Who doesn't dream of marching into their boss' office one day and resigning without caring about the financial repercussions? Well, you can only do so if you have acquired sufficient assets (wealth) through which you can generate a future income to replace your current earned income. By the way, as a rule of thumb I don't recommend you hand in your resignation unless you have at least 1 and ideally 2 years living expenses put away in liquid assets. Simply put, to become wealthy over time you basically need to make, save and invest money wisely. The smarter you are at doing this the faster you become wealthy. Assuming you've read my other articles on How to Get Rich (the making of and management of money) then you are ready to look at the 3 most common wealth building strategies of the super wealthy.
These are the secrets of wealth building that elude the vast majority of people. It is my testimonial that the fastest and most lasting wealth is learning from great mentors. In this article, I will reveal where you can find them and it will surprise you to find out who they may be. Let us discuss a little about what wealth is. It causes much confusion and angst when wealth is mistaken for what it is not. Money is not wealth it is a part of wealth. There are many things in life that describes wealth. Just ask a child or an aged person what wealth means to them. You will get surprisingly similar answers. You might get an answer like a great family, friends, comfort, respect, dignity, a toy, good food, and sometimes money. So as long as we understand what wealth truly means, we can move on to the main topic.
This is my story. This is a story as much about my personal development as it is about being able to learn and build great fortunes over and over again. Yes, it is about your finances as much as having a great family. You see I grew up on a farm, but one day, as a young man in my late teens and living through one of the worst periods of my life, I stumbled across four of the wealthiest men I had ever known. As fate would have it, they became my mentors. But truth be told, it was they who maneuvered me into their world of high flyers and jet-setters. I had to learn the hard way. It was certainly no free ride.
Real estate investing can be focused on either residential, commercial or land. Wealth building through real estate involves buying and selling a property - sometimes referred to as "flipping" or "trading" and often involves "rehabbing" a property (i.e. fixing it up)- to give the fastest and best rate of return.. However, landlording is a more standard approach that requires more time to build wealth, generating a small income in the meantime from the rental income after subtracting all expenses. Want to know how to build wealth quickly with real estate? Consider buying a distressed property using leverage, fixing it up, and selling it again quickly. However, watch for market fluctuations in supply and demand and availability of capital in order to use this strategy effectively. Donald Trump is a great example of someone who created massive wealth through real estate investing.
Starting, or owning a business is another common wealth-building strategy. Starting a business doesn't always make you really wealthy right away. It takes time and energy to build the income of a business and its capital value, but it can make you wealthy over time if managed effectively. Therefore, if you have previous experience of running a business it can sometime makes more sense to buy an existing business and simply run it better. Want to know how to build wealth starting or owning a business? Find something that you love to do and that solves the needs of a target market. Then sell that product or service through relentless marketing and sales. Create efficient systems to sell more, more often. And work towards growing the value of your business by making it less dependent on you so that you can eventually sell it to a new owner. Bill Gates is a great example of someone who created serious wealth by starting a business.
Whatever way you chose to start building wealth, always remember those words from the mouth of antihero Gordon Gecko in the movie Wall Street..."Money never sleeps pal". Different asset class values will shift in time (daily/monthly/annually) and according to market cycles. It's also a good idea to scrutinize your assets and then take steps to re-balance your portfolio periodically. You also need to match risk to what stage you are in life. So, want to know how to build wealth quickly? It's simple: Take your hard-earned money, save as much as you can as you go and then choose a strategy (from above) and consistently, month by month, year by year, apply yourself to these wealth building strategies.
These are the secrets of wealth building that elude the vast majority of people. It is my testimonial that the fastest and most lasting wealth is learning from great mentors. In this article, I will reveal where you can find them and it will surprise you to find out who they may be. Let us discuss a little about what wealth is. It causes much confusion and angst when wealth is mistaken for what it is not. Money is not wealth it is a part of wealth. There are many things in life that describes wealth. Just ask a child or an aged person what wealth means to them. You will get surprisingly similar answers. You might get an answer like a great family, friends, comfort, respect, dignity, a toy, good food, and sometimes money. So as long as we understand what wealth truly means, we can move on to the main topic.
This is my story. This is a story as much about my personal development as it is about being able to learn and build great fortunes over and over again. Yes, it is about your finances as much as having a great family. You see I grew up on a farm, but one day, as a young man in my late teens and living through one of the worst periods of my life, I stumbled across four of the wealthiest men I had ever known. As fate would have it, they became my mentors. But truth be told, it was they who maneuvered me into their world of high flyers and jet-setters. I had to learn the hard way. It was certainly no free ride.
Real estate investing can be focused on either residential, commercial or land. Wealth building through real estate involves buying and selling a property - sometimes referred to as "flipping" or "trading" and often involves "rehabbing" a property (i.e. fixing it up)- to give the fastest and best rate of return.. However, landlording is a more standard approach that requires more time to build wealth, generating a small income in the meantime from the rental income after subtracting all expenses. Want to know how to build wealth quickly with real estate? Consider buying a distressed property using leverage, fixing it up, and selling it again quickly. However, watch for market fluctuations in supply and demand and availability of capital in order to use this strategy effectively. Donald Trump is a great example of someone who created massive wealth through real estate investing.
Starting, or owning a business is another common wealth-building strategy. Starting a business doesn't always make you really wealthy right away. It takes time and energy to build the income of a business and its capital value, but it can make you wealthy over time if managed effectively. Therefore, if you have previous experience of running a business it can sometime makes more sense to buy an existing business and simply run it better. Want to know how to build wealth starting or owning a business? Find something that you love to do and that solves the needs of a target market. Then sell that product or service through relentless marketing and sales. Create efficient systems to sell more, more often. And work towards growing the value of your business by making it less dependent on you so that you can eventually sell it to a new owner. Bill Gates is a great example of someone who created serious wealth by starting a business.
Whatever way you chose to start building wealth, always remember those words from the mouth of antihero Gordon Gecko in the movie Wall Street..."Money never sleeps pal". Different asset class values will shift in time (daily/monthly/annually) and according to market cycles. It's also a good idea to scrutinize your assets and then take steps to re-balance your portfolio periodically. You also need to match risk to what stage you are in life. So, want to know how to build wealth quickly? It's simple: Take your hard-earned money, save as much as you can as you go and then choose a strategy (from above) and consistently, month by month, year by year, apply yourself to these wealth building strategies.
About the Author:
Frank Miller has a Debt Consolidation Blog & Finance, these are some of the articles: Personal Overdrafts Are Here To Finance Your Aims You have full permission to reprint this article provided this box is kept unchanged.
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