Hi guys! It’s Scott Harris here – founder of Ultimate Coach, where we train the world’s best coaches. Stopping by to answer a whole swag of questions that came in the last few weeks about a blog post from a few weeks ago, where we talked about the difference between income and wealth. We decided income was what we used for lifestyle: what you use to go to the farmers’ market for organic broccoli, your plane tickets or to pay for your mortgage or rent. But wealth is this treasure chest that you want to start building.

People loved that blog post, so thank you for that! We had stacks of comments and questions on that, but one of the questions that came up a lot was “Scott, what goes in my treasure chest??”

I’ve got to tell you, that’s probably the second most important question you will ever ask in your entire life, so I’m glad you asked it! I’m going to answer this the best I can and maybe give you some ideas about what the answer is.

If you want to truly build wealth and have the choices, freedoms and opportunities of having true wealth, obviously you need to commit to it emotionally, intellectually, spiritually and physically. Obviously, you’ll have to make some choices along the way. What do you do with your income? Will you keep tipping portions of your income –hopefully, bigger and bigger portions – into your treasure chest? But eventually, as this treasure chest gets bigger, it can’t just be a big pile of money on the floor. You’ve got to ask yourself, where will you put it?

At the risk of making sure I don’t cross any lines about giving you financial advice, because where ever you’re watching this from, I promise you I am not a licensed financial planner, so do not take this as financial advice! But my experiences having built our own wealth portfolio, my experiences having worked with thousands of people that have enormous wealth portfolios and my experience from coaching with and speaking on stage with some of the world’s wealthiest people, the answer to what goes in your treasure chest is pretty simple: as much as you can!

That’s not trying to give you an ‘easy out’ answer, but I’d say you want to get as many different vehicles, assets, structures and other things in your treasure chest as you possibly can.

One of the challenges of becoming awesome at one thing, is we often think that one thing is the only answer. If I had a bad back – I don’t, but if I did – and I took that bad back to my chiropractor, they’re going to say “Dude, you need chiropractic work” but, if I took the same bad back to my acupuncturist, they would say “Dude, you need acupuncture”, and then if I took the same bad back to a GP, they would say “You need some anti-inflammatory medication or some muscle relaxants”.

When you become an expert at one thing, or worse, you get results from one thing often, you start to think that’s the one thing you should have. All my wisdom and all my experience (and again, I’m not a financial planner or giving you financial advice!) says that, for my own personal treasure chest, I want to have more than one thing in my treasure chest; even if that one thing is cool, I want to have a range and a breadth and a depth of things in there, particularly, things I never thought that I’d have!

As I’ve grown and matured in my own wealth awareness, sophistication and accumulation, I’ve started to get exposure to things that in the past, I never would have thought about! That’s part of studying wealth and learning wealth.

I’m not going to use the words like property, stock, bonds, foreign exchange and businesses etc., but if I did, I would say you want to have all of those things in your treasure chest and not get too attached to one particular stream of income. Don’t get too attached to holding your wealth in one particular form. As I said, all of the people I know that are worth tens, hundreds or millions of dollars, even some billionaires, they’re going to have a beautiful, broad spread of diversified assets that they took a long time to build throughout their lives to become their great big treasure chest.

That also means, you’re going to have to get more sophisticated and learn some things that maybe you don’t know now. That’s why I run programs and that’s why I still go to programs and read books! You want to keep getting more sophisticated in your journey into true wealth, so you can build this great, big, fat treasure chest, that at then end of the game, will allow you all the choices, freedom and contribution that you deserve to have in your life!

I hope this has been useful to you! Please, post your comments and ask your questions – we love to serve you. If there is anything for our future blogs that you would like to chat about, I’d love to hear about it!

Till then, live very, very deliberately! This is Scott Harris, saying bye for now!