A Strategy for Building Wealth
Money does not grow on trees. You must give something to receive it. The greater the value of what you give then the greater the amount you will receive. The more time and effort you put into what you are giving then the greater will be the return. This is a fundamental rule that cannot be circumvented except through the lottery or the casino. And when you play those two games you are betting on pure luck. You can play this game and know what you will get.
Another fundamental law of building wealth is that you must be giving something worthy of accumulating wealth. This is why only high-level professionals, business owners, or creative artists tend to accumulate wealth. All others are not giving a great enough value to accumulate real wealth. There are exceptions like the little old school teacher who leaves an endowment to the local university. However, those exceptions are pretty rare. Money is a medium of exchange thus most financial problems involving lack or inadequate income can be attributed to a lack of value being offered in exchange.
If you find that this is you then you need to examine yourself and your talents and your interests and whatever resources you can muster and determine which might provide you a road to wealth. There are three primary roads to wealth, which have proven time and again to be sure ways to success if pursued diligently. These roads are education, business ownership and creation.
Can you become a high level professional in your career? You don't always have to do this by accumulating more degrees. One way to become a sought after professional that is used by many is to simply write a book that helps others on your subject of expertise. You will then be recognized as an expert. Others will seek you out and hence your value will increase. Education is always a way to increase expertise. It is why Doctor's and Lawyer's are compensated so well in our society. They have invested many more years than others in education thus they are compensated for that which they have gave.
Can you become a business owner? Can you create a business that provides a product or service to others? If you can do so then you are on another road to wealth. Examine your interests and hobbies and see if there is a way to convert any of them into a business that you could provide for others. The road of your interests could be your road to wealth. Think of all the different ways you could turn what you love into a business. There should be one way that is practical and will allow you to earn an income out of it. Not only that but you also provide yourself a rewarding career.
Can you create something new? Most people think of artists when it comes to creation. But artists do not always just write and paint. Actors and singers are also artists. All of them are using their innate creativity to entertain others and thus they are compensated for what they are giving. Even inventing a program or a new device that saves people time and money would also be characterized as a type of art considering that it is a creation which never existed before. The point is that creating something of value in society -- regardless of what that is -- is often a sure way to wealth. So if you have an idea it might be worth it to explore it as a possibility. You never can tell where it might lead.
Go over each of the areas described above and determine which road to wealth you can follow. Do you have artistic ideas? Can you be a business owner? Can you become an expert in your field? Which of these areas are you most likely to have success in? Go through each area and brainstorm and see what you can come up with.
Information is for educational and informational purposes only and is not be interpreted as financial or legal advice. This does not represent a recommendation to buy, sell, or hold any security. Please consult your financial advisor.