The real trick to building wealth is to know who you are and what you want. The rest of the details will fill themselves in once you are very clear on these 2 things. True!
So here’s the deal: You are an investor or you are an employee. Of course you can be both as well. But chances are your main source of income comes from being an employee.
First, some background:
As an employee your boss determines your possible output (money) – even if you have a commission-based pay scale and you can strongly influence that output, your boss still determines your total pay and bonus. This is inherently the most stable way to earn income. Stability is good and one part of how to build wealth.
So now what?
As an investor you invest in entrepreneurial endeavors and or in perpetual income endeavors. Perpetual income endeavors? Yeah, I made that phrase up. What it is: investments (stocks, bonds, etc.) that provide an income stream without much time or effort from you. These are also investments that you influence by your choice to participate or abandon. You are never obligated to continue your investment in a perpetual income endeavor. Think about it this way, Coca Cola can not force you to own shares, EVEN if you work for them.
What to do . . .
Entrepreneurial investments are the heart of building wealth. You invest time, energy and money into an entrepreneurial endeavor and plan to get money out. Even if you are strapped for time, investing in someone else’s entrepreneurial endeavor (from Wal-Mart to your local dry cleaner) is how to build wealth. You may earn a great living at your job, but it is not likely to help you build sizable wealth.
If you are good at your job and like it, then please, STAY with it. Financial stability breeds wealth creation. Because you have financial stability (i.e. you can pay ALL of your bills), you can add investing opportunities. In other words, because you have financial stability, you can AFFORD to invest.
If you’re not yet ready to claim financial stability, checkout the wealth building series . You’ll start with an overview and work all the way through the process I make EVERY SINGLE one of my clients do. All of them – even the Wall Street Investment Bankers with more cash-o-la than xxx. Go through the entire process and figure it out. Only you can decide to build wealth, and only you can make it happen.
I try to avoid depression about this, but the truth is, 95% of you look at the basics presented and decide it’s just too much effort. Boo-hoo. It is SO EASY to build wealth when you decide to take responsibility and do it. Besides, I am here for your journey. Contact me anytime – no charge. I love to help motivated folks get off the ground. That’s what I do, all day long.