3 Easy Steps To Wealth Building

3 Easy Steps To Wealth Building

In all of human history, now is the most awesome time to pursue your financial dreams and aspirations. This is because building wealth and achieving financial freedom has never been this easy.   The knowledge of how wealth can be accumulated has never been this accessible. The information, strategies, and principles of wealth building can be more easily accessed in the public domain than ever before. Doing a little study of what makes for wealth accumulation will establish the fact that there are three basic steps to it.   One fundamental truth every wealth seeker must know is that building wealth is not rocket science. It can be achieved by engaging these three basic steps.  Knowing and engaging these 3 steps will guarantee the acquisition of wealth any day, anytime, and anywhere on the planet earth. This is essentially so because these are universally tested and proven money-making strategies that will surely grow your money over time. They will empower you to make, manage, and multiply your money. Now let’s look at these three steps. The Step 1 The number one step to wealth building is to generate enough income to meet your financial needs and also have some money to save for investment. This is the first rung in the ladder of wealth building. This is the place to begin your wealth-building journey.  When it comes to earning or generating income, basically, there are two main ways to do it. You can either earn passive income or earned income. Earned income is essentially linear in nature, that is, you are paid once for every work you do. While passive income,...
3 Paths To Financial Freedom

3 Paths To Financial Freedom

In your quest to build wealth and live in financial freedom, it is imperative for you to know that there are only three paths to choose from. This knowledge will give you direction and speed in your financial journey. The three paths are: 1) Paper assets (stocks, bonds, etc.) 2) Real estate (not your home) 3) Owning your own business In order to increase the probability of you achieving your financial dream, it is important that your wealth plan should include at least two of these three paths, and if possible, the three. Apart from increasing the certainty of your financial results, with this approach, you will also enjoy the security and safety that the principle of diversification of investment offers. Also, it is of utmost importance to know that there are two steps to the wealth process. The first step is to create wealth, and the second step is to preserve and grow that wealth through investing. Statistically, real estate and business ownership are the basic channels through which wealth is created. Now, wait a minute…… I’ve not forgotten I said there are three paths to choose from in your pursuit of wealth and financial freedom. Unfortunately, paper assets are rarely considered a wealth-building vehicle. This is because of the mathematical limitations to its growth. Consequently, paper assets are better used as parking places to preserve and grow the purchasing power of wealth that has been made through the other two paths. As an employee who desires to build wealth and live in financial freedom, you must save a portion of your salary (10% to 20% of income...
Financial Freedom: The One Thing You Must Do To Achieve It.

Financial Freedom: The One Thing You Must Do To Achieve It.

Financial freedom or wealth building is really not about earning a huge salary. It has very little to do with the position you occupy in your organization…….whether you are a janitor, driver, or CEO.  To be honest with you, it has nothing to do with what stuff you possess or how large you live. Living in an upscale area of the city, wearing designer clothes, and driving exotic cars are not what make for financial freedom or wealth building. How Do I Achieve Financial Freedom? When most people think of creating wealth, they think of earning more income by working more hours or changing jobs. As awesome and commendable as this step might be, it is good to know that salary is not wealth. And earning a huge salary might not necessarily culminate in wealth accumulation or financial freedom. The reason is that as an employee, your salary or take-home pay is classified as earned income or active income. Unfortunately, this class of income lacks the tool of leverage, which is a vital key in the process of wealth building.  This lack of leverage is a major drawdown to every attempt at building wealth with earned income. This is because your ability to generate income is tied to your personal time and effort. This means if you want more money, you have to put in more hours of labor. Unfortunately, there is only so much you can do in 24 hours. And in a case where you couldn’t show up for work as a result of sickness, accident or what have you, you don’t earn. The good news is...
How To Earn Huge Income

How To Earn Huge Income

Your ability to earn an income is the first rung in the ladder of wealth building. The more income you generate, the more investable funds you tend to have for wealth building. When it comes to earning or generating income, we all know that the fundamental determinant of what you earn is the value you create for your clients or company. It is your contribution to your clients or the company you work for in terms of value that determines your compensation. The Law of Income simply says you will be paid in direct proportion to the value you deliver according to the marketplace Great principle….. You Need To Understand The Other Side Of The Equation Unfortunately, this is just one part of the equation. A half-truth can be very dangerous. This is the reason many people are frustrated today. They work so hard in their job to create great value for their clients or the company they work for, yet they seem not to be making headway financially. They become exasperated when they compare what they are earning with people who could not be said to be creating any meaningful value, yet earn huge income. For example, between a standup comedian and a university professor who creates greater value in people’s lives? The answer is obvious. The comedian can only make people laugh and feel good for a couple of minutes. The impact of his jokes is not a lasting or an enduring one. The question then is, who should earn more? Though you might want to argue that value is relative and it is as perceived by...
Did You Know You Do not Necessarily Have To Spend Money To Acquire Assets?

Did You Know You Do not Necessarily Have To Spend Money To Acquire Assets?

“I tell you, my students, a man’s wealth is not in the coins he carries in his purse; it is the income he buildeth, the golden stream that continually floweth into his purse and keepeth it always bulging. That is what every man desireth. That is what thou, each one of thee desireth; an income that continueth to come whether thou work or travel.” – The Richest Man in Babylon by George S. Clason   Wealth is essentially asset-based. Real wealth is not a salary; it is not a paycheck. You are not wealthy because your salary is huge. Your wealth is defined in terms of assets that generate passive income. Generally, assets are either physical or nonphysical, tangible, or intangible. Commercial houses are examples of physical assets, while intellectual properties are good examples of intangible, nonphysical assets.  Intellectual properties are essentially creations of the human mind and intellect that are legally protected. They include copyrights, patents, trademarks, and trade secrets.   Your knowledge, information, and experience when properly harnessed, organized, and packaged become your intellectual property, with huge commercial value. It is, therefore, your unique opportunity and singular privilege to turn this intellectual property of yours into financial wealth.  Listen, friend, your intellectual property is an asset; it is the real wealth of the information age. Indeed, a man is wealthy not because of what he has, but essentially, because of what he knows. What he has can be lost through disaster, obsolescence, or theft. But what he knows, he can never lose unless he loses life itself.   The truth is that the world will always need great information and...