7 Steps to Wealth: Decide

7 Steps To Wealth

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Welcome to the 7 Steps to Wealth. You’re on Step One, Decide.

STEP ONE: DECIDE

To be truly wealthy, you have to do what most people won’t: You have to decide, every day, to be rich.

In order to be rich or wealthy, you must decide to be. (Most people skip this step!)

“But Hilary, it’s not that easy. I can’t just decide to be rich and wake up to a million dollars in my bank account.” 

You’re right. But remember, just because I said the 7 Steps seem simple doesn’t mean they’re going to be easy. 🙃

Here’s the thing: Even if you wake up tomorrow to a seven-digit bank balance, you would still have to decide to use it in a way that preserves your wealth–and helps it continue to grow. 

There are plenty of people who achieve wealth and then lose, squander, or spend it because they neglect to invest or protect it. This doesn’t happen intentionally–it’s often the result of not knowing how to preserve wealth, or a subconscious rejection of wealth because they weren’t ready for it. 

But that won’t be you, Money Lover! Because you are reading this article and learning exactly what you need to do to become rich.

The 7 Steps to Wealth are:

When I say “decide to be rich,” what I’m really talking about is deciding to follow the rules of money.

Yes, there are rules to money, just like there are rules to math: 1 + 1 = 2, and there’s nothing you can do to change that. Building wealth works the same way. 

Let’s explore this a bit: If you aren’t saving, and instead you spend your money on clothes and vacations (past Hilary did that too–there’s no shame or judgment here!), you haven’t decided to be rich. 

If you’d rather lounge on the couch than look for a better paying job or find ways to earn a raise, you haven’t decided to be rich. If you’re spending $2,000 a month on a car payment, but you don’t have any assets earning compound returns yet, you haven’t decided to be rich. If your business is earning $60,000 a year and you’re not investing in yourself to get past that threshold, you haven’t decided to be rich. 

Let me tell you about the moment I decided to be rich:

Picture this: There I am, pulling into the gas station because the tank in “my” (the credit union’s) gorgeous BMW convertible was empty. I step out of the car in my expensive clothes and swanky stilettos, pull out my credit card, and insert it into the machine.

Declined.

“Okay,” I thought to myself, “no big deal–just use another card.” So I did…

Declined.

I tried another card, and another, and another, until every single card in my wallet was declined. I was officially at the end of the line.

I felt embarrassed, ashamed, humiliated, and out of options. So, I did the only thing I could: I left my car at the gas station and walked home.

That moment was my financial rock bottom, because it was the first time I truly realized that things needed to change. I was a chronic over-spender, but somehow my earning ability had kept up with my spending habits…until it didn’t. 

On that long, painful walk home–in three-inch heels–all I could think was, “Oh man. This is a big mess I got myself in.” It sucked. And. It was the wake-up call I desperately needed.

In that moment, I knew my financial mindset was totally bankrupt, and I had to accept that the rules I’d been playing by had to change.

With every blister-giving step, I said to myself, “I don’t know how, but I’m going to figure this money thing out.” 

So if you’re reading this and thinking to yourself, “Hilary, I can’t decide to be rich because I don’t know how to get there,” I promise you, I understand that. I was in the same place! 

Pause, take a break from reading this, go stand in front of a mirror, and tell yourself: 

“I don’t know how to do this, but I’m going to figure it out. I’m smart, I’m resourceful, and I have had really good intentions with really bad results.” 

Do that until you believe it.

Then, DECIDE.

For me, this looked like deciding to learn everything I could about how and why we act the way we do around money. I decided to become an expert on behavioral finance and money psychology. And I decided that when I did, I would do everything I could to teach others.

Throughout my research and learning, I discovered the gaping hole in my financial bucket:

Instead of being engaged in the process of becoming financially healthy, I was actually engaged in the project of proving to other people that I was already there. 

I had the emblems of wealth confused with the reality of wealth, and was emptying my bank accounts to keep up. It was a very destructive financial game that resulted in a FICO score below 500, losing my luxury condo to foreclosure, and moving into my mom’s basement.

So, I committed to producing different results and decided to work toward financial health instead of social approval. I put what I learned into practice, and turned things around in my financial life. 

Many years later, I’m living a completely different story:

I’ve rebuilt the bank accounts and retirement savings. I run a successful wealth management business that I love. I have a great team that I pay well. My husband and I own our dream home in Puerto Rico. The exit value of my business is multiple seven figures. 

I have changed my financial trajectory. I really did it. 

You may not see yourself in the troubles of my financial past (I hope your rock bottom isn’t as low as mine was!) and your goals in life might not look like mine. Likewise, part of deciding for you does not have to include a deep dive into behavioral finance and money psychology—I did that so that you don’t have to.

Wherever you are financially, know that you’re taking a step in the right direction because you’re here, reading this article, learning how to do better. 

That matters… and it means you’re likely ready to decide for yourself.

It’s a powerful moment when my clients DECIDE that they’re going to have financial health and wealth. It moves me every single time. 

If, at this moment, you’re thinking: I can’t just decide to be rich because no part of me believes that’s possible for me right now…

Consider that that’s only there because you decided something was true.

Now, you get the opportunity to decide something different.

And guess what? You can fully commit and lean into the commitment of having decided without knowing the “how” of it all yet. 

That’s why you’re here. (Welcome!)

Today, I invite you to take the first step towards your financial freedom: Decide that you want to be rich.

Once you’ve declared your decision, you’re ready to move on. Let’s do it…

Looking for your very own “do this next” guide to building wealth?

Click here to download The 7 Steps to Wealth

This PDF delivers all seven steps in bite-sized pieces, with accompanying audio to help you understand the concepts and journaling prompts to bring the lessons to life.
You can live the life of your dreams. You just have to believe it is possible, and then decide to make it happen.

All investing involves risk, including the potential loss of principal. There is no guarantee that any investment plan or strategy will be successful. Advisory services provided by Hendershott Wealth Management, LLC (“HWM”), an investment advisor registered with the U.S. Securities and Exchange Commision. Registration does not imply a certain level of skill or training.

All written content in this article is for information purposes only. Opinions expressed herein are solely those of HWM, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.
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