Wealth accumulation is a gradual process that is similar to growing a garden through drip irrigation. You will never feel the pain of saving or eliminating unnecessary expenses. You will be comfortable, confident, and luxurious while the droplets accumulate silently in the backdrop. One fine day, your bank balance will make you satisfied by the wealth you have accumulated.
Myths of Making Wealth
Rags-to-Riches: It is time to stop such insane ideas from dominating your mind. Wealth doesn’t flow through casinos, horse racing, and online betting games. They only drain your savings and drive you more insane every Dayanidhi.
Risky-Investments: Risky investments in unknown and insecure trading can run your financial base and drive you to bankruptcy within a short time. You may never be able to recover from such conditions.
Truths of Making Wealth
Savings from your earnings could contribute to wealth accumulation considerably though not significantly. Reducing everyday non-essential expenses can also be helpful in saving. But the truth is you have to increase your sources of income intelligently.
Creative Works: How creative is your mind today? Can you paint, sing, write, play an instrument, compose a lyric, or teach a foreign language? You may have other talents that are untapped. You can utilize such talents for wealth accumulation.
Take some time off every day from your work and devote for talent training. Within the next few weeks, you will be ready to earn. Find the right promoter /consultant in your city or online. You may go solo or build a team. Start performing and start earning. It could become one of the most significant sources of wealth accumulation.
Job Change: Experience and specialization on your professional domain can help you to earn higher than your present income. Find a high paying employer and change your job within the next few weeks. You should also evaluate the risks and calculate the benefits before making a decision.
Extra Job: Taking a part-time job is yet another source of accumulating wealth. You may have to spend more time at the desk or on the field during weekdays. It may also mean sacrificing the weekend and giving up many hobbies and habits. You can accumulate wealth consistently by being persistent.
Small Business: You can start a small business and become an entrepreneur. Contact your bank and enquire for the business loan. Invest in a business in which you are proficient. Or you can get trained in a business that is potential revenue earner. It is a good practice to make your spouse as the partner if you are married. S/he can manage your business when you are busy in your work.
How About Stocks
Stocks and bonds can be rewarding if you invest in the right industry that will continue to grow in spite of market risks. Treasury bond, logistics stocks, and savings certificates are some of the recommended investments. You may consult your stockbroker and assess the other possibilities that are safe and rewarding for long-term investments.
Try any of these methods for two or three months. You have to save all the earnings from such sources without spending. Then you can know how much wealth you can accumulate in the future based on what you have done.