5-Steps To Double Your Wealth

Even If You Are Struggling With Money

Today, I’m going to show you how you can double your wealth within 7 years 

With so many get-quick-rich scams, gurus and free youtuber teachings, I’m going to walk through a much more direct approach. And this approach will be solely focused on ‘doing the right thing’ and cutting out all the noise.

By focusing on being effective, you move ahead in life and move closer to your dreams of living freely and spending quality time with your loved ones. 

The problem is that most focus on taking a higher risk investing in a specific area (like property, stocks or crypto), rather than a balanced approach focusing on low-risk and high-reward strategy

5 ‘right’ steps towards your goal beats learning 50 different investment strategies

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There will be zero hacks or tricks in this issue. Just proven tactics that help you double your wealth. That can generally be defined as:

• Strategizing your game plan
• Knowing your start point and finish line 
• Take the 5 pillar steps to double your wealth
• Constantly improving your cashflow
• Doubling wealth requires a balance of attack and defense

Step 1 – Understand and decide where you want to go

Do you know where is your finish line? Where is it you want to go? Pick and decide.  This is a tough 1. Why? Many can’t answer this question immediately.

“What is the 1st place you want to visit when you retire financially?”

Why? In general, most people don’t like to think. They say “I want to travel the world. I want to see the world”. But it is hard to pinpoint 1 location first. 

Let’s use my example, I want to visit San Francisco to watch my first NBA game.  Imagine you are planning this trip for me, what’s the question you will ask me first?

• How far is this place?
• What’s the cost?
• How long you want to go?
• Who is going with you?
• Right?

Similarly, for you to double your wealth you need to first decide your finish line. What do I mean by the finish line?

This is when you know you can retire financially. When you don’t have to work and you can rely on your assets to generate your income

How?

Use this retirement calculator (FF Number worksheet) or any retirement calculator. Just be careful, use inflation-adjusted retirement calculators

What do I mean? 

It means, using calculators that take into consideration inflation while calculating your retirement number

What is your number? Comment below

Step 2 – Find out your current financial situation.

Secondly, you need to know where you are. Now!

Of course, you wouldn’t have a doubt where you are now physically, right? (while reading this email)

Using the previous analogy of helping me to plan for San Francisco, it never crosses your mind that you don’t know where I am physically right?

All you had to do was to ask. I can tell you I am located in Malaysia (specifically in Petaling Jaya) 

Then you would naturally start looking at all the possible transportation and routes for me from Petaling Jaya to San Francisco, right?

Then what about your financials?

Could it be possible you don’t know where you are right now? (in your financial situation) 

Isn’t it funny that we can take for granted a simple equation like this? 

How do you get to your finish line (say RM 4 Million) if you don’t know you are at say RM 1 Mil? Use this tool to find out where you are financially. Your number will be at “Current Networth”

Step 3 – Find your path of least resistance using my 5-step DYN Framework

Now that we have affirmed our starting point and destination, the next question is 

• “What is the fastest way to get to my destination?”
• “What resources do I need to equip me in this 17+ hour trip?”

Does that sound familiar to you? Maybe not yet. But in time you will see. This is where I like to introduce my 5-step DYN Framework – MOFIC, which stands for

• M- Maximize (Defense Strategy)
• O- Optimize (Defense Strategy)
• F- Free-Up Cashflow (Fuel Strategy)
• I – Invest (Attack Strategy)
• C- Compound (Attack Strategy)

Step 3.1 Let’s start with “Attack” Strategies

Naturally, we all want to reach our destination the quickest. In general, attack here means “move forward”. And there is no way you can move forward in your financials without investing 

Hence, Invest

1 of the tools we use at J Advisory to pick undervalued and profitable companies is Hidden GEM System + (sample of June 2020)

Once you are able to invest effectively, you need to double down on what is working for you – Compound

As they say, compounding is the 8th wonder of the world

Based on what I can think of, there are 21 different assets that you can put your money into

Of course, some of these assets will have a higher return, and some lower. You can choose how fast you want to reach your destination

Similarly, you can choose the mode of transportation of how fast you want me to reach San Francisco. For every mode of transportation, there are risks. And there are rewards

Just like your investments, see the resemblance now?

