Life doesn’t answer to those who deserve it but those who demand it and are disciplined enough. If you are thinking of building or increasing your wealth, in order to secure your future, then you may want to pay attention in that direction.
In this endeavour, you will find out that saving money from your regular income may not be enough to grow your wealth, but it is a good starting point.
When you get your pay packet, what first goes through your mind? Expenses? Yes, like so many people do, we spend all and invest what is left, if any.
The foremost rule is to invest first based on the future plans, and then ‘manage’ what is left. Better still, you look for or actively set out to create other ways of making more money or building a residual income.
Here is the hard part – the part where those who build wealth are separated from those who don’t.
It may be a difficult process to grow wealth initially, but if you are disciplined and work hard at it consistently, you will break the cultural yoke and begin to learn, with the aid of a financial advisor how to accumulate wealth.
The key steps are:
1. Start by investing a specific sum out of your pay every month;
2. Determine the shortfall between what is left of your income and your expenses;
3. See what you can forgo today in order for you to build your tomorrow;
4. Understand that there are 12 hours in a day and 12 hours in the night….use them wisely to generate a secondary level of income;
5. Invest the secondary income in assets that generate income – real estate, stocks, funds
6. Consider a retirement/pension plan for yourself
7. Protect your assets and life by taking up insurance plans
8. Invest in you – education, career and life.
So, get angry with the status quo. Take immediate action. Change position.
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