Steps To Building Wealth
So you want to build wealth – a noble goal for anyone with a family or goals in life that require money to achieve.
And with the economy in the situation it currently is, careful, well planned investments will only pay off in the long run.
So, what can you do to start building wealth in your life right now? Let’s take a closer look at the process.
1. Always Up Skill Yourself
You are a valuable commodity. Your intelligence, world experience and tenacity make you more valuable than anything you invest in.
So, one of the most profitable things you can do is to continuously invest time into your education – not just of financial matters but of business, savings and potential streams of passive income.
The more you invest in yourself, the better you will position yourself to get what you need out of your investments.
2. Make Enough to Save and Invest
While there are plenty of stories of billionaires who started as shoe shiners or paper boys, an important part often gets glossed over. Those paper boys worked awful hard to make money so they could invest it and become rich.
Before you can reach the point of leveraging your assets to exponentially increase your wealth, you need to build up assets.
Right now you have an earned income source – a paycheck you receive for spending a certain amount of time each week at your job.
To increase your income and create a pool for investment, you can do one of two things – get a raise or new job that pays better or start creating passive income streams.
Look for what you are good at and what pays well and try to find a way to invest more of your time into these things.
For a better job, you may find that school is a necessity – sometimes the difference between a 4 year degree and an additional 2 years of graduate school can be 30-50% more annual income.
Look for passive income sources as well – a website that earns money from advertisements, a rental property that you can make money from month after month, a subcontractor who does part of your work for a fraction of the income you pull.
Recurring, passive income can be immensely powerful in growing your wealth.