There’s no secret to financial success, but there is a blueprint with clear steps to follow: The 7 Steps to Wealth.
The 7 Steps to Wealth are the foundation of almost all the work we do with our wealth management clients, it’s the framework we teach our business owner clients, and it’s how I went from being over $600,000 in debt to building a 7-figure net worth…multiple times over.
At Hendershott Wealth Management, we’re big believers that there is enough money in the world for all of us.
Through our work with hundreds of high net worth women and couples over the last 10 years, we’ve also come to believe that anyone who learns, internalizes, and implements all of the 7 Steps can achieve their financial goals and their personal and financial freedom.
I talk about this framework often because having guiding principles is a powerful way to create reliable results in your life. And it’s my goal to give you elegant and effective ways to internalize the principles of a healthy financial life so you can build wealth for yourself–and the generations that follow you.
Let’s dive in!
But first! Click here to download The 7 Steps to Wealth.
This PDF guide is structured with your ultimate success in mind. Each of the 7 Steps is delivered in bite-sized segments with accompanying audio to help you understand the concepts. It also includes journaling prompts to activate the lessons, so you can confidently put them into practice in your financial life.
When you hear “The 7 Steps to Wealth,” it might sound… elementary.
I promise you, though: This is not going to be a simple conversation. The truth is that putting this framework to work in your life and learning to follow the 7 Steps could take a year or more.
And it’s absolutely worth every minute you put into it.
On one hand, you’re already likely engaged in several of these steps: You’re earning income, you’re saving (or you’re thinking about saving), and you’ve likely purchased an insurance policy or two, just as examples. These are all part of this framework.
On the other hand, if we start to talk about financial failures, every story you’ve ever heard—or experienced, yourself—was due to a failure to execute on one or more of these steps.
Whether someone overspent their income and never saved, or they didn’t want to pay for renters’ insurance and ended up losing everything to theft or a fire, or they invested in something they shouldn’t have and lost their empire…
Every one of these mistakes can be avoided by following the 7 Steps.
When it comes to the rules of money, each of the 7 Steps is critical. Overlooking just one of them puts all the rest at risk.
You have to learn how to keep all the steps to wealth functioning so you can create financial systems of support that run in the background, without daily effort from you.
(We’ll talk more about that as we go through the Steps!)
If you understand, practice, and embody the 7 Steps, you’ll soon be on your way to financial empowerment and financial freedom.
At Hendershott Wealth Management, we're all about pursuing (and achieving!) that financial freedom.
Note: We use the terms “retirement” and “financial freedom” interchangeably in our firm because they're really the same thing:
Financial freedom is when the income from your assets or business interests can replace your earned income for the rest of your life. In other words, that’s when you can stop working or you can work only when you want to.
That’s freedom, and that’s the goal.
Financial success is not mysterious, and it’s not out of reach for you unless you believe that it is. It’s possible for you if you commit to it today, and I’m going to walk you through the 7 Steps that will enable it–so keep reading! 👇
Before we get into the nitty gritty of step one, I need to get this off my chest:
PLEASE 👏 STOP 👏 SABOTAGING 👏 YOUR 👏 WEALTH!
Have you heard the adage about creating space in your life for a meaningful long-term relationship when you decide you want to have one? You need to make room for that person to show up by clearing out a section of your closet, getting rid of pictures with exes, and having space in your calendar for dates, right?
It’s the same way with money. You have the opportunity to decide that you are going to be rich, take the steps to get there, and then preserve your wealth when it arrives.
Wait just a second… Did your hackles go up a little bit at the word “rich”?
Many people have the same reaction. Let’s not ignore that, because it has a LOT to do with this step.
When I talk about helping people become rich, it’s common to hear, “Rich? Hilary, that’s excessive. That’s too much. That’s a goal I do not desire. Rich people are greedy.”
I’ve heard it all–so let’s dig into the four-letter word that triggers people so much.
The first thing to remember is this: Words are just words until we give them power and make them mean something else.
For example, the dictionary definition of rich is “having great material wealth.” So, being rich is simply being surrounded with plentiful resources, and that is not a bad thing–especially when you know that there is enough for everyone!
The negative reaction people have to the word “rich” comes from the societal narratives that have been associated with it.
Yes, there are rich people who use the power that comes from having financial resources to do terrible, immoral, criminal things. And, there are lovely, compassionate, generous rich people who are using their resources for good.
There are also people without access to power and plentiful resources who do terrible, immoral, criminal things–as well as lovely, compassionate, generous people without access to money who are constantly trying to make the world a better place.
The bottom line: The balance of a bank account does not force its owner to behave in a way that is contrary to their morals and values. Access to money and resources gives people the opportunity to amplify their impact. How they choose to use it is up to the individual.
Everybody is on their own journey through this lifetime and universe, including you. My advice is to focus on your journey, and what you can do with the power and resources you have.
Now let’s get back to how this “rich=bad” mentality ultimately influences your bank account.
First, if you reject the idea that you want to be rich, well, you’re off the hook. You don’t have to do the work to get there. You don’t have to forgo today’s pleasures in order to save. You don’t have to find a high-paying career. You don’t have to pay big tax bills.
Second, it allows us to continue to demonize rich people.
Demonizing rich people is possibly the most effective way to keep money out of your life–and ensure you have a dysfunctional relationship with your money for the rest of your life.
Hot take? Maybe, but hear me out: Demonizing rich people is definitely in the zeitgeist. However, it’s not only false–it’s hurting you.
So, I invite you to release that thinking. The only thing it’s accomplishing is limiting your possibilities. (And probably your friendships.)
Remember, this is your life. This is your journey. This is your choice.
You get to write the script, so don’t betray yourself by thinking that when you become rich, you’re going to turn into someone you’re not too fond of. You’re still you!
You can either work your whole life to have no wealth, average wealth, or a lot of wealth. The choice is yours.
But here’s what I say: If you’re going to be working anyway, building wealth is a very logical goal–especially if you want to influence positive change in the world.
If you find yourself desiring financial independence, but you’re still at odds with that being “okay,” that’s likely because of your Money Operating System®. (We’ll come back to that!) For now…
Let’s say it together: It is safe, moral, and exciting to decide to be rich.
Decide
Plan
Speak
Ask
Earn
Invest
Protect
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.