Most people in life want one thing and that is to be able to enjoy their life without having to work all the time.
It sounds great doesn’t it? But how do we achieve it?
Well, the secret to becoming wealthy is extremely simple but it does require discipline, which is why so many people fail to achieve it. We all currently hold the tools to become wealthy, the only thing we lack is a real desire to achieve it.
The secret to financial freedom is:
1. Earn
To begin building your wealth you need income to invest. So, work and earn an income. If you are not happy with your current income, then make yourself more valuable to your employer to increase your earning potential. If you’re more entrepreneurial, think about a current problem in society and start your own company that offers a solution to that problem.
2. Save
Now that you have money coming into your bank account, the goal is to accumulate enough to invest. This means you need to save. This will require you to be disciplined and not buy the clothes you think you need or spend frivolously at a friend’s birthday celebration. Budget, Budget, Budget. Create a budget. This will create discipline and force you to put your desired savings aside. The faster you can save, the faster you will become wealthy.
3. Invest
No one has ever become rich from just saving their money. You need to invest in income producing assets such as property and shares. These assets generally have a greater rate of return than just leaving your money in a savings account over the long term. This will allow you to accumulate your wealth more rapidly and put you on the beach sipping your favourite drink much faster.
Repeat
The previous three steps are a cycle you should be continuously reviewing throughout your life. Completing this cycle once will not make you wealthy, you must practice it repeatedly until you believe you have created the life you want.
Now, you’re probably wondering, “If it’s so easy, then why doesn’t everyone do this?”
Well, the wealthy people you see or know already do! Everyone else in your life may not see the importance in building their wealth and often find it too ‘difficult’ to be disciplined. This is what separates the rich and poor. Remember, it is easy to be average, everyone is doing it.
If you can’t be disciplined enough to start now you will find yourself relying on a pension at the end of your working life, instead of a comfortable income.
The earlier you become disciplined in your approach to wealth, the more time you will have to build it.
Start today.
Steven Korner
Financial Planner
Omniwealth
T: 02 9112 4336
steven.korner@omniwealth.com.au
www.omniwealth.com.au