The 6 Principals for Creating Wealth
Use the correct vehicle – paper, real estate or business-
Paper is great for storing wealth once you’ve got it.
Real-estate and business are the traditional wealth builders but if you can have a strategy incorporating all 3 areas of wealth, even better.
Have a wealth plan as against an investment plan-
A wealth plan should be based on your unique values, skills, interests, goals, and resources
Earn more than you spend-
Very simple to say but a lot harder to implement – it takes using a budget, will power and having clear objectives of want you want to achieve
Use leverage –
Nobody builds wealth without leverage because it multiplies your results Why? You have limited time and limited resources Time and money spent one place cannot be used elsewhere. At some point your financial growth hits a wall because it is limited by your personal resources
Learn how to keep more than you make –
If you thought building wealth was about how much you make then you would be wrong: it’s about how much you keep. Tax savings through effective accounting, intelligent asset protection mechanisms and use of different entity structures all play significant roles in keeping our wealth intact
Having the right mindset –
Very important, without the right mindset you will get nowhere as you will run out of passion, will power goes only so far it you don’t have the belief that you will be wealthy and then have a wealth plan in place to achieve that goal – guess what – “fail to plan and you plan to fail”
Any advice provided in this publication should be considered General Advice as it does not take into account your personal needs and objectives or your financial circumstances. You should therefore consider these matters yourself before deciding whether the advice is appropriate for you and whether you should act upon it.