To build genuine wealth is not that simply, and for you to successfully build great wealth, you have to follow these four strategies that I will be sharing with you on this post. Please note that it will only take a determined and a hardworking person to actually build great wealth, so if you think building great wealth is not easy, then you need to rethink!, it requires consistent hard work and good planning.
So to continue, I am going split the strategy that you need to adopt if you truly want to build wealth and attain financial freedom. They are just four strategies which you need to study very careful so that you can understand it very well and add it to your daily activities. Remember that this strategy will not make you rich or wealthy over night, it will take time, and in that time you will encounter a lot of obstacle, when you give up you will become a total failure but if you push through and become persistent, then you will become really successful and actualize your dreams.
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We all want to make more money that is why we are all struggling every day to make ends meet. The reason why many of us went to college or started a successful businesses, is because we are still struggling to move past living in ordinary paycheck to generating enough income that will boast our resources and make us very wealthy. So every day we work so hard to meet our financial needs.
It might interest you to know that they is a lot difference between income and wealth , so to further clarify your mind we are going to look at the differences between wealth and income.
Wealth can simply be defined as having an abundance of money, valuable possessions or material things. But this doesn’t quite cut the mustard. Taking it a step further, wealth for our purposes is defined as having enough of money and valuable possessions to preserve your current lifestyle without having to work to do so. WHILE Income, on the other hand, can simply be defined as an earned compensation for performing a service, selling goods or property. Passive income is also included, which would include income earned from financial investments.
Now we are going to look at the various strategies to build wealth;
1. Mindset
This is the first step in building wealth, just like I have written in my previous post your mind is your greatest asset. If you feed your mind very well it will generate great wealth for you. The mind controls the whole body, it is the mind that conceives an idea of a business plan that will skyrocket you into a wealthy person and build great wealth for you. You need to have a positive mindset, be positive in whatever you do. You need to start feeding your mind with ideas, and how do you do that? Simply by reading inspirational, motivational, business and personal development books, articles and journals.
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When thinking about generating wealth, the mind is the first step to take care of. The mind will guide you to make enough money and guide you not to only use it to cover your living expenses but also to save the rest and invest in other areas of business so as to build a long-term wealth for you. The goal of everybody is to be in a position where he/she will not have to work to earn money but to have money work for them and also have the free liberty to maintain their dream lifestyle. Making it to this position requires you to make both earned and passive income. The mind will shape you to be preparing for any obstacle that will come your way. So your mindset is the first strategy that you will have to adapt so as to build great wealth for yourself and become really wealthy.
2. Planning
The second strategy you need to adapt is planning. For you to build great wealth, you need to plan for it. Every successful person understands the important of planning. It is believed that when you fail to plan, then you are planning to fail. You need to set up goals you want to achieve and plan towards achieving those goals. You won’t build your wealth if you don’t take the time to plan for it.
If this is a struggle for you, then you need to ask yourself the following questions:
How much money do I make now?
Is this enough to cover my expenses while saving and investing to accomplish the goal of being wealthy?
If not, what can I do to change course?
What path will ultimately get me on the path toward making enough to become wealthy?
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Planning is very necessary in life and every business owner, investors and entrepreneurs understands the important of planning. So you need to plan ahead so as to be able to build that great wealth you have being dreaming of all your life.
3. Budgeting and Savings
The next strategy you need to adopt is budgeting and savings. For you to start any business you need to budget for it and you budget your funds or capital through savings. You have to make enough savings daily, weekly or monthly and budget it for your business. Savings is very important in life, especially if you have a dream of building your own wealth. You need to make savings so that you can budget it and use it to start your business and build genuine wealth for yourself.
Many people deceive themselves into thinking they don’t have enough to save, but this is rarely the case. They usually have a spending problem that includes too much fat in the budget. If you are among those kind of people doing that please stop it. Get a realistic budget and stick to it. Get rid of the extra stuff you don’t need, and get serious about your long-term goals. Your budget is a living document, and it can and will change. This is ok, maintain your goal and be purposed in your daily spending. It’s easier said than done, but if wealth is your ultimate goal then the financial whims of today need to take a back seat.
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So you need to reduce in your extravagant spending and focus more on savings. Use that money you would have wasted in drinks to build wealth that will preserve you during economy hardship. Every successful person in the world understands the important of savings and that is why it is advisable to always save for a better tomorrow.
4. Investment
The last strategy that will enable you build great wealth is through investment. It is believed that Investors are the richest people in the world. Bill Gate is an Investor, Aliko Dangote is an Investor, Mike Adenuga is an Investor. These are wealthy men in the world that are controlling the world economy. They are great investors and it will interest you to know that it is their constant investing in business that made them very wealthy.
Investing your money requires a gut check. In other words, what’s your risk tolerance? If you’re like me, then you think the stock market is a fool’s errand that should be avoided. If you’re like others, then the stock market is your playground. What can you tolerate? Other options for investing your cash include real estate investments such as flipping or buying and holding properties to build equity while making a profit on the rents collected.
After building your business, you need to use the income generated from your business to invest in other business, you can invest in real estate just as I have highlighted above, which is believe to be the best investment that can drive passive income into your bank account and increase your net worth.
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Through real estate investing you can be earning passive income, by accumulating a massive rental portfolio in which you are earning income and building assets. There are many ways and combinations that can help you achieve your goal of making enough money to become wealthy.
How you choose to invest your money depends on your values and risk tolerance. I tend to lean toward real estate because this is an area I’ve studied carefully while taking into account all of the risks and potential benefits. That works for me. What investing strategy works for you? You have to answer that question in your mind.
Income and wealth, while related, are very different. Many of us can earn an income but few are truly wealthy. When considering your path to creating wealth, review the above-mentioned strategies and follow your path. Not having to get up and go to work is a great feeling because you now own your day. On the other hand, working for a paycheck maintains your position in having to work for a living. What works for you? Start there.
Investment is very important and every successful entrepreneur understands the important of investing in a business. When you invest in new businesses, you create more passive income that will lead you to financial freedom. So I advise every one reading this post to understand the important of investing.
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Patience, dedication, passion, hardworking and prayers to God are the fundamental keys to financial success and freedom in life.
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