealthy, you have to do what most people won't: You have to decide, every day, to be rich.

I’ve talked about The 7 Steps to Wealth many times before, but this episode is the first time I’m doing a focused deep dive into what it really means to decide to be rich–in theory AND in practice–so that you can put these steps into action in your life and achieve true financial freedom.

Are you ready for it?

Here’s what you’ll learn in this week’s episode of Love, your Money:

• 03:50 The biggest misconception about fancy cars, showy houses, and how wealthy people spend their money
• 08:58 Daily decisions wealthy people make (that you can make too!) that build  wealth–and what it means to handle your money first
• 13:39 Why you can decide to be rich without knowing how you’ll get there (yet)
• 16:37 The biggest struggles people have when deciding to be rich
• 18:36 Action steps you can take to make Decide a part of your daily life

Show Notes
To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwealth.com/podcast/building-and-preserving-wealth

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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.