BUILDING WEALTH SLOWLY

There is a difference between being rich and being wealthy.
I learnt this truth from Robert Kiyosaki in one of his Rich Dad Poor Dad classics. He stressed that you cannot be wealthy on a job but can set a path to wealth on any job. I learnt about building wealth from him first before I took to the road of research and practice.

Over the years, I have grown in gathering investment principles as well as practising them. But, building wealth is not always the same for everybody because one path is always different from another’s just as our names, finger prints, passions and lives. So, the route to building wealth is different for all but, the goal is the same. Building wealth can be slow.

In all these years, I have found several ways to build wealth that seem fast but are really slow. Don’t be in a hurry wealth can only be built slowly and over time. But you must learn to heart and PRACTICE these wealth principles I am sharing with you. Building wealth also requires lots of information and knowledge to start and to sustain it.

How do you build wealth?

Principle 1: Live Within Your Means
We know human nature is insatiable and sometimes confused that is why we do have desire for more than we mostly need. Learn to control this urge if you must begin to build wealth. Learn to save more of the money you earn monthly and overcome Parkinson’s Law. Then don’t just keep the money; double your money. When you double your money, do not spend the excess on material things or liabilities; spend it on assets and things that will earn you more money.

However, if you don’t seem to know how save a part of your monthly income or to double your money, seek information and help. A good advisor will put you through. Or, you can ask from me, I’ll gladly help.
Principle 2: Avoid Credit Cards and Loan Sharks
Do you really understand how credit cards work? Do you understand compound interest? Well, if you do, then you should beware of credit cards and loan sharks. Instead of credit cards or loans, learn to build credit over time. Once you are able to do this, you can use the built credit for investment opportunities and double your money and it takes you back to my first advice above.

Meanwhile, be watchful. Learn to spend more cash than use cards but, if you love the convenience of using card over cash, learn to use a debit card. Also, building up credit may lead to bad money habits so, watch against it by all means.

Principle 3: Invest Your Money
Many years back, a speaker said in a seminar and I wrote down: “If you think stuffing money away in a piggy bank, mattress or savings account is going to help you build wealth you're wrong.” So, cut that thought and learn to invest your money. Money is termed “currency” because it has currents in it; it cannot stand still. You cannot keep your money at a spot. If you do, inflation will catch up with it and depreciate the value. So keep doubling and investing your money over and over again as your wealth portfolio grow in size and stability.

Dear friend, building wealth is a continuous process that requires persistence and boldness. Starting early is one of the best things to do if you understand the seasons of life. They say entrepreneurship is risky, I say life is risky if you don’t dare when you are presented with opportunities. Start small and start now and see where your wealth portfolio will be in 8-10 years’ time.

Also read: The Dignity in Working, Use Your MindUse Your Hobbies, Overcome Limitations, Learn from Mistakes and Never Give Up

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