6 habits to adopt now if you want to build wealth
Husband-and-wife team Wendy and Jay Papasan believe periods of crises can be a chance to refocus your financial journey and adopt wealth-building habits. They shared their strategies at Inman Connect Now
Like all crises, the pandemic and current period of economic uncertainty can also be an opportunity — a chance to refocus, take stock of where you are in your financial journey and build habits that can help build wealth in the future, Jay and Wendy Papasan said during a panel at Inman Connect Now on Tuesday.
The key, the husband-and-wife founders of Keller Williams’ Papasan Properties say, is to think long-term. While many across the country struggle with unemployment and significant cuts to income, those who are working and thinking about real estate investment should still take a hard look at their financial habits.
“COVID broke all of our old routines,” says Jay, who is executive director at Keller Williams Realty and co-authored “The Millionaire Real Estate Agent” with Gary Keller and Dave Jenks. “We have an opportunity to form fresh habits and come out of this more purposeful than we went in and change that trajectory just by changing the habits that drive our lives.”
Here are their six tips for coming out of the current difficult moment stronger and wealthier:
1. Say no to say yes
At its core, wealth building requires a level of discipline and forward-thinking. One way to make it easier, Jay advises, is to periodically remind yourself that you are doing it to generate passive income and have financial freedom to do the kind of work you like as you age. If you do, putting off a car upgrade or new wardrobe now will feel less like a sacrifice.
