Personal Note On Wealth Building Essay
The principles to succeed in managing your money are simple. They are easy to understand and few. You don’t have to be MBA holder or business tycoon to succeed financially – anyone with normal intelligence and a bit of self-discipline can build wealth.
Building wealth requires having the right information, planning and making good choices. It is based on evergreen principles of earn, save and invest; control debt; and protect the wealth you accumulate.
This means that you must earn, then save part of the earnings. If the savings accumulated, you can invest into a product that will return income (rent, dividend or interest) or appreciate over time. Savings products are not meant to make you wealth but you need to save for basic needs and short-term goals before investing into long term risky products. An example of investment products includes buying shares, real estates, starting a business, mutual funds, bonds etc. A. Two Equations to Wealth Building
Personal wealth building ultimately comes down to two basic equations, and your financial success can be assured provided you religiously apply these two equations. These equations will help you become wealthier and be far ahead of most…