3 Steps To Building Wealth

Let me tell you a secret: building wealth is not complicated.

You don’t have to be one of the privileged few or take gambles on the stock market.

Investing is, simply, building a portfolio of carefully selected assets that reflect our goals. And the key is knowledge…

How To Build Wealth

1. Spend less than you earn.

2. Save and invest the difference wisely.

3. Educate yourself and create habits.

Let’s break these steps down.

Step 1: Spend less than you earn

This is the foundation

No-one can build wealth and – here’s the important bit – retain it, without the ability to manage money.

I’ve seen training programmes charging thousands on a promise of a fortune. But the reality is that participants have no basic understanding of money management and push themselves further into debt on expensive courses.

This type of poor financial education is one of the reasons I created Property Entrepreneurs Club. To give people affordable access to the support they need.

Money management advice follows two simple themes.

1. Reduce your spending immediately.

2. Increase your income by changing jobs, getting a raise or starting a business.

There is no magic pill. You have to actually do something and take some action.

But at the core, you need to create and retain a gap between how much you earn and how much you spend. This in turn will create savings.

‍Step 2: Save and Invest the difference wisely

‍As we know money makes money. Our job is to set the ball in motion and keep it moving.

With your savings, you can invest wisely for growth and additional income.

Note the word “wisely” here: the sharp “invest”, the foolish “gamble”.

Which moves us on nicely to….

‍Step 3: Educate yourself and create habits

This is a daily discipline. Educate yourself daily and create daily habits which help lead you towards the accumulation of wealth.

We control everything. Never forget that.

We will either get in the way to becoming wealthy or take the necessary steps to achieve it. Which means learning and taking action.

By continuously learning every single day and creating habits that support us in actually “doing” then we will accumulate wealth.

The full-circle effect

You might be thinking that you’re not in the right place for this advice. Maybe you think you’ll need another 10 years to save up a house deposit.

Well imagine for a second that you:

1. Knew how to manage money

2. Knew how to grow savings

3. Knew how to invest wisely

4. Continued to grow your knowledge on a daily basis

5. Took regular action

6. Surrounded yourself with people who are where you want to be

Do you think people would trust you to invest their money on their behalf?

You are the key to your own success

There is a world full of money out there sat in the hands of people who don’t have the time or knowledge to invest. Either because they’re grinding at the 9-to-5, have no idea where to start or are too scared to do anything about it.

Digesting this content and being on this website alone puts you in a tiny percentage of people looking for something different. Looking to understand the concept of being able to build a life of freedom, of choice, of flexibility and ultimate wealth.

Keep up the habit. Keep learning. And keep taking action.

Until next time

- T