choose to save lots of money and live minimalist lifestyles, others choose to invest as a measure for building wealth.
Although building wealth takes a good amount of commitment, hard work, time and
Let’s talk briefly about what wealth is shall we?
Wealth means different things to different people.
Some say wealth is being able to own properties or lucrative investments in abundance,
others say wealth means having more than enough money or assets that can last them
an entire life time and even enough to cater for generations after.
While all these are not far from what the true definition of what wealth is, in the
business world, the term wealth is determined by taking the total market value of all
physical and intangible assets owned, then subtracting all the debts.
In other words, wealth is simply the number of assets you own (tangible and intangible) minus debts.
No matter what your age is, you can build wealth so long as you are serious and determined. Building wealth is not as difficult as a lot of people think and that is why in this post we will reveal to you three simple and quick ways you can use to build wealth fast.
Also note that with these steps, you will not get wealthy overnight but you will definitely have the knowledge required to avoid unnecessary mistakes and build wealth faster as long as you are determined.
The following are the 3 Tips to help you build and manage
wealth:
1. Increase your Income Stream
Gone are the days where you want to have just one stream of income. These days it is
advised that you have multiple streams of Income if you want to be wealthy.
Even if you are a beginner or you have been working for a good number of years, what
you want to begin now to do is to employ other ways of increasing your income by
multiplying its sources.
Some of the things you can do to increase your income and multiply your income
streams are:
A. Improve your Skilset
Honing a higher degree in your chosen career can increase your chances for earning a much higher income. To become wealthy, you can either choose to minimize your expenses or increase your income, either way, based on this tip, your target should be to increase your income and upgrading your skill-set is one very good way to do this.
B. Start a side hustle
Apart from your main source of income which could probably be your 9-5 job, you
may want to consider starting a side hustle that can fetch in more money for you.
There are quite a number of on-line and off-line side hustles you can venture into.
For online, some of the things you can start doing are:
- Freelancing
- Affiliate Marketing
- Virtual Assistant
- Online Tutor/Coach
- Copywriting
- Vlogging/Blogging
While for offline, you can start any of the following:
- Part-time Driver
- Part-time Gym Instructor
- Part -time Teacher
- Part-time Shopper
C. Start a Business
The wealthiest people in the world are business men and women and starting a
business no matter how small is never a bad idea as long as you have a brilliant idea
that you can sell to increase your wealth.
The emergence of the internet has made things a whole lot easier and these days you
can have a completely online-based business or get people to run your business for
you if you are too busy to handle it effectively.
2. Increase your Saving Habit
Another important step to building wealth is for you to save more than before
because now that you have made some money from increasing your income, you
want to be careful not to throw all that away carelessly.
A. Have a Budget
One way you can use to keep track of your savings is to create a weekly or monthly
budget that will help you estimate your income and expenditure effectively.
A popular and effective budgeting technique is the 50/30/20 rule. This method
states that 50% of your income goes into essentials, like food, rent and healthcare.
30% allocation goes to non-essentials, such as shopping and luxury activities. The
remaining 20% is the most important allocation, which should go to savings.
B. Plan for Emergencies
Life can be unpredictable and take one unaware hence it is necessary to plan for an
emergency such as loss of Job or even sickness because these things can occur
unknowingly most times and you do not want to be thrown off balance in those types
of situations.
C. Live below your Means
Living below your means is a wise strategy to helping you save more money because then you wouldn’t spend on things that you do not need and are unnecessary.
This can be very difficult for a lot of people but if the goal is to amass more wealth then this step is a necessary recipe for your success.
D. Repay all your Debts
It is necessary to repay all your debts if you are trying to build wealth so that you can have enough left to save.
You do not want to constantly be using money gotten from your income source to keep fueling your debts, that is why when you have debts to clear, do that first so that you can then have enough to begin saving with.
3. Invest
Now that you have saved enough, it is time to set out a good portion of your savings for investment so that it can multiply and you can earn more returns and grow your wealth.
You can decide to invest your money in real estates, stocks and even commodities by yourself or you can employ the “do it for me” approach, which is employing the services of platforms that invest your money for you and give you the Returns on your Investment.
At www.questergate.com we help you grow wealth by putting your money into low to medium risk investments that multiply your earnings, secure your capital and also ensure that you get your Returns on Investment (ROI) when due.
If you are a beginner with no knowledge on how to start your investment journey, you can check out this post on steps to becoming an investor for beginners here www.questergate.com/blog/4-steps-to-becoming-an-investor-for-beginners/