About This Book:
Building wealth can be one of the most exciting and rewarding undertakings in a person's life. Aside from providing a more comfortable day-to-day experience, substantial net worth can reduce stress and anxiety by freeing you from worry about putting food on the table or being able to pay your bills.1
For some, that alone is enough motivation to start the financial journey. For others, it's more like a game, and their passion for wealth building begins with their first dividend check from a stock they own, interest deposit from a bond they acquired, or rent check from a tenant living in their property.
While there are countless articles dedicated to individual techniques and strategies for building wealth and becoming rich, the advice here focuses more broadly on the philosophy behind how to become wealthy. Considering these points can help you better understand the nature of the challenge you face, as you set to the task of accumulating surplus capital.
Change the Way You Think About Money
One reason that many people never accumulate a substantial nest egg is that they don't understand money or how it works. This is, in part, one of the reasons that the children and grandchildren of the wealthy have a so-called "glass floor" beneath them. Just by way of which family they're born into, they receive knowledge and networks that allow them to make better long-term decisions-often without fully realizing how they're benefiting.
No matter the household you grew up in, the key is to push to move past selling your labor (work) to making your money work for you. Each dollar you save is like an employee. The goal is to make your "employees" work hard, and, eventually, they will start making their own money. When you have become truly successful, you no longer have to sell your labor, and you can live off of the returns on your assets.
Tip:Make it a goal to create or acquire cash-generating assets that will produce more and more funds every day-which you can then redeploy into other investments.
Grab This Book For Deep Learning