How to Start Building Your Wealth

[Mika]

You might be earning money, you might be saving money, or you might even be investing money, however, if you are not building your wealth, there is no point in making money. Making money does not only mean earning money to pay your bills, you also need to make money in order to build your wealth.

Why do you need to build your wealth in the first place?

You need to build your wealth for financial freedom, to live comfortably in your old age, also help your family when they need financial help, contribute to society by donating to charities, etc.

How o start building your wealth?

You need to increase your income. You can increase your income by working multiple jobs, working harder, and working more hours.

You need to invest your income. You should not spend your entire income, you should invest in stocks, mutual funds, businesses, real estate, cryptocurrencies, etc.

You need to insure your investment against investment risks.

 

[Shaf]

Building wealth is a skill set that we need to learn and practice while young so we can have financial freedom in the later stages of our lives.

I've seen people who know nothing about it go on to have difficult lives when they retire or they no longer have the energy to exchange their time or efforts for money.

One of the most important thing I've learnt is the importance of assets, preferably fixed assets like land or real estate whose value only appreciates over time. Having such gives you an edge over inflation and economic downturns, it can serve as collateral if you ever need a loan, and you always have something yiu can exchange for money. It can also be used to generate income passively.

Children should also be taught wealth building while young. Someone who knows the value of money from a young age and how to get it legitimately would striveto do so and not be a liability to the community.