10 Questions to Tell If You Are Building Wealth Fast Enough
Am I building wealth fast enough?
For everyone out there that aspires to live a non-ordinary life, this is a question that should pop up in his head almost on a daily basis.
Someone that is on his way to become rich and achieve financial freedom and more, should always ask if he is increasing his net worth at the appropriate speed.
Unfortunately, there is no easy answer to this question since wealth building is a long term process and the great results take some time to manifest.
Having said that, every individual should consistently assess their current status and progress and revise their strategic plan accordingly.
For this reason, I have created this short quiz to help aspiring entrepreneurs and other individuals to assess their money making potential.
It’s critical to monitor your daily habits and overall performance so you can make lifestyle changes and adjustments towards the right direction.
And there is only one direction to go: up and to the right!
For each one of the following questions, think thoroughly and choose with honesty the answer that best describes your situation.
In the quotes, I am providing a glimpse of how you would be thinking in each case.
Let’s dive into the quiz.
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The Wealth Building Speed Quiz
1) Knowledge: How many (non-fiction) books do you see yourself reading this year?
a) 0-5: “I am not very keen on reading. I guess I will grab a couple of those.”
b) 5-15: “I have several books in my mind to read. Probably around 1 per month.”
c) 15+: “I am planning to average at least 2 books per month. Reading is powerful.”
2) Skillset: What new skills do you plan to acquire during this year?
a) “I already know how to use Microsoft Office. I think I am good for now.”
b) “I will continue working on my back-end web development skills and start experimenting with front-end development too.”
c) “I will keep getting better on digital marketing, I want to be in the top 0.1% of the world within the next 5 years. I will also study a bit about sales and improve my accounting skills since I need to understand better my company’s financial statements.”
3) Networking: How many successful people do you associate with per month?
a) “I am usually hanging out with my buddies, but I would not characterize them as ‘successful’.”
b) “I attend a few networking events every month, and I usually meet some people that are successful in their industries. I have kept in touch with a couple of those.”
c) “I attend several business events and I also reach out to individuals that I admire and respect. I am slowly building a relationship with them and seek out opportunities for collaboration. I also have a private Mastermind group with similar-minded people that are all seeking to get to the next level”.
4) Profession: What is your current career status and your outlook over the next few years?
a) “I am staying with this low-entry job and I hope that I will be able to get into the public sector at some point.”
b) “I am a high-salaried employee in an investment banking firm and I am going after the director’s position.” or “I am a senior-level programmer at a growing Silicon Valley startup. I hope we are going for an exit soon.”
c) “I am the co-founder of a rapidly growing online company. I will probably sell it in the next few years.” or “I launched a consumer-facing services company and I am now scaling it via franchises.”
5) Work Ethic: How many hours do you work per week?
a) “Around 40, the usual 9 to 5 schedule. Sometimes I have to do overtime though.”
b) “About 60 hours per week. Things are usually hectic at the office.”
c) “If I had to say a number, it would be 80. But I am pretty much thinking about my business all the time.”
6) Personal Finance: How much do you save and how do you allocate your savings?
a) “I am saving next to nothing. Sometimes I also max out my credit cards.”
b) “I am saving around 10-20% of my income. I have built up savings to the mid-five figures.”
c) “I am saving north of 80% of my income. Actually my personal expenses are very low because I do not have time for extravagant lifestyle. I have built up a cash cushion and now I am plowing the rest of the money to my businesses.”
7) Investing: In what assets are you investing / have you invested?
a) “What do you mean by ‘investing’? I am playing the lottery from times to times.”
b) “I have a portion of my net worth into stocks and bonds, and also some real estate.”
c) “I have a portion of my net worth into stocks and bonds, and also some real estate. In general, I am using the proceeds of my businesses to invest into other classes of assets on a consistent basis. I am also investing with caution in a few growing startup companies.”
8) Income Growth: How much do you see your income growing during this year?
a) “I think McDonald’s is offering a 2% raise to all its employees this year. Yeah!”
b) “I am probably going to get that promotion I am looking for, so I guess I will get a 30% bump in my income.”
c) “My projections show that I am going to double my income this year. Great times ahead!”
9) Personal Branding: How do you promote yourself in the marketplace?
a) “I don’t need any ‘promotion’. Other people can recognize my abilities and potential.”
b) “I have a personal blog and I also contribute pieces to other well known publications.”
c) “I have my own personal blog, podcast and Youtube channel. I also do interviews with other professionals and successful people.”
10) Vision: How do you see yourself in a decade from now?
a) “I guess things are going to be pretty much the same. I will continue working for this job unless something better comes along.”
b) “I will have gotten a few promotions by then, so I should be Vice President of my firm” or “I will be the chief technical architect of this tech company in a decade from now.”
c) “I will be a successful business owner with several business in the 7-figures per year league.” or “I will have exited my business for a large sum and I will be teaching entrepreneurship to the younger generation.”
What’s your score?
So, let’s see how the answers stack up.
For each “A” answer, subtract 1 point from your score. Yes, that is a negative. You might think that it is possible that things stay the same, but they do not. If you are not growing, you’re dying.
For each “B” answer, give yourself 3 points. The attitude represented by “B” answers is decent, but it will not get you the highest levels of accomplishment.
For each “C” answer, give yourself 5 points. This is the good stuff. This is how you should be thinking in order to get extraordinary results.
Now, it’s time for the fun part! Sum up your points and see at which range you fall into.
0-5: Caution ahead! Honestly, things are not looking pretty. You probably already have financial issues, or you are soon going to get them.
6-20: Coasting along! You are in the “average person” zone. You are not in trouble yet, but unless you speed up, things might get nasty in the future.
21-35: Good stuff! You are certainly on the right track and you are doing most stuff correctly. In order, to achieve greatness though, you will need to go the extra mile.
36-50: Top Notch! You are firing on all cylinders. You have internalized what are the main drivers of building wealth and you are marching ahead.
My Answers and Score
Interested in learning what my own answers are? Check them out below!
1) Books: Answer “B” (3 points)
I am probably going for around 10-12 books this year. I love reading but this year it is going to be a year of massive production, and not so much consumption.
2) Skillet: Answer “C” (5 points)
I am deep into digital marketing. All my ventures are based on this, so I will aggressively invest time into honing this skill. I will also seek to improve my leadership skills and my high-level thinking.
3) Networking: Answer “B” (3 points)
I have a great Mastermind group and I also know several skillful and valuable individuals, but I need to seek out people that are 10x my level. This is planned for the second half of the year though.
4) Profession: Answer “C” (5 points)
My online media company is growing rapidly, and I have another venture with great potential starting up. Stay tuned!
5) Work Ethic: Answer “C” (5 points)
I pretty much think about business all the time these days…
7) Personal Finance: Answer “C” (5 points)
I have built up a considerable war chest over the years, and now it is to make things explode!
8) Income Growth: Answer “C” (5 points)
I am very bullish on my business ventures this year, so I am aiming for a growth in the 100% range.
9) Personal Branding: Answer “B” (3 points)
I obviously run Wealth Triumph and make a few guest appearances, but there is huge room for improvement in this area. It is not in my goals to build up my personal branding this year, but I am planning to pump things up in the next one.
10) Vision: Answer “C” (5 points)
In the next ten years I plan to be one of the most successful and well-known entrepreneurs in my country.
Total: 39 Points. I am very excited about the future. 🙂
Did you take the quiz? What is your score? Let me know in the comments or privately here!