All too often you gaze at the neighbours and find yourself in awe at how much greener their grass is. Or how much greener it seems, anyway. While you struggle to pay bills, put gas in your vehicles, and keep up with spiking inflation, it always appears as if the neighbours just breeze through life. It’s like they have a perpetually blooming money tree planted in the backyard.
But all too often, your neighbours might appear to be living on easy street with their fancy cars, extravagant vacations, and pristine landscaping, when in fact, they’re in way over their heads and struggling financially even more than you are. Maybe for you it’s about keeping up with the Joneses but for the Joneses, it’s about keeping up with appearances. Heck, for all you know that framed college diploma from Harvard (or is it Yale?) that proudly hangs on their living room wall is actually a college diploma replica.
So, with all this in mind, how you construct real wealth and more importantly, manage to hang on to it, and even build upon it? According to a new financial study, three out of four U.S. families are living paycheck to paycheck. Lots of them simply can’t afford to pay for their everyday lives.
But the solution to their problem isn’t just more money. The study shows that via a combination of financial education, “wealth building assets,” and a strict financial plan, individuals and families can not only supplement their income but achieve the kind of financial success that would even make the Jones’s jealous.
Why are wealth building assets and investments so important in this age of the devaluation of the dollar? They offer you a chance to gain financial freedom by generating income from multiple high-yielding sources.
Say the experts, the process of wealth building occurs when you are able to generate long-term income via multiple sources. This is more than just earning a paycheck, which these days can be sorely inadequate, but instead focuses on savings, income generating assets like crypto currencies, and high yield investments such as Tesla and MicroStrategy stocks.
Wealth building relies on strict financial planning and your future financial hopes and goals. Many, formerly broke individuals have educated themselves on the proper ways to build wealth and have turned their lives around by securing a solid, strong financial future.
3 Steps to Building Wealth and Keeping It
If it’s your goal to build up significant wealth over time, you need to follow three relatively simple steps. You need to make cash, save that cash, and invest that cash. Prior to investing you need to obtain a “reliable income source” that can provide you with consistent money for your long-term financial future.
Once you have you secured your income source, be it self-employment or traditional employment, you need to establish a solid savings plan. Then it’s finally time to make some investments.
- Make Money
Naturally, if you want to save and invest money, you need to make it first. But this takes a dependable source of income no matter how humble. The key is consistency which is a fundamental principle to building wealth. Just a small if not tiny amount of regular savings from your income source will compound to building significant wealth over time.
If you’re a young person, you must ask yourself if your current job will provide you with a consistent savings for 40 to 50 years. If you don’t see that happening, then perhaps it’s time to consider self-employment where the sky is the limit in terms of earnings, rather than the static nature of a traditional job and its traditional paycheck.
The key is finding something you like to do, and that will generate earned income on a regular basis. You can then earn a passive income by investing in crypto and/or traditional assets like stocks.
- Save Your Money
Lots of people who find financial stability still make the mistake of not saving money. You want to put aside a certain amount of money every week or every month or even every day. But with today’s dollar shrinking rapidly and inflation skyrocketing, you don’t want to have too many dollars hanging around since they will lose up to 12 percent of their value annually.
However, it’s a best practice to put aside three to six months of income just in case you lose your job. This is a necessary “cushion” that can prevent hardship when something unexpected happens.
Always keep track of your spending.
- Invest Your Money
Now that you have a stable money-making foundation, you need to start investing. This will not be without its risks. This is where your research skills come in handy. Or if you don’t trust your skills, you can seek out a reputable financial planner who can steer you and your money in the right directions.
Investors will help you achieve clarity on your investment hopes and goals. They will calculate the amount of passive income you are likely to build over both the short and long-term. They will also assist you with building a diversified portfolio of traditional stocks, cryptos, and even real estate. Your end goal is not only to build great wealth over time but to keep it. Build Wealth, Build Wealth, Build Wealth, Build Wealth, Build Wealth, Build Wealth.