Are you wealthy?
The wikipedia on ‘wealth’ describes it as follows:
Wealth usually refers to money and property. It is the abundance of objects of value and also the state of having accumulated these objects. The use of the word itself assumes some socially-accepted means of identifying objects, land, or money as “belonging to” someone, i.e. a broadly accepted notion of property and a means of protection of that property that can be invoked with minimal (or, ideally, no) effort and expense on the part of the owner.
Let’s include the time, work and money factors into wealth. Assume that you can stay at home, not work, enjoy your leisure time, and still earn money for a month. Your amount of wealth is only for a month.
What if you could generate income while not working for an unlimited time span? Then you would be wealthy forever.
How do you achieve it?
Business experts indicate that you should make your money work for you. You need to become an investor. This means all your money should go to investments that require little or no attention. First you get seed capital and go for the following recommended investments:
1. Stock Market
2. Mutual Funds
3. Real Estate
For as long as $100, you can start playing around with the stock market. The latest tech advancements allow you to stay at home and monitor your portfolio online. Brokerage firms typically give lesson on technical stock analysis – which looks at the patterns on the trading charts and give brokers and idea when to buy and sell.
If you prefer to have another party manage various portfolios for you, you might opt for a mutual fund instead. Mutual funds pool money and can invest in a variety of securities, including fixed-income securities and money market instruments.
Real estate investments could provide you with rental income. For instance, you could start looking at foreclosed properties. When a promising property becomes available, buy and develop it. Find some tenants to lease to and you are on your way to some regular passive income.
The recommended process to wealth is to get an initial seed capital, then invest in stocks, mutual funds and real estate. Make sure you would be getting regular monthly income that should pay off your monthly expenses. There is always a level of risk. Be aware of it and prepare to accept that some investments will not pan out.
That’s the general theory. Start learning all this. Practically apply it to your life. Be on your way to unlimited wealth.