Most people in the world often tend to live by the 9 to 5 rule and thus lead a monotonous life focussed around saving money for the retirement. These kinds of people are not able to become wealthy as they are stuck in a loop which they find hard to quit.
The wealthy ones despite having significant fortune are in continuous pursuit to make more money and multiply their wealth. To achieve this, the rich ones tend to have various passive ways to build wealth which helps them make money even when they are not working. Below we have mentioned the top 4 ways to create wealth, ones which even the not-so-rich can utilise:
Pay Yourself First
One of the vast wealth building strategies is the ‘paying yourself’ principle which is quite clear from the name itself. No matter how much money you make in a month, you need to have a sweep account which automatically tends to transfer a portion of your income to a different saving account.
Try to ensure that you are at least able to save 10- 20% of the money you make if you truly wish to be a wealthy man in future.
Invest In Property
The value of a property as an investment can never be undermined. You can think of any multi-millionaire or a billionaire, and we can bet they have invested in a farm somewhere, somehow.
While one option for investing is buying a property, the second way to slowly build wealth over time is renting and leasing out existing properties which probably you or your ancestors owned. You can also try and buy farms and similar types of land as they tend to give you a better return on investments.
Invest in a side hustle
There is a great deal of difference between someone who is rich and someone who is financially stable. An economically stable person pay off their bills on time and are generally left with 10-20 % of their earnings which they call as savings. A rich guy even after spending and paying off bills is left with 80% of the money they make.
To become rich, you ought to focus on the number of income streams you have, rather than the number of hours you have worked. You can think of anything you are good at, follow your passion, and find the intersection at which you can make your passion generate revenue for you. From working as a consultant to being an entrepreneur, there are numerous ways for you to generate income along the sidelines.
Old is Gold
People have utilised gold since the very beginning as a store of value. While some may argue that the cost of gold is falling in recent years if we compare the last 30-year stats then those who invested in gold back in the year 1980 have tripled their wealth till date.
However, while investing in gold, you ought to be careful that you buy gold bricks and not gold coins. Coins often tend to have the cost of labour involved in their price. Hence you should buy blocks which are generally 99.999% pure.
These are the four ways by which you can slowly build wealth passively, over time. If you have any other tips or suggestion, do let us know in the comment section below.
