[ Common, Safe, and Quick Places for Wealth Building ]
Building wealth is a skill that some people are good at and a skill that some lack.
Whether you already have it or not, you can always perfect this skill. The
first step to take in order to build wealth is saving money. Keep in
mind that it’s never a case of how much money you make,
but rather what you do with the money you make.
This is what allows penniless individuals to
create wealth over a period of time.
To build wealth, you have to make it a habit to look at situations from a different
perspective. Every obstacle that stands in your way has a solution. Make
it your job to find that answer. Lack of money, bad credit, debt,
or having little knowledge about wealth building are great
obstacles but can be overcome. Find somebody
with money! Fix your credit! Or educate
yourself! Just look for the answer.
Common Place to Build Wealth
The top place to build wealth is business ownership. Business ownership requires
time, money, and a lot of effort. The rewards however can be HUGE. Forbes
creates a list of the richest people in the world and they are all in
business for themselves. Owning a business allows you to
control how much money you will make. There’s no
one limiting your income. You control your
success. What’s holding you back?
A bad economy is actually a great opportunity. At this time, a lot of businesses
that didn’t manage their money right are going out of business. You can
find equipment, lease buildings, and hire employees at a massive
discount. Do you lack business knowledge? SCORE has free
counselors that volunteer to help you get started
with building wealth. SCORE also has great
content for learning about business.
Safe Place to Build Wealth
In today’s economic crisis, there are many great opportunities to build wealth
in real estate. The prices have slumped down to what they were years
ago and motivation to sell properties is at an all time high. You
can buy properties and rent them out to gain a positive
cash flow each month. When the prices start to
rise, you can decide to sell for profit or
hold to create income for life.
If there are obstacles keeping you from buying properties, figure out the answer.
Billionaires didn’t build wealth from accepting the situation. They were
creative and solved problems. Are you lacking money? Find a
partner to help you. Are you lacking knowledge? Visit
CRE to get free information. Have bad credit?
Fix your credit or find someone that has
good credit. Go find the answer!
Quick Place to Build Wealth
Building wealth quickly comes with it’s risk. It can be done but it requires more
knowledge, self-discipline, and persistence. For a quick place to build
wealth, turn your head to the stock market. Since March 2009
to Sep 2009, the Dow Jones Industrial Average has risen
more that 50%. Some individuals stocks such
as BAC and LVS have soared over 300%.
Good gains for just a few months?
Stocks are nothing to play with though. They can cause serious losses as well.
I recommend using your own money for stocks. If you don’t have it
YET just build wealth elsewhere. Investopedia has excellent
articles on stock trading. It will teach you the basics
and the advanced material. For stock trading,
E-trade is excellent. Common, safe, or
quick? How will you build wealth?
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#1 by Jerry on September 21st, 2009
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Real estate is the way to go right now! Stock market is a little volatile. Yea, the returns can be good but it’s just too risky for me.
I bought a home a couple months back, rented it out, and have the money coming in.
It’s a simple thing: Population grows, demand grows…prices go up.
#2 by Faizal Nisar on September 21st, 2009
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Congratulations on your purchase Jerry.
It’s true. More people. More demand. Rise in prices.
#3 by John Miller on September 21st, 2009
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Faizal,
This article is a great piece for people to get started. You are absolutely correct my friend. Building wealth is a skill that everyone can learn and perfect.
Keep up the work!
#4 by Faizal Nisar on September 21st, 2009
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John and Bigtime,
Thanks for visiting and sharing. Building wealth is a skill and keeping it is too.
It’s sad to see individuals make more money in a month than some of us in a year. But their mindset is “working for money” and not “making money work for you”.
#5 by Bigtime on September 21st, 2009
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Keep in mind that it’s never a case of how much money you make, but rather what you do with the money you make.
Floyd mayweather came back to boxing to fight again because he was broke. He made $$$$$$ but couldn’t handle it.
nice nice nice.
#6 by Shirley on September 21st, 2009
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Great article.
What I’ve done is created the best place and the safest places to build wealth into one. I own a Real Estate investing company where we buy homes, flip them or rent them out. It provides good profit even in a down market and residual income too.
It’s the best of both worlds.
I do have money in stocks but I lost a lot in the crash last year. I’m not looking forward to that ever again. It’s going up now but still isn’t what it used to be.
#7 by Faizal Nisar on September 21st, 2009
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That’s a great idea to combine those too. I’m guessing you have an investing LLC, correct?
Yes, the stock market did lose value quickly but there were some people able to save themselves from the mess. What goes up must come down…it was just the time to come down.
But it came down too much because of panicked investors.
For anyone starting in investing, it’s a great time to buy for the long run since the prices are still low.
#8 by Michelle on September 22nd, 2009
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Man! I love the way you pointed out certian programs that can help with eAch situation. I really love your style of writing in this. Great information great facts and includes many ways to get started. Very smart, I love it!
#9 by Faizal Nisar on September 22nd, 2009
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Michelle,
Thanks for your feedback. It’s always motivating to hear something positive and supporting.
I thought of some common obstacles that people may face when getting started so I tried to make it a little bit easier for them and provide them the solutions. I’m glad it helps.
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