Daniel Walsh reveals the principles to help investors make important changes to maximise their wealth creation journey.
Daniel is a renowned property investor, author of ‘6 Principles To Retire Younger & Richer’ and founder of award-winning buyers agency Your Property Your Wealth.
On the Get Invested podcast with KnowHow’s Bushy Martin, Daniel explained how investors can create, grow and retain wealth through principles such as building generational wealth, creating a money mindset, mastering consistency and maximising time.
Principle 1: Build Generational Wealth
Daniel discussed the importance of confidence and investing without the fear of debt in order to build generational wealth.
“I think generational wealth is assets, for one. It doesn’t have to be property. It just has to be assets in some form. And I think that the wealth has to continue to grow bigger than the liabilities that you take on. So if you a certain lifestyle, is the lifestyle smaller than the growth of the assets that you attain? And if that’s the case, that’s financial freedom and that’s wealth,” Daniel said.
“Now I think wealth comes in multiple forms. I talk about happy, healthy, wealthy and abundant as the four pillars. So first is happy, because I don’t want to be wealthy without that. I want to be healthy, because again I can’t enjoy anything if I’m not healthy. Then I want to be wealthy, and then I want to feel abundant.
“The biggest thing is you can have a lot of money and feel scarcity, and you can have a multitude of anxieties around that. If you feel like you’re going to lose what you have built, then you don’t feel like you’re winning. That’s a mental block that you have. So you can feel abundant because you have 100K in your bank, and this is why most people hang onto their savings. Whereas that makes me feel scarcity, and I feel like once I put it into a property, I then relax and feel abundant. However, most people will then go, I’ve lost my safety and my savings, I put it into debt, now I feel scarcity. It’s the opposite way of thinking, but I feel the other way around because I knew that my money was going to lose value in the savings, and I need it to work for me.”
Principle 2: Create a Money Mindset
For Daniel, creating a money mindset is incredibly powerful, and will often be influenced by the type of people you surround yourself with.
“It sounds strange, but when you walk into a room with other people, you have a certain emotion that changes in you. Let’s say they just won the lotto, that frequency becomes your frequency and it becomes amplified and it makes you feel good. But if you get into a room and somebody just died, you’re probably going to have a different frequency, right? So your mindset is changed by the frequency of the people that you are around,” he said.
“So a high frequency person is typically somebody that’s always half glass full instead of empty. They’re those people that even in tough times can think about the positives. They’re the ones that always think it’s possible, and you start to think of things that you never thought was possible. So for example, on the income side of it, let’s just say that you’re talking to four people with an income of 100K and you’re all sitting there talking about how you earn 100K, but somebody walks into the room and goes I’m on one million dollars and he’s on a different frequency to you. Now, if he starts to explain how he does it, you start to open up to the possibility of earning one million dollars. But before he came into the room, it was not possible for you because you could not understand that frequency.
“So I think it’s very important to surround yourself with those people – people that are better than you. If you’re the best person in the room, then unfortunately you’re not going to be able to continue to level up.”
Principle 3: Master Consistency and Maximise Time
Mastering consistency and maximising time is about adopting successful habits and understanding your key reasons to stay focussed.
“Successful habits are typically what you’re going to do on a daily basis. The way you think, how you operate, what your goals are and having them written down, they’re success habits. And if you’re trying to create success, it’s about understanding consistency over long periods of time to be able to be that person,” Daniel said.
“Consistency and persistence are the two biggest things for somebody that is successful. It means that you’re going to continue to do something, even when it’s hard. You keep going because you know that the outcome is what you want, which is why it’s important to talk about your why, because typically your why becomes the greatest driver to fulfil the mission. And the biggest thing with your why is it should be external. For example, when I talk about my why, it was my family. So if it’s external, when things get tough, you will keep doing it because you’re not just depending on yourself to fulfil your mission, someone else is depending on you at that point. So you draw that inspiration to keep going so you know to maximise your time.”
Listen to the full interview here.
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