Scoop -Wealth is simply defined as an abundance of valuable possessions or money. However, in this case we want to duel much on money and how to create wealth using the little income you get today.
There are definitely some stages relevant to the creation of wealth. Every stage in creation of wealth is unique to each other but somewhat related in away.
Essentially, it’s always not easy to build wealth from nothing but this is still possible; people have done it. Nonetheless, you will need a job, increase your efforts to double your salary, learn a skill or two which you have to master well then finally monetize the skill.
That said, here are the few recommended ways people have used to create wealth.
SAVE MONEY
As you earn your monthly income, you need to save a certain percentage of your monthly income based on your earnings. You need to create a separate account to save this amount or automate it to your bank account to help you develop the habit of keeping money. What you save should not affect much your basic needs. Financial exports argue that people must be willing to save atleast 20 percent of their income.
INVEST MONEY
When you invest money, you put it to work. It is the best stage ever. You need to make your money work for you by selecting an investment of your choice based on risk capacity. Invest in what you believe will make you happy and stable. Make your choice of investment like ETF’S, mutual funds, stocks, bonds, high yield savings account, certificate of deposit and others.
Experts in finance have it that money invested is better than money saved. So this shouldn’t be optional.
MULTIPLY MONEY
Through investing, your money will multiply itself. By being consistent with your investment strategies, your money multiplies itself. By starting a side business of your choice and putting efforts to make a difference, it will always multiply. make sure every coin you earn doubles up.
NEVER WORRY ABOUT MONEY
Money loves confident persons. It gets attracted to people who love it and believe in it. You do not need to worry about money and it will flow into your reserve daily. Learn laws of attracting money – ye it wont solve all your problems but money is important and we cant live without it.
Lastly, you need to always be grateful or show gratitude’s anytime you have received any amount of cash. Thank any small coin that trickles into your pocket. Spare time to speak to your money and you will thank us later.
