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Beginners Tips To Wealth Creation

Updaternews
By Updaternews | self meida writer
Published 10 days ago - 41 views

Assets create wealth by generating passive income and time. Invest in income generating assets which may include, cash investments, real estate, shares, loyalties, franchises and businesses.

Wealth creation is a journey which requires patience, discipline and focused implementation of a carefully thought out plan.

To become financially rich you must have a plan.

Step 1

Identify your purpose. This is your vision. Write it down on a piece of paper and stick it a wall. Have a look at it every day to reinforce your purpose.

Step 2

Determine your desired standard of living. This will set the benchmarks for the amount of passive income you will need.

Step 3

Invest in yourself. Increase your financial literacy. Understand what it will take to achieve the level of success you that you desire.

Step 4

Set concrete goals and be very specific. For instance 'I need a new job' is not a goal, it's a vague statement. Instead your goal may be 'I need a new company in the next two years'. Write your goals down and repeat them out loud to yourself every day.

Step 5

Identify daily steps to realize your goals.

Step 6

Learn from your mistakes and most importantly.

HAVE FUN!

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