I was then also asking that question to the people who ‘made it’ much earlier, and the answer was “When your finances get growing gradually, it is the start.
Wealth starts from a cent until it grows to your defined magnitude of it. Everything starts small, and gradually grows through the years. This is my favourite band
They started young, had many ups and downs, and made it Big. Sir Barry Gibb once told his siblings in their younger years “We need to stick together, this is our world, we can make it great someday”.
The basic components of riches are the source of income and the love of it. We need some of these: education, basic or higher; talent/ skill, physical or mental excellence, common sense, frugality, and wise spending. sacrifice, will, patience, focus, continuous learning, luck, inspiration, etc. How to apply these???
- Of course have a source of income first, love and enjoy doing it
- Having excess money each day is a sign that you can make it, growing salary/income bolsters your chance. Savings make your money grow thru investment/s. One egg basket turns too many soon.
Never be fooled by the inherent fools. Three young members of my clan were blinded by the ‘double your money in 4 months’ scam. Everything actually doubled after 4 months-the of disgust, regrets, frustrations, tears, and sleepless nights for having their hard-earned savings (over 20k$) gone.
- Employment makes a few people rich, but it is the most secure way of having a comfortable retirement. A stable retirement makes us enjoy life further, anyway.
Save some money and invest it right away, start as young as possible. My co-worker, then at 25, invested in the money market and was making as much as his salary, thus, 2 incomes quickly. You may try any passive income strategies- making money from others’ business ideas. There really are risks, but risk is part of life, always.
- All the rich persons that I personally know created wealth thru active income strategies. The Stock market is a big NO for them.
The government-monitored business has too many requirements, rules, and fees. I’ve tried it once, I could explain somehow. People in some countries, like the Philippines, have the advantage though in making wealth. The Philippine government is very lenient to the UE(Underground Economies) in terms of licenses, monitoring, and taxation. “At least, the self-employed ones don’t add up to the problems of the society and the gov’t”, is the reasoning. This concept makes the gov’t and the common people always the poor ones. Inefficient taxations limit the government’s capacity to make the majority of people prosper altogether. The Philippines has too many RICH people. The late Mr Henry Sy( 20B$ net worth) is an example.
- This is how we make it: With some start-up funds, we establish first a business that we have full knowledge of; the hassles, the competitions, the risks, the return on investment, the stability, the longevity, etc. We invest the initial income/s to improvements in facilities, and strategies in having a sustained and growing income.
- We then borrow money from banks( Character or Collateralled) at a very low percentage. We then make the borrowed money earn thru:
- Lending it at a bit higher percentage to others
- Maximize the demand and supply capability thru expansion
- We invest in any quick-salable items of any sort
- When the income hits the saturation point, we then
Branch out, invest in other businesses; Buy Agri-land, Not Gold
HOW to start??? Simply observe any (progressing) area, populous or not, and analyze WHAT the area/community needs. You may start with a new business idea, OR, compete with the established ones. Even the street-hawkers earn a living- it is the secret, as long as you have something (services, manpower, equipment, trading profession, foods, transport, security, basic necessities, luxuries, technology, etc.) that the other persons need, YOU can start a business, getting rich is subjective though. Actual practice guides best results thru theories.
IF you have no inherent business idea, you may try the passive income concepts, there are many of that kind on the internet.
Observation, Experimentation, Evaluation, Contemplation, and Full-blown Application create wealth until you reach the stage of (Full-Blown) expansion. Many egg baskets are always better than one, that is a proven reminder though….
Thanks, Mr Charan Steyn. Good Luck, Miss Grea T. Wealth awaits you. Nice days, friend…