Australia’s Rapid Reno Expert Naomi Findlay reveals her personal definition of wealth; and describes why wealth, time and money are typical driving forces of motivation for most.
Hey there! It’s Naomi back again for another week of Rapid Renovation tips.
So, it’s important to know all the pitfalls and dangers and potential hurdles and stumbling blocks surrounding renovating to create wealth or renovating for profit so that you can take a measure of how to avoid them. Right?
You wouldn’t drive at night without the headlights on, would you? Same goes for renovating. You wouldn’t and shouldn’t renovate without a clear view of the path ahead. In this case, what you don’t know can actually hurt you and it’s best that you come to the renovating game really prepared.
So, renovating for wealth isn’t something to jump into lightly. There are many pitfalls, many risks, many dangers, and without the proper knowledge and the proper preparation, you’ll be ultimately setting yourself up for a path of disappointment and potential capital loss.
But the question now is, how do you go about taking the strategies in the Rapid Renovation formula and what I’ve taught you and applying them to a particular scenario?
Well, first you need to figure out what your personal definition of wealth is. No two people are the same when it comes to why they choose to renovate and it’s exactly the same when it comes to wealth. Wealth is much more than just money, and that’s exactly what today is all about. Figuring out what wealth means to you will help you figure out how to personalize the tips in my formula to get you where you need and want to be.
But first things first. What exactly is return on investment? So, this is a pretty money-orientated term. It’s a fancy term that means pretty simply the return on the investment or the ROI is a way of calculating numerically your success at the end of a renovation project. So, in other words, when the dust has settled and the contracts have been exchanged, what is left to you financially?
So, to answer these we first need to answer the following questions: What is success? What is meant by the word ‘success’ when we speak about return on investment?
Just like with everything else, your definition of success will be different from mine or from your neighbors or perhaps even your partners. What success is to us and the way we measure our own excess is something really personal. No dictionary or person can tell us otherwise.
Generally, though, when you talk about return on investment with regard to our renovation projects, it will involve a measurement of money. Unless a project was purely for personal enjoyment, then money will always be a factor there, hence why it’s called “renovating for wealth” or some call it “renovating for profit”. And the keyword there being ‘profit’ in that circumstance.
But going beyond just the dollar aspect of it, ROI is also about wealth—the wealth that we get when we finish a renovation project. Now I mentioned earlier that wealth was much more than money or profit. Again, wealth has a unique meaning to each of us and nobody can tell us otherwise.
So, whatever your definition, I would say there are three main categories that the definition will fall under and they are these ones:
So, number one is health. The first element that makes up this concoction of wealth is health. Arguably, it is the most important of the three. Being healthy is all about the physical, mental, spiritual and well-being of our bodies, minds and souls. And there is no point to money if there is no health to enjoy it.
So, will completing a renovation project mean that you’re going to be able to get more exercise done in your day? Would the concept of renovating to create wealth allow you to be the best and healthiest version of you that you can be? And are you renovating to create a lifestyle that will give you opportunity to be able to be more active and more healthy and have a healthier diet and a positive mindset? If the answer is yes to all or even any of the above, then your overarching goal in your renovation is obviously for your health and well-being.
Now, the second element to wealth is time. And this involves one of the most elusive things in our lives and it’s one of the most sought-after things in our life, and it’s time. No one ever seems to have enough, which is why it is probably a more important strategy than dollars to be honest with you. Because what’s the point of having all the money if you never have time to use it? So, is it time that you’re really after? Is the end goal of your renovation project to free up time and provide you with the flexibility to work the hours that you want to work? Will renovating to create wealth allow you to work around school hours, be at home for your kids right just have more time to travel and explore the wonders of this amazing world? So, time might be part of your definition of success and wealth that awaits you on the other side of your renovation project.
Element #3: our money. It fits in firmly into the third element and the final element that defines wealth. As they say, money does make the world go round and that holds true to a certain extent—whether it’s sending our kids to a certain school, upgrading our house, traveling—money certainly makes those things happen.
So, are you looking to renovate to create wealth to reach financial freedom? Is it an escape from the rat race that you’re already in? Or do you just want to finally start your own business or live in a suburb closer to the good schools for your kids or maybe you’re looking to upgrade your family car or your family realizes that they’re deeply in love with travel and you want to travel more with them? Whatever your financial goals are, it can be achieved with wealth from the rapid renovation projects.
So, keep in mind here that these three dimensions of wealth are not exclusive to one another. Most people’s definitions of wealth will be a mixture of all of the above really and this is the nature of these sorts of things. Having enough money will generally allow for you to have more flexible working lifestyle and will allow you to then turn opportunities to spend more time with your family which will increase your health and increase your well-being.
So, whatever your wealth motivation is, the first step to renovating for wealth is to arm yourself with the proper tools and the formula to create it.