1. Believing that wealth isn’t for you
We know the first step to becoming wealthy, is to believe that you can be – otherwise you won’t keep anything you make. The first step is to work out what you believe – and if you don’t know – keep a diary and when anything financial happens to you – you get paid or receive a bill, how do you feel – joyous or despondent? Once you work out what makes you feel bad then attack that belief by asking yourself – repeatedly until you have the answer and the belief changes:

2. Forgetting that pennies count
Money is like a plant on your kitchen windowsill – it will grow if you feed it and water it. Also most pot plants grow from tiny seeds– and money is the same. Small amounts of money properly planted and looked after WILL grow into a massive amount of wealth.

3. Putting your head in the sand
I meet people who tell me they haven’t opened a bank statement in many years and that all brown envelopes get put under the carpet, and sadly this ‘head in the sand’ approach to money is damaging, totally unsuccessful, and frankly ridiculous.

4. Not controlling debt
We may get overwhelmed with debt from time to time but as long as we maintain control then we can manage that debt without fear or panic. As with most things, if we are fearful we tend to make the ‘wrong’ decisions and create more challenges, but with a sensible, and controlled action plan, we can manage our way into calmer waters.

5. Not knowing or understanding your credit score
There are seven steps we can take to improve our credit score by getting control of the issue:
Turn detective
Turn cleaner
Be dull
Go solo
Get active
Be good!
Get Control

6. Ignoring the future
When you have got control of your current position now it’s time to look to the future as most people fail to plan for their financial future and if you fail to plan then sadly you are planning to fail! Most people in the UK, USA and most of the western cultures retire with insufficient means to see them through retirement – and in the UK that means that you have to try and live on the government pension which can’t be done because it’s pathetic!

7. Putting all your eggs into one basket
Doing this is risky. If that one thing gets lost, stolen or fails in any way then all the wealth is gone, so we must get used to the concept of spreading everything we have.

Click here to download the full guide

Gill Fielding’s Investment Property Purchase Check List covers all the positive and negative criteria for viewing properties and purchasing that first piece of prime real estate investment.

Click here to download the checklist

 

 

Gill Fielding is a self-made millionaire with a no-nonsense, positive approach to finance and a personal mission to educate the nation in managing and improving their own financial position. She is best known for her appearance on Channel 4’s The Secret Millionaire when she gave away nearly £250,000 to good causes.

Gill Fielding’s Top Ten Tips for Wealth Creation
1. Understand where you want to be Everybody has wildly different perceptions about money and what wealth means – you have to discover what wealth means to you: one man’s riches may be peanuts to someone else. Think about what you really want in terms of money.

2. Work out exactly what you have

If you don’t know what you’ve got and what wealth you want to have – how on earth can you work out how to bridge the gap! Start recording your assets and liabilities and your regular cash-flows.

3. Understand your relationship to money It’s an obvious statement, but if you think you are bad at maths for examples, for sure you will be – because humans have a remarkable ability to bring their beliefs into reality. The same is true for money: if you think you are bad at it, or you are scared of money or don’t believe you are worthy of wealth – then you will never keep money until you resolve those issues.

4. Understand money flows Money is like water, it flows in and out. Unfortunately, most people let it flow out in a flood but only have a trickle coming in – so address that. Be aware of your cash flows, minimise your outflows – do you really need that gym membership for example?

5. Understand Debt There is a good debt and bad debt and understanding the difference is fundamental. Be aware of what you owe and why you owe it: dig out statements and force yourself to understand the rate you are paying on any debt and remember “Never borrow to spend – only borrow to invest”.

6. Understand the basics of compounding Compounding has the ability to make you a millionaire in your lifetime with 100% certainty – with just £2.25 per day – do you know how to do that?

7. Invest in Property Land is a scarce resource and apparently God isn’t making any more! Returns from property over time have been staggering – and often people make more money on the increased value in their own home than they do working for a living – make sure you capture some of that growth.

8. Be aware of the Governments proposals for wealth creation The Government has created many wealth making opportunities for those of us ‘in the know’, particularly in the pension’s arena. If you can overcome your ‘dislike’ of all things pensions, tax and governmental, you could get access to large injections in your wealth pool.

9. Invest in Business The key to massive growth in business value is to understand that the real success comes from making the business passive to you – any investment you can make where you don’t have to do any work but yet you reap the returns is worth investigating.

10. Celebrate and review As a nation we are very poor at celebrating our success and moving forward onto new levels. Set yourself performance goals and celebrate when you achieve them. At that stage move your wealth creation strategies up a notch – and go for it!