Risk vs Reward

Most importantly, you would not want to take 1 step forward and take 2 steps backwards. 

Step 3.2 – Ensure you have sufficient fuel to your destination

In order for you to continue to move forward and invest, you need to have fuel. “What do you mean?”

Fuel = Cash flow

Just like your fuel for your flight to San Francisco. “Can the plane fly without refuelling?”

Of course not!

Hence, this is the No 1 problem for every person in this journey. They run out of fuel. Or rather they bring just ‘enough’ fuel, without any backup. Or not using fuel efficiently

That’s why you need to learn how to Free-Up cashflow (to refuel) which is the 3rd strategy of my 5-step DYN Framework

There are 4 ways you can refuel. 

• Free-up cash flow by reducing insurance premiums and maximizing coverage
• Free-up cash flow by reorganizing credit card and personal loans
• Free-up cash flow by reducing expenses, keeping needs vs wants
• Lastly, is to increase income by utilizing assets we have

All this can be done once you master ICE JAR – the world’s simplest money management system

Step 3.3 – Defense

Lastly, in order to ensure all our efforts moving forward are not negated by any crisis or disaster happening, you need to ensure you have a solid defence

Just like the quote “Offence wins games, Defence wins championship”, you need a solid defence to ensure when disasters do happen, you have a sufficient buffer to cushion the blow.

Here are 3 defence strategies you need to take

• Set up 6 months of emergency funds for short-term mishaps like losing your job, car breakdown & etc
• Maximize your insurance premium to set up a 5 years emergency funds for long-term disasters like disability and critically ill
• Interest optimization strategy to pay off your housing loan 50% earlier.

Step 4 – Take Action & Putting it Together

Now that you know what you need to do, take Action!

Don’t strive for perfection, aim for progression.

It may seem like a lot, but once you focus on segmenting it and automating each part of the segment, you move 1 step closer to your goal

After all, even if you could not double your wealth, will you feel happy growing your wealth 25% to 50% within 2 years?  

Step 5 – Review

A good practice is to do a review twice a year (half-yearly)

Once on your birthday month and another 6 months apart.

If you don’t have time, review your progress a minimum of once a year.
Just like navigating your flight to San Francisco, 1 degree off track will land you very far off your destination.

So it pays to review your progress so you get to your destination

Summary

In summary, if you are still wondering how do I double my wealth in 7 years, let me share with you the key to these 5 steps.

If you learn Rule 72 before – it states 

In order to double your wealth in 7 years, you need to grow your assets by 10.3% (72 divided by 7)

You probably thinking “Oh my, what kind of investment can give me 10.3% per year consistently for 7 years?” The truth is you don’t need to look at just 1 perspective

The key to our students who double their wealth within 2 years, is to

1. Get 5-6% return for their assets consistently every year (Attack strategy)
2. Get 5-6% reduction on their loan consistently every year (Defense strategy)
3. When you add that up, you will get your 10-12% growth on your overall wealth
4. So the key question is “Do you have enough fuel (= cashflow) and how to generate more of it?” (This is where I come in to help you improve your cash flow)

That is how you double your networth, my friend! 

If you follow so far, comment below “Oh! I get it Ka Hoe”

Share this if you find it beneficial.

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Whenever you’re ready, here are 3 ways I can help you to improve your cash flow and double your wealth:

1. If you’re still looking for ways to improve your cash flow and double your wealth, I’d recommend starting with

-> Ice Jar – The world’s simplest money management system. This is really the foundation to improve your cash flow and double your wealth. Join 830+ students here

-> Double Your Networth – Join 100+ students go through 4 days intensive webinar to fully understand and apply my 5-step DYN Framework to double your wealth and retire 5-10 years earlier.

2. Meet up and clarify your doubts with our coaches.

If you are unsure of where and how to move forward or you are feeling stuck, you can sign up for a complimentary Discovery Call with our coaches HERE.

3. Let’s stay connected on social media.

Tune in to my Linkedin, Instagram and Facebook profiles
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*DISCLAIMER – All strategies listed here are not a recommendation nor advise. The article is written purely for the purpose of education and journaling only. The content of this article is an expression of my opinion and should not be taken as a professional advise. If you are seeking professional advise, please consult me personally . You should do your own research and/or seek an expert’s advice when overcoming your circumstances.