A few weeks ago I watched a short clip from Kerwin Rae, a business strategist and motivational speaker. He often does short snippets of video on his Facebook page and this particular one really resonated with me.
The clip was all about three common triggers that propel people along quickly in their pursuit of wealth.
The three triggers to create massive momentum when building wealth were:
A new relationship
Birth of a child
This got me thinking as to how this is in fact so true in my life, and perhaps it might be in yours too. In this post I take you through how these three triggers have shaped my financial path.
A new relationship
In the clip, it talks about how meeting someone and starting a relationship can inspire you to feel like you can conquer the world.
Whilst I have always been quite good with my finances, I think this trigger certainly applied for my husband. When we first met he was earning cash as a chef and was always struggling to ensure his bills and rent were paid on time.
He also had no understanding of how interest worked and what he was being charged on his credit card. I took the time to explain this to him, and within a short period of time he was on board with paying off debt, saving and investing.
He later told me he had always wanted to be good with his money, he just had no idea how to get started.
Since coming together, we have made a good team in working together to grow our property portfolio. As a result building our net worth to a level that would be considered high for most people in our age group.
Whilst I might have brought the financial sense to the partnership, my husband had his own strengths that allowed us to grow our wealth at a rapid rate.
For one of our properties, we added a granny flat. Because my husband is a carpenter he was able to do a lot of the work himself, which saved us lots.
He has definitely helped me to back myself more and go for jobs outside of my comfort zone with a higher wage. As well as supported me to start this blog and to pursue my side hustle of copywriting and marketing for small and medium businesses.
So you could say he has played a big part in propelling our pursuit of wealth forward as well.
Birth of a child
The second trigger for wealth is the birth of a child. The reason for this is that once you have a child you have the realisation of legacy. And you want to take care of them the best you can.
I now have two daughters and they have both definitely impacted the way we pursue wealth.
Whilst our wealth accumulation has definitely slowed down since having kids, we have been much more focused on finding ways to reach financial independence faster. So that we can spend more time with the girls whilst they are young.
This involves selling one of our least performing investment properties which I talked about in the last net worth update. As well as me taking on some more side hustle projects to have some extra income coming in.
We are quite lucky in that we built our small property portfolio before we had kids so we already have some assets that we plan to pass onto them in the future.
The third trigger is about experiencing mortality. Whether that be a near death experience of your own or the loss of someone you care deeply for that you thought would live forever.
Thankfully I have not experienced the near death experience. But I have lost someone extremely close to me.
When I was twenty years old my dad died quite unexpectedly from a heart attack. He was only 55.
I will never forget the moment when my step mum rang the house in the middle of the night and told me he had not made it. The screams from my older sister ran through my body and cut right through me. I will never forget the sound for as long as a live.
This one event has had the most impact on my life to date. It made me realise just how precious and short life is.
Celebrating events such as my uni graduation, wedding day and birth of my children are all joyous events that came with a tinge of sadness.
I know how proud my dad would have been of me graduating uni with honours. He would have loved to have walked me down the aisle and would have made the best grandfather you could have ever hoped for.
His passing is the catalyst that set me on the path to financial independence and retiring early.
He worked all his life to give me and my sisters the best. But never got to take the trip to Ireland he had always wanted to. Or move down the Coast and enjoy his retirement years.
For me, life is now so much more than working a job to buy more stuff. It is all about earning money so that it can buy me more time to spend with my young family.
The common thread
With all three of these triggers they highlight and make you think about just how precious time is.
Kerwin goes on to explain that successful people value time. And a lot of us are investing our time in crap such as watching TV or scrolling social media for hours.
This hits home for me. And I now try and be more mindful of where I am spending my time.