There are many strategies for building wealth. What works for one person may not work for someone else. That is because we are each unique individuals. Each of us has a unique ability to respond to challenges and stimuli that present themselves before us. The goal of this article is to help you build a foundation to last forever as your wealth and your family grows.
A review of various wealth building strategies reveals some common golden threads. That is what this article presents. These golden ideas can be used to start you wealth building plan and maintain it over time.
1. The Great Wealth Multiplier
This tip actually has two aspects. First, why should you be in a rush? If you look for the fast big hit, you might just lose everything. Look for steady, safe areas on which your wealth can grow. You will read in tip two what to do when you get to a certain level of wealth. Second, remember that especially when you are first starting out, it is the small gains that overtime will average into larger gains with the momentum you can count on to keep help building your wealth.
2. Two is Always Better than One
Once you saved enough money and have enough money to live, as you do now, for another six months, it is time to start diversifying your investment strategy. Put simply, never put all your eggs under one hen to hatch. I know that is as old as Grimm’s Fairy Tales but think of the lesson that can be learned in many of those great old stories. Remember the greedy farmer with the goose that laid the golden egg. He never diversified and when the goose quit laying those golden eggs the farmer was finished too.
While you build that six month cushion, practice investing with ideas that are apparently good. Learn some hard lessons about investing now, without losing any money. When you have the money to invest for real, you will be ahead of the crowd.
3. Ben Franklin was right.
A penny you save is that penny and another one you won’t have to earn. Don’t spend money on things you do not really need. Sometimes it takes for a person to be down and out before the wisdom of that old adage is clear. Those who can grasp the importance of Mr. Franklin’s meaning are destined to make it big, in more than one way.
This next bit of advice is not a golden tip. Never the less it is important. Keep below the radar. Don’t be to ostentatious. If you can learn to do this you will find your road to success has fewer obstacles. If you fly your flag too often, especially when others are basking in their moment of glory, you will gain enemies and opponents. Plan your game, save your money, waste nothing and strike when the time is right. That is the way to sure success for you and your family.
About the Author: Timothy Arvino has been writing on the topic of wealth creation for years. He believes we should all start our own nest egg and plan for a better future, today!