The Roadmap to Building Wealth

Have you ever asked what is the secret to attaining wealth? Well even though I have not reached the status of ultimate riches like Warren Buffett, I now understand how someone can achieve wealth. The 10 secrets to build wealth are golden facts we all should know. Because of these 10 steps I am on the right path and building my wealth every year. I will discuss with you today a few phrases, which embody the secret to wealth building and how that relates from my experiences with personal finance.

They say knowledge is a tool we all can use to reach any status in life and to me financial knowledge can lead to real wealth. Not the fake wealth people are parading in this life, with debt up to their eyeballs, giving off financial fallacies with every thing they own bought on payments. These secrets are simple things we all can do in life, and if you do them consistently I believe you will improve financially. If you follow them to the tee, this can lead to great riches.

The 10 Secrets to Build Wealth:

– When you stop getting Bills in the Mail, you can now effectively see the path to wealth.

– Widen the cash flow gap between earning and spending to guide you to wealth.

– Understand that compound interest is one of your best allies in reaching wealth.

– Never misuse any amount of money carelessly for entertainment purposes. (Lotto, Gambling, Etc.)

– Invest little or big amounts, it doesn’t matter as long as you have a long term investing strategy.

– Find consistent Streams of income in a diversified way.

– Forgo living a consumer driven lifestyle.  Spend only on obtaining Assets.

– Avoid get rich quick schemes, they hardly lead anywhere.

– Never try to time the Market. Invest in funds that you will keep for years.

– Find a mentor who is financially intelligent and listen to the advice. (Not a mentor who sells you something)

I know many people can’t believe these tips might help them fundamentally get wealthy without some magical financial windfall. I can tell those people need a lot to learn about becoming wealthy. The first secret is simple, do not get bills aka live without debt, and guess what, you can save a lot of dough. The second secret is also in line with the first one, increase the cash flow gap, to reach wealth sooner rather than later. The third is a given, when you pay off debt with interest more of your dollars are going to banks, this is just plain old robbery. Buy assets that pay you dividends instead, and watch how it compounds year after year.

The Fourth one is also mind blowing to me, why fund the lotto program, when you can buy investments with that money. It doesn’t matter if its only 5 bucks, those 5 dollars can be put to good use with a $20 dollar bill, it can buy one share of a company of choice. The fifth secret is just simple, if an investment is bought today and sold in a month, this will never lead to building wealth. All the returns will be gone due to constant trading fees.

Keep going on your path to build wealth, as it is not easy. The secrets might not be real secrets and they are a given way to live your money life. In conclusion the best thing to do is to adjust financial thoughts towards slowly building wealth every chance you get. Let me know by email if you have any additional questions regarding building wealth.

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Rich Uncle EL