Focus is Key Recently there was an ESPN documentary called “The Last Dance” which documented the Chicago Bulls during the years that they won six of eight NBA national championships. It had clips from the locker rooms, their personal lives, strategy meetings, practices and obviously the games. Throughout the series, viewers could see how the Bulls would practice and also allowed us to see their impressive focus on winning championships. Phil Jackson was the coach in each of these seasons, and Michael Jordan was the star player throughout the years. Michael Jordan focused hard every year on creating a championship team. He did not focus on politics, he didn’t focus on other sports, his focus was 100% on basketball – how he could make his team better, how he could improve practices, how he could study his opponents, and how he would improve his own skill set. He was even known to lie to himself so that he would be motivated with 100% focus to outperform the competition. He was a master at focus, and it can be said that he was the greatest basketball player of all time. I’ve never had much success chasing two rabbits. Developing a Wealth Based Focus When most people think about wealth and riches, their mind instantly goes to the amazing mansions, the yachts, and all the toys money can buy. What we don’t always realize is that when we think about “things” our mind is centering around spending and consumption. Wealth does not come from materialism but comes from productivity and creation. No one has ever become wealthy from overspending. We become wealthy through saving, discipline, wealth creation, investments, entrepreneurial sprits, and it usually happens little by little. A quote I always have enjoyed reads, “How do you eat an elephant? One bite at a time.” Wealth comes with time and with a disciplined approach. The key to this approach is beginning with the end in mind. Where do you want to be in 20 or 30 years? What do you truly desire in life? What makes you happy? What legacy do you want to leave? If you change your focus from what you want to where you want to be – it will help your focus shift from consumption to wealth building. Basics of Growing Wealth There are a lot of ways to grow wealth, but it really comes down to 3 things: Earn Money Save Money (Don’t Spend – Pay Yourself First) Invest the Money and Grow Wealth Growing wealth is not about how much money you earn. You have to be able to save the money you earn and make it grow to have true wealth. Think about all the actors/actresses and professional athletes you hear about going broke after making millions of dollars in their field. They didn’t have an earning problem – their issue was that they didn’t have a wealth building focus but rather a consumption driven focus. They bought all the “wants” when they should have been putting money away. Consumption Mindset Let’s take a minute to talk about a consumption mindset. When your focus is on what we can get, what can I buy, what will make me happy right now you typically are forgetting about tomorrow for instant gratification. One time I was on a clean eating program called Whole 30. It was a great program that had me feeling wonderful, sleeping well, and losing some unnecessary pounds I had added over time. All I could think about the first ten days of the program were snacks – good ole fashioned reese cups, milkshakes, mashed potatoes with butter, and of course, bread! My goal of finishing the program became 10x harder whenever my focus drifted to these items. I would start asking myself “Is this worth it?”, “Will one cheat meal really hurt”, and “Jesus ate bread! What type of program does not allow me to eat bread?” As you can see, when my focus changed my goal became harder. Also, I learned from this without a clear 30-day goal it would have been easy to bail on the program. Having a goal and keeping my focus on where I wanted to be helped me move past the consumption mentality. It is the same in life and the same in financial planning. If you only focus on what you want now by scrolling through Amazon or going to the mall (just to look) it will make it hard to keep your focus on building your wealth. Wealth Building Mindset I set a goal for myself two years ago to get my house paid off. My focus was on several principles and facts that showed the value on being completely out of debt. Several years back Forbes published an article that gave advice from the 400 wealthiest people in the world. What struck me was the advice that 75% of them gave – get out of debt and stay out of debt. This instantly became my focus. Although I have always believed that debt will pull us back, I had convinced myself that mathematically it was not the smartest thing to do with my money because I could earn more than the lower interest rate I had on my mortgage. I decided to change my focus. Since I changed my focus to getting out of debt, I have paid down over $150,000 dollars in the last two years. Honestly, I do not know how it has happened besides the fact that my family’s focus changed from consumption to a future driven focus. We want to be completely debt free; we want to see our household have the freedom to do what we want to do or feel called to do without having debt hold us back. Having goals that contradict each other made that very hard – so we went all in our focus. Value Based Focus One of the most important things when evaluating what you focus on is making sure that your goals have a healthy focus. A value-based focus is something that benefits your future for not just yourself but for your family and one that empowers your purpose. If you do not have a family then you need to verify that your focus is driving, you towards your legacy and purpose. Your focus may be to get out of debt so that if anything happens to you your family isn’t in a bind. You can also do this with term life insurance. A healthy focus may be to improve your overall health so that you can enjoy time with your kids and grandkids. These are things that not only improve your future, but also benefit your purpose. There is nothing wrong with having a goal of buying a new house, getting a nice car, or buying a nice purse, but if there is no overall value to your legacy you might want to count the cost to see if your energy is really worth putting towards something that is not value based. I heard a speaker one time say, “Make sure what you are shooting for is something that your really value.” He was saying that a lot of times we can easily get sucked into consumer mode instead of what really makes us happy. F-O-C-U-S The definition of Focus is “The Center of Interest or Activity” and “The state of qualify of having or producing clear visual definition”. Follow One Course Until Successful Without a clear focus we are just getting by. When we change our mindset to focus on things that pull us towards a goal it creates energy. Dave Ramsey says that when we have clear focus on put our energy towards a goal, it is amazing the power that is generated. This statement resonates with me because it helps us push forward with our purpose even when roadblocks pop-up or when distractions disguised as opportunities show up. Steps to Build a Wealth Based Focus Goals. If you have not developed goals for your finances or other areas of your life this is a priority. If you do not know where you are going you will get there every time. You must begin with the end in mind. Spending. Odds are you have some spending cuts to implement. Some of you are trying to click the “x” on the screen as fast as possible but remember that building wealth happens one decision at a time. When you stop clicking buy now and start clicking invest now you are changing your thought process. You are changing your habits. You are building your future. Investing. If your money is parked in the safe at your house it is not growing. The biggest part of wealth generation is the ability for your money to grow while you sleep. There is a speaker who says, “Live off the top of the barrell.” We need to be able to live off the income our wealth creates – this is true financial freedom and until you get there you have more work to do. Invest in You. A big piece to changing your mindset is changing what you think about all day long. Change from your music playlist to an audio book. Start listening to podcasts that are positive and informative. Turn off the negative news and start building your energy with books that help you get to where you want to be. The energy you invest in yourself will multiply, but like a seed unless you plant it and water it – it will not grow. Decide to build a wealth-based focus. It is not rocket science, but it is not easy either. With discipline, hard work, and a positive mentality you will get there.