People often get confused as to the real meaning of the term Wealth. The technical definition is the stock of accumulated assets and income. This means what one has built up during a set period, i.e. life savings, asset portfolio, etc. Most people often ask how to create wealth without knowing the full meaning – it isn’t just about a ‘fat bank balance.’
Before learning how to create wealth, you must change your mindset and passionately believe that you can create wealth and become financially free. You must be able to think how the wealthy people think and DO what the wealthy people do. For example, wealthy people strongly believe that there is an abundance of wealth in the world and that you must think BIG; only those with real ambitions and financial targets achieve wealth. These first steps are vital to a sustainable wealthy future, i.e. it’s not simply about making a fortune on a hot stock pick.
Building sustainable wealth
Handle your debts automatically
Create a debt reduction plan that will allow you to pay down your debts without having to focus your energy on debt. You will make better progress if you focus your energy on wealth instead.
Create a new stream of income
Learn to create new money through a new business, an invention or investment.
Manage your lifestyle
Understand your motives for spending and learn to live within your means. Curb reckless spending habits and create new wealth habits.
Get educated about investments and create a wealth account
Investing without education is called Gambling. Get educated. Put money aside today for investing in the future.
Surround yourself with good people
Wealth building is a team sport, and you should always look for great team members.
Recognize that you are in charge of your financial future and everything that it encompasses. Even if you hire team members to handle your investments, you can never play the victim of circumstances. You lead the team. You lead the decisions.
Your financial plan should be robust and contain a diverse number of income streams; if you cannot think of ways to create multiple income streams, then go online and find out. There are many proven online business models out there that you can tap into; I very much recommend the Internet as a way of making money. After that, learn the skills to make your money grow. There is no point creating multiple income streams and then having the money sit in a bank account – you need to make it grow by buying appreciating assets that will increase your wealth.