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© Chair for Strategy and Organization, Technical University of Munich

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Set up a Plan and Get Started!

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Why only reading this? Let's take action and make a plan to develop your wealth mindset!

Your way to financial success

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1) Educate yourself

Financial
Mindset
Career development

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2) Know your status quo

Financial and wealth situation (How much do you have: all bank accounts, all assets etc.)
Income situation (How much do you earn per month? Is this stable?)
Cost situation (How much do you need per month?)

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3) Set Targets

Set specific targets for mid- and long-term (e.g. 5.000€ more in assets in one year)

Here is an interesting article on how to set targets to build generational wealth.

How Much Money Is Needed to Build Generational Wealth?

In this article, I am going to breakdown my lifelong plan to build generational wealth. Whether you have the same goal or not, I think you will find a lot of useful information you can use to help reach your financial goals.

themakingofamillionaire.com

How Much Money Is Needed to Build Generational Wealth?

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4) Make a plan and prioritize

Make a concrete action plan to achieve your goals
Prioritize your goals according to your preferences and the expected outcome

You can use this template to get started.

📒Precision your plans!

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5) Start!

Conduct you plan and do not fall for obstacles!

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6) Review and adjust your plan if necessary

Review when major changes occur (e.g. raise in wage)
Set yourself review dates to rework your plans based on the current situation

💰Financial Targets

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7) Wait and be patient!

Do not over-manage, do not panic, when you lose something.

Source of content: https://www.youtube.com/watch?v=ensZI-0zAhs

Source of image: https://www.factorone.net.au/blog/factorone-finance/how-long-is-too-long-to-wait-for-payment, https://www.freepik.com/free-vector/two-employees-with-obstacles-their-way_901524.htm