Saturday, 30 December 2017

How to Become Wealthy: 5 Ways to Create Wealth on Your Current Income

Is there anyone who does not desire financial freedom? All of us does but the road to getting rich is paved with challenges – persistence, focus, changing old habits, mindset change, discipline, hard work, etc. Without these, everybody would have been wealthy.
To create wealth or build wealth is not a day’s job. Somebody said: Rome is not built in a day, it’s brick by brick. And so is wealth creation!
Let me therefore share with you 5 ways to create wealth even on your, below average, current income.

(1)   Save: In order to get rich, you must form the habit of saving part of whatever amount of money that you get. Even though you are unemployed, consistently save part of what you are given. The rule of thumb is that you should put away, at least, 10% of your income (income sources – salary, donations, contributions, etc). However, you can increase the percentage savings in order to increase your chances to create wealth and or reduce the time to build wealth.

(2)   Increase Your Income: It’s common sense that the more money you earn, the more you can save and invest in order to build or create wealth and become rich.
As an employee, deliberately make it your goal to be an expert or a top-performer at what you do so as to pave a way for yourself to move up your career ladder. Somebody said: If you do not over-qualify where you are now, you cannot be promoted.
At the same time, you can engage in a side business that can enable you earn passive or residual incomes different from your regular salaries.
The result of all of these is to improve your personal income which will open the door to creating wealth.