Wealth Accumulating Strategies
Everything start from zero and getting one from zero is the most difficult step. However, many people manage to do it, include you too. If you are just enter the society or school leaver or fresh graduates, please take notes for it.
credit via earnmoneyfastguide.com
In the very first place, we need to use our energy to earn money. We need to work to earn money as there is no free lunch for you in this world. It might consume your energy, time, and even worst health to earn the money. Just as we work as a sales executive, we need to use our energy and time to deal with customer or we need to have some socialize that need you to drink or smoke in some circumstances which affect your health. This is what called using your energy to earn money.
In the second steps, we use money to earn money. After earning money through our energy, we try not to use energy to earn money anymore as we grow older we have lesser energy to work. At that time, we use money to earn money through investing. we can choose investing in stocks, unit trust, bond, property and business too. The harder our money work for us, the richest we will be. By the same time, we need actively look after our investment especially if we invest in stock market.
Finally, we use time to earn money. Using time to earn money is a slow process. It might take several years to a few decades. The best way to let time help us to earn money is through investing in property and vacant land. Through property and vacant land, its value will appreciate in times. We do nothing but just wait for value appreciation.
The above three strategies or secrets are how ordinary people become rich. Most of the people stuck at the first step. They use their energy to earn money until retire or even extend their retirement age. They group of people never get out of their rat race. If you want to get rich, this is what you got to do, use money to earn money and use time to earn money!
For the first step, money management plays an important role so that we can have money to earn money and allow time to earn money. It will be totally meaningless to talk about investment if we fail to meet your basic needs due to poor money management.
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licsaravananss Reply:
March 16th, 2010 at 10:20 am
yes!you’r correct! Money management such as spend less than yearn& save ourself first &Investing for different goals is most important simple secrets to keep your money for ever.That takes our personel efforts,long term thinking,delayed gratification.It is not simple but not impossible.If acheiving personel freedom is most enthusiastic & jet motivation of your life,sure it will turns you to a trendsetter than anyone surronding in y’r community.
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Mrcoolku Reply:
March 17th, 2010 at 9:13 am
Money management is all about your discipline. If you do not have strong discipline, you might just spend all your money easily.
Delay gratification, budget spending and working hard to archive goals, all it needs is your discipline. You can see that those with high discipline people seldom have financial problem. Just my2cent.
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sourplum Reply:
April 29th, 2010 at 10:32 am
what is the meaning of delay gratification eh?
Mrcoolku Reply:
May 1st, 2010 at 7:46 am
It means you delayed what you want to enjoy now.
Mrcoolku Reply:
March 17th, 2010 at 9:07 am
Correct, money management is crucial. If we are not prudent in money management, that will be no way to talk about investment.
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That is how the rich gets richer. They use their money to make more money and also other people’s time to make money for them.
So the first step is always important which is acquire more money first for yourself.
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This is a proven way to get rich for sure. But it sure requires a lot of mind & smart work. Thanks mate.
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Based on my experience, a lot of people is good at using energy to earn money. Not many people know how to use money and time to earn money.
I would recommend that we all use money and time at the same time to earn money. It means that we invest our money into solid investment for long term to fully optimise the return. When we have money and time on our side, we increase our winning chance tremendously.
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Mrcoolku Reply:
April 20th, 2010 at 8:10 pm
The best place for we to use time and money at the same time is by investing in property and land. Most of the world richest is property tycoon. Hmmm.. besides property I cannot think of other thing which can fully utilize our money and time on the same time. Or maybe investing in people?
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I would think that good quality blue chip shares investment will also work well if you can invest for long term. However, the challenge is that the share may not be blue all the time. That’s where you need to monitor and take action where necessary.
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