Wealth Building: 10 Proven Strategies

Facebook Twitter LinkedIn Google+ Money Saving Tips

Wealth BuildingWealth Building Strategies:

  • Earn good money, but don’t get caught up in the “Lexus Lifestyle.”
  • Trade and Deal: buy low, sell high. Deal in goods, put together deals for others.
  • The right investment in collectibles or art can escalate in value.
  • Save the FIRST 10% of all income. Avoid the temptation to save only the ‘left over’ income.
  • Start (or buy) a business, build it up, and then sell it. You can usually sell a business for 4 times the annual profits.
  • Purchase residential real estate. Buy low and sell high.  Real estate often goes though 5 to 7 year cycles. Pay attention to location and timing.
  • Purchase residential property with a suite or buy property with the intention of renting it out.
  • Purchase commercial property, alone or in partnership with others. Well chose commercial property can be a lower risk investment than residential rental property.
  • Establish your retirement fund, and pay into it before you buy yourself new items. Plan to save 10-30% of your yearly income, consistently! Use a planned investment strategy to invest the money well – in stocks, bonds, commodities.
  • Learn to identify your needs and avoid the temptation to interpret your wants, as needs.

What is your relationship with money?

Our attitude toward money has more to do with our financial success than we realize.

Our family or origin influences our beliefs about money.

Were you taught money is the root of all evil? Do you hold on to negative beliefs about money that hold you back?

Using a number of these strategies is the greatest way of all.  Diversify.  Don’t depend on one strategy to bring you financial freedom.

Invent a product or process. The difference between those who make it rich from an invention and those who don’t is that many people fail to recognize their own genius.

Inherit it. Marry into it. Or, win a lottery. Hey, why not? Money is money. It is a little hard to choose one’s own parents! Sometimes it is just as difficult to choose a partner.  Obviously, Henry the VIII’s wives didn’t choose too well.