For wealth-creators, making money is the easy part. Wealth creators are generative: They generate ideas, plans, and action these plans to create results. 

Through their various business ventures, collaborations, and wealth-increasing efforts – the money flows in, in abundance. 

It is keeping the money, preserving it, turning it into long-lasting wealth and legacy that is the hard part. 

Here are the three universal steps that I have all my clients establish, whether they are handling newly created wealth or if it is a large inheritance or ‘old money,’ as they call it, that has passed into their possession. 

Step 1: Find a financial thought partner 

Making decisions in solitude is generally a flawed approach to decision-making: it locks you in your assumptions and your single perspective on the matter. When it comes to money, these decisions are often crucial and have long-lasting consequences. 

I recommend never making wealth-building decisions alone. Find a financial thought partner, whether this is a trusted family member, a part of your board or core team or a separate, unbiased entity in whom you can confide. 

Step 2: Clearly define your wealth vision and goals 

Ok, so you’ve made your millions. But what’s next? What is the end goal towards which you are working?

It is sometimes hard to spend time dwelling on that long-term vision, especially when the excitement of success and the flow of abundance sweeps you along. 

But lasting wealth and legacy need you to slow down to think about the end goal. 

Create a clear vision – a 5-year, 10-year, and lifetime plan as to what you want to achieve with this wealth. It could be the security and comfort you want to provide your family and loved ones, it could be services you want to render to your community, it could be the investments you want to make back into your growing business empire. 

Clearly define that vision – and once again, do this too with an unbiased thought partner whom you can confide in. 

Step 3: Create a clear action plan

Once you have designed that vision, build out a plan. A careful planning phase will help you analyse the gaps and challenges that might hold you back from making this wealth vision come to life. 

Your wealth vision and the subsequent action plan are alchemical: It is what will help you turn the money that is flowing in now, or money that you have already acquired into lasting wealth. 

I know these steps seem like common sense – but the truth when it comes to money is that common sense doesn’t translate to action. 

We know but we do not act accordingly. 

Whatever caused you to click on this article and skim through it, I hope that you take back the simplicity of what you need to do to preserve, grow and turn your money into lasting wealth: Partnership, a vision, and a plan.