3 Easy Ways of Accumulating Wealth- Financial Independence through Personal Development.
To many people, accumulating wealth seems impossible! Most believe they have to make a ton of money before they could every start accumulating wealth, they could not be farther from the truth. 98% of people in America can accumulate wealth starting today! This list will go over the three things you can do that are guaranteed to bring you wealth. This article was heavily inspired by the book, The Richest Man in Babylon If you like this article I highly recommend this book.
1.Save no less than 10% of all of the money you make.
Saving seems to be a thing of the past for most people but it is vital for the accumulation of wealth. Most people will complain that they do not make enough to save 10% of everything they earn, and while this is true for a very small group of people this is not the case for the majority. People very easily confuse the words need and want. You need food, but you do not need to eat out. Once you understand what is truly a need in your life and what is a want it becomes much easier to find places to cut spending. If you want to begin accumulating wealth, you must start with eliminating unnecessary spending and practicing the habit of saving no less than 10% of every dollar you make.
2. Focus on Personal Development
To grow your bank account you must grow yourself! Personal development is the key to financial growth, if you do not grow neither will your bank account. So educate yourself, go to seminars, take class, watch educational videos, and most of all read! In order to grow you must learn, once learning stops your growth stops and your bank account balance plateaus. You must be diligent and active in your own personal development. To help I even made a list of, what I believe, are the top the books for personal development. You can use my list as a starting place or begin somewhere else but what is important is you must start.
3. Invest your Money but Invest Wisely
Now that you are saving money you must put that money to work for you. Take the 10% or more you have put aside and invest that money If money works for you eventually you won’t have to work for money. So invest your savings but invest well. Many people think investing is gambling. That’s not the case, there is a huge difference between speculating (gambling) and investing. Educate yourself on how to invest your money and you can realize safe returns. I highly suggest reading The Intelligent Investor By Benjamin Gram and Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter. They are two great books on how to invest the right way. If you don’t have the time or interest in learning the financial markets you can always hire a professional to help you invest. Most banks offer investment services. The way you invest is not important, what matters is that you are investing intelligently .
Practice these three steps with discipline and in time you will begin to see a growing bank balance! As Jim Rohn once said “We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons.”
Have any questions or comments? Meet me in the comment section to discuss further!