Whether you're a college student just getting off the ground or a seasoned veteran in your field, these principles will change your view on wealth and how to build it. These thoughts are things I wish someone had shared with me several years ago, so I'm taking the time to share them with you.
There are laws to building wealth- there really are. Simple, step-by-step, guaranteed process to building wealth. And anyone can do it.
You laugh. Read on!
1. Those who seek wealth will find it.
We all assume that wealthy people are wealthy by sheer luck, or by the upbringing they had, or the wealth they had to start with. But that is simply not true.
If you seek to build a skill set, like playing the piano or becoming a photographer and throw yourself diligently into acquiring that skill- you will master it sooner or later. You will achieve what you have set to accomplish. So with wealth. If you want to be successful you must study how! If you don't seek wealth, it will not come.
This is why there are many highly skilled craftsmans or artists who remain at only "comfortable" or "subsisting" levels of income. They are greatly skilled but have not sought the skill of gaining wealth.
2. Set aside 10% off all your income.
Put that 10% aside FIRST, before all other bills are paid. The reason being, your "necessities" will somehow always grow according to your income unless you protest to the contrary. At first, it might seem like a bit of a pinch, but if you set the goal in front of you (long term wealth and success) those little sacrifices are much easier to bear. Don't confuse necessities with desires.
3. Get your money working for you
As your money starts slowly to accrue, put that money to work! Get your money invested in a safe, low-risk investment, such as the money market (i.e. Charles Scwaub investment portfolio) or entrusted to someone who is an expert in their field and can safely manage the money for you.
Do not take advice on your money from those inexperienced in such matters. A small return and a safe one is far more desirable than risk.
Do not spend this money until it has blossomed to the point where it becomes a continues stream of revenue into your pocket.
4. Start where you are at
Use your current skill set (i.e. photography) as the means towards your fattening purse. You don't have to start a new career path or get a new degree. Whatever it is that you do, for every 10 dollars you earn- spend 9. Gradually, your accounts will "miraculously" begin to flourish. And where money is, more money will gather ;)
5. Start with a Reachable Goal
Your goal must be simple and definite. If it's too confusing, or beyond your training to accomplish you will be self-defeating. Start small, wealth starts in small sums.
6. Continue to Cultivate Your Skills
If you are a writer, learn to write the best you can. More persistence in your effort, more concentration upon your tasks, more interest and skill acquires- you will outstrip all your competitors. Constantly learn, adapt new skills, study- stand still and you will find yourself left behind.
Very simple process friends. But who will take on the challenge and stay faithful? Only those who really want it!