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This aspect of accumulating wealth is most often ignored by many, which in turn affects the prospects of life. The process is so vital that if one of the steps is missing, then wealth accumulation is not complete. Some people say they are wealthy, yet they don't fall into the category of the wealthy. You may be tempted to ask, "What makes me a wealthy person?" The answer is just simple. Before an individual is known to be wealthy, then, these three things have been achieved.
- The first one is that you have made money.
- Another thing is saving the money made and
- Lastly, you must have invested the money you made.
The aforementioned processes work hand in hand to achieve wealth. Looking at how most people live their lives on their path toward making money, saving money has never been considered. I know of a few persons who say the money they make is too small to be saved, while others feel they can still get money after spending everything at hand, so there is no need to save, either because they are placed on a monthly salary or because they have a source from which they can easily get money on a daily basis due to their engagement and all that.
Making money
Life being the way it is, everyone is focused on making money, except for the little ones, who are only depending on breast milk. The child who is still being breastfed is not fully aware of the environment, so what he or she does is cry when hungry, experiences pain, or experiences anything uncomfortable. After this phase, the child's parents will want the child to acquire knowledge by going to school. In this path of education, even when the child does not know the importance of education at this point, the parents want the child to be a better person, and seeing how it is, it is not far from making money, building a reputable character, and attaining greater heights in the future.
When the child grows up and starts dreaming of becoming engaged in one aspect or another of society, a whole lot has changed. Here the child starts working towards that and hoping for a greater future after this phase. A new aspect of life begins.
The hustle phase
This is a phase where individuals understand the need to make money. I see this phase as one of the most stressful and filled with distressing moments if not properly handled. It is at this point that people tend to give up on hustle, but the good thing is that hustle pays, whether in a big or small way.
Saving money
It is one thing for hustle to pay, and it is another to know the way forward after settling pressing needs. I wouldn't say it is the major phase in the path through wealth accumulation, but it is a crucial time. There is more to saving money than to making money; this is a period when all your needs arise, and if they are all met, the money will be exhausted and not all needs will be met.
This is where priority setting comes in. Not all needs are necessary at a particular time, which is why you sort out what is more pressing and solve it. After solving the necessary needs, the remaining money should be kept for emergencies and some for investment.
Investing Money
Another crucial phase of becoming wealthy is the investment phase. Funny enough, most people don't have time for investments. Well, it is quite certain that investment didn't start today. I remember years ago when people basically had priority in buying land as a form of investment. This is a really cool way of investing because of the great profit it will generate in a few years. Today, in a more fancy and bigger way, the investment process is now done through real estate firms, which open up different owners to their target audience.
Investment has moved from the point of purchasing only lands and property in a traditional way to the digital world, where properties can be gotten anywhere in the world at anytime. Well, there's a little risk in this because of the rate of fraudulent activities in the world we live in today. This is where crypto currency and block chain investment come into play. It is not as if it is the safest, but it gives the investor that ownership opportunity to a certain level. To be more precise, Hive block chain is a decentralized medium where the investor has control over their business at any time and anywhere. Taking part in most of this investment opportunity gives you the chance to become a wealthy man or woman.
In Conclusion
Being rich has to do with making money, saving money, and investing the money, which will definitely make you wealthy. After attaining wealth, spending wouldn't be an issue.
Thank you for reading!!
I am @isaacngore.
NB: The above information isn't financial advice but just my personal view on wealth accumulation. I am open to corrections, contributions, and amazing feedback.
Happy Sunday everyone.