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Building wealth is the goal of many, but few ever accumulate the amount of wealth planned.  Many people allow lifes circumstances, financial woes and minor set-backs to cause them to quit mid-stream.  The future is bright for those few who strive to achieve wealth no matter what life throws their way.  You can be one of the few who build wealth for the future.  Though there are many steps to take along the way, below are five essential steps for wealth-building success.

1.  Be a Consistent Goal-Setter

Youve probably heard the word goal all your life.  Were not talking about the football goal or the soccer goal!  What we are talking about is life goals, whether they are goals for finances, your family, business, or some other purpose.  Setting goals is the first step in building wealth because, without them, you will not see ahead when lifes ups and downs occur.  Instead, you will go with the flow in a swirling whirlpool of emotions.  Goals help you to stay on track no matter is happening all around.

To set goals is simple, but many people do not set them because they fear failure.  If you never fail, youll probably never succeed.  Most wealthy people can recall many times of failure.  They set their goals.  Some goals were achieved, some fell by the wayside, but they did at least achieve some of their goals.  So, dont fret over whether you can reach the goal, but consider the enjoyment of striving to reach it.  The road to wealth should be enjoyable or its not worth the trouble!

How to Set Goals

Now, the fun part!  Set a long-term goal for starters.  Think!  Where would you like to be with your finances five years from now, or maybe even ten?  Answer the following questions:

a)  Will I own a business in five years?
b)  How much money will I be earning annually in five years?
c)  How much money should I save per month starting now to have a comfortable savings five years from now?

Once youve answered these questions, youre ready to write down a long-term goal.

In five years, Id like to have accumulated $_______ in savings, and be earning $_________ per year.  To achieve this, I will begin working toward short-term goals every day, and will also start saving $_________ per month.

Short-term goals can be more personal and complicated. How you set short-term goals depends on your current work situation and how that might change over the next few years.  If you plan to continue working for someone else, your short-term goals will focus on building a good work relationship with your employer and striving to do your best on the job.  Promotion to a higher-paying position might be possible.  Also, you will focus on a short-term and long-term savings plan.

If you own a business, short-term goals will include steps to build a larger customer base, reach out to existing customers, and expand the number products or services you offer.

Write down several short-term goals in increments of daily, weekly, monthly and yearly goals.  Ask yourself these questions:

a)  What should I accomplish this year to reach my five-year goal?
b)  What should I accomplish this month to reach this years goal?
c)  What should I accomplish this week to reach my monthly goal?
d)  What should I accomplish today to reach my weekly goal?

Remember to keep your goals simple so you wont feel overwhelmed.

2.  Develop a Business Plan

If you own a business, you probably realize that a clear business plan is crucial to your success.  If you dont have one, write or type out your business plan as soon as possible.  This will help you determine where you are now, where you are going in the future, and how you will get there.  Its similar to goal-setting as seen above, but customized to fit your particular business.  This is the realistic look at your business finances!

The business plan should outline several things:

*Profits and expenses (or projected profits and expenses if youre starting a brand new business).
*A budget for your business finances (or personal budget if working for someone else).
*Capital needed for business promotion and operation.
*Your plans to acquire the needed capital.
*A plan for spending (promotions, supplies, inventory, online expenses, payroll, rent, insurance, etc.).
*Your expectations of the business and its future.

A business plan will help you determine how to achieve wealth through your business.  Even if you work for someone else, you should write a similar plan for your lifes goals.

3.  Create a Personal Plan

You created a business plan above.  Now develop your personal plan for building wealth.  Think of creative ways to achieve your personal financial goals and some simple ways you can save money.  Will you invest your savings in an IRA, stocks, bonds, or your personal savings account?  If you plan to invest, be sure to diversify the investments, and never risk it all.  Invest little by little, and only when youve done your homework.

4.  Free Yourself of Unnecessary Debt

No matter how much money you earn, debt can destroy all your efforts.  Debt is one of the main hindrances that keep people from accumulating wealth.  There are two types of debt harmful debt and reasonable debt.  Harmful debt is the debt you create for items you cannot afford and dont necessarily need.  These might be luxury products, vacations, excessive shopping, expensive vehicles, more home than you need, etc.  Its okay to buy extra things occasionally, but only buy them when you have the extra cash on-hand!

Reasonable debt is usually for things you need in everyday life such as a car note, mortgage, medical expenses, college tuition, business investments, etc.  Most people will have this type of debt unless they started out wealthy as a baby!

The reason you should avoid unnecessary debt is because it drains all your resources to build wealth.  Wealth is an accumulated commodity, but debt will become a leech to your finances.  And, dont forget about the interest youll pay over the years when considering any type of loan.

5.  Keep Your Eyes on the Goal

Once you have set your goals, dont let lifes trials steer you away from the path.  Keep your eyes on the goal, not the circumstances.  Consider this If while driving a car, you gaze at every happening on the sides of the road, you will probably end up in the ditch! The same holds true for reaching goals.  Stay focused on the path youre taking, and dont worry about whats happening all around.  If you own a business, remain steadfast during busy times and slow times.

Building wealth doesnt have to be a complex ordeal.  Following these steps will not make you rich overnight, but it will give you a clear, steady path toward wealth.  Millions of successful people have followed these simple steps and are enjoying great wealth today!