Unlocking the Keys to Wealth Building (Part 1)

Unlocking the Keys to Wealth Building

Unlocking the Keys to Wealth Building (Part 1)

What is the Triple X Factor?  It is what I call the BIG picture of wealth building.  It is all the different aspects of wealth building into one solid idea. After years of experience, discussion and learning, I was finally able to see wealth building as a whole and not as little bits and pieces.  So, I want to share with you The Triple X Factor. It is my desire to educate you to help you make sense of money and wealth to make a difference in your life and in the lives of others.  I want to help you by unlocking the keys to wealth building.

Last week, I briefly shared what each X in the Triple X Factor meant.  Over the next few blogs, I will go in more depth on each level of the Triple X Factor.  So, today I want to dive into the first key of wealth building–The First X.

Unlocking the Keys to Wealth–The First X

The First X is where many people seem to sit on the wealth building scale.  With First X Income, you work and then you get paid. You put in your time and value and you get paid for your time and value.  This type of income is used for asset-building and living.  You pay your tithes, offering, mortgage, utilities, etc. from this type of income.  There is not much extra for building wealth. I want to give you some tools to help you change that.

The first step in wealth building is to EVALUATE where you are at financially.  So, how do you do that?

Plot your expenses each month on the Triple X Chart.

Expenses as defined by Webster’s Dictionary are “an amount of money that must be spent especially regularly to pay for something.”  Monthly expenses include housing, food, insurance, pet care, personal care, utilities, and more.  You can find some great monthly expense charts through Microsoft Office templates. Be honest about your expenses. Start with the month you’re in right now and keep track of them for a few months.  Place a dot on the amount of money that went to expenses each month (shown below).  The goal is to bring your expenses down.

 Plot your income each month on the Triple X Chart.

Income as defined by Webster’s Dictionary are a gain or recurrent benefit usually measured in money that derives from capital or labor.” Income can come from different sources, but generally speaking it is the money you earn when you put time and effort into a job. Income can also come from investments. If you have money coming in, it is called income. Use this list of Types of Income from the IRS. Chart your monthly income and do this for a few months. This line is typically horizontal until you are able to bring more value to the marketplace and generate more income. The goal is to bring more value to the marketplace and to have your income go up.


Plotting your income and expenses--The First X

Plotting your expenses and income–The First X

 Build your First X. 

For some people, the First X is in good shape. They have more income than expenses and can start building the Second X.  But for most people, the First X is going to need a bit of work.  First step in working on your First X is to start controlling your expenses.  Eliminating debt is the top way to control your expenses. Once you control your expenses, then you can start increasing your income and you are on your way to building wealth.


So, where are you at financially?  Do you have more income than expenses?  Or more expenses than income?


I will share with you 4 steps to reaching your First X in the next blog.  For more information on this topic and wealth building in general, check out my book Money Mastery.

Billy Epperhart
Billy Epperhart
  • Christine Jackma
    Posted at 11:04h, 19 July Reply

    Excellent article!

    • Billy
      Posted at 12:31h, 10 August Reply

      Thank you, Christine.

    • Billy
      Posted at 12:37h, 10 August Reply

      Christine, thank you. Be sure to check out my book Money Mastery if you are enjoying this information.

  • Pingback:Unlocking the Keys to Wealth Building (Part 3) | Billy Epperhart
    Posted at 10:02h, 01 August Reply

    […] previous blogs, Unlocking the Keys to Wealth Part 1 and 2, I shared the background behind the Triple X Factor, the steps to evaluate your finances and […]

  • Pingback:Unlocking the Keys to Wealth Building (Part 4) | Billy Epperhart
    Posted at 10:01h, 08 August Reply

    […] have been sharing over the past few blogs about Unlocking the Keys to Wealth Building.  The BIG picture of wealth building is what I call The Triple X Factor.  In the Triple X Factor […]

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