What’s the Secret to Becoming a Millionaire? It’s Your Team

By Loral Langemeier

There is no way I’d be a multi-millionaire today without my team. Having a team reduces your risk, increases your knowledge, and gives you access to opportunities and funds you would never have on your own. When investing, I have found that collective knowledge and experience lowers risk and accelerates diversification.

Those first starting with Wealth Cycle Investing will very likely be working alone. They’re out on the street, hunting down decent real estate deals, or flying solo in researching and finding other investment opportunities. That’s fine, as you’ve got to start somewhere.

However, putting the right team together will accelerate your learning; and, more importantly, it will accelerate your wealth accumulation. It’s going to take you time and energy to put the right team together, but it’s a necessary part of learning and growing as an investor.

What might take the typical investor 10 years or more to learn, you can learn in one or two years with the right team in place. Then, there are the opportunities and funds that suddenly become available with the right team.

There is no lack of opportunities in my life – deals returning well over 20 percent are common. These opportunities exist because I took time – and yes, money – to build and lead my team.
There are two aspects to having a wealth team on your side:

Building your team. You’ll have to find the right team members, and sometimes that means spending a little more money than you want.

Leading your team. It’s up to you to lead your wealth, and that means leading your team.

Who’s on your team?

The list of team members will vary for everyone, but here’s a general list of the kinds of people you’ll want to consider:

The Leader
The leader of your Wealth Cycle Investing team is you. You find the team members, and you lead the team members by directing them towards your goals. Even while you’re in the steep learning curve of initial Wealth Cycle Investing, you have to maintain control of your team.

In other words, although you’ll want to abdicate control to “more experienced” team members, you’ll have to push yourself to maintain control – even firing team members if they won’t follow your plan. You drive your wealth; you are responsible and accountable for everything.

Field Partners
The wealthy have always had field partners. These are individuals who are in the same industry, company, town, or even street in which you are investing. Essentially, they are the local experts – the eyes, ears, and legs that keep you informed and make things happen.

The best way to find these people is through networking. Ask others who are in that business, industry or town. Shop around and do your homework. Imagine that you’re the CEO of a major corporation and you’re hiring your new CIO; or that you’re the manager of a professional sports team and you’re looking for the perfect position player.

Mentors
It’s unfortunate that as people move ahead in their learning curve, they feel that they don’t need mentors. I’ve always had mentors, who eventually become peers and associates. Then, I look for new mentors. These are people who know more, have done more, and are skilled and successful in the areas in which you’re currently learning.

Professionals
You can’t run a multi-million dollar business without a team of professionals who appreciate what you’re creating and understand the Wealth Cycle Investing principles. Your mentors are excellent sources of referrals for professionals, such as: lawyers, accountants, and bookkeepers.

Utility Players
What if you hired people at $20 an hour to handle all the mundane tasks that take time away from you earning ten times that amount? Utility players clean your home, mow your lawn, pay your bills, handle your files and correspondence, and run your errands.

You want these utility players so that your time is spent where it will make the most difference. An errand that takes you two hours to complete keeps you from spending two hours researching and closing a deal that could net you thousands.

Remember that millionaires don’t clean their own homes or run their own errands.Wealth Cycle Investing requires time, patience, and your leadership. If you truly want to be wealthy, then you will build a team; and, you’ll lead that team. There is no other way.