You don’t have to take investment seminars or build extraordinary expertise. There are 3 proven paths; you choose based on your investment plan and strategy, risk tolerance and the duration you want your money/time/energy to work. They are;
1. Paper Assets; shares, market funds, securities, bonds, etc
2. Real Estate; rental properties, hostels, lands, etc
3. Businesses and other income generating assets
Learn more about these and plug into them.
You need to EARN Money
You need to SAVE Money
And you need to INVEST Money
No one becomes wealthy without consistently increasing his/her income, putting aside a percentage of his/her earned income and putting the money which is out aside to work.
Let me wrap up with this wealth creation or building principle:
"Wealth is determined by your HABITS." - Peter Kwadwo Asare Nyarko
The reason so few people build wealth is because they don’t adopt habits that leads to wealth. As you know already, the formula for building wealth is simple and fully proven. The only thing remaining is to take action with enough consistency to achieve the goal and that is where the problems occur.
You want to create or build wealth? Here is my formula for wealth:
Small, Smart Choices x Consistency x Time = Wealth.
We always plan on getting around to it someday. We know what we should do but there is always some other priority. So we don’t actually take action on the most important stuff. For example;
Starting that business ❌ Let me wait small
Applying for that job ❌ Let me manage this one naaa
Starting saving ❌ I don’t make enough money
Hear this; action is where the rubber meets the road. It is one thing to know what to do, and it is something else entirely to get it done. That’s why HABITS are so critical.
HABITS are the reasons pure water sellers build houses while the lottery winners go broke. Small changes done over a long periods of time can create massive wealth.
How to activate a positive wealth creation habit;
1. A daily habit of frugality saves small amounts every day that compounds and grows over long periods of time to become substantial wealth.
2. A daily habit of increasing your earning capacity through training and education will add small amounts every day to your income potential.
Both of these daily habits will create an increasing spread between what you SPEND and what you EARN/MAKE, which will increase your wealth at an accelerating rate. This isn’t rocket science. It is daily habits dedicated toward a specific goal - creating and building wealth. The habit causes the action which produces results. It is simple CAUSE and EFFECT!
In conclusion;
The formula for how to build and create wealth is simple: Spend Less than you make, and invest the difference wisely.
The mechanism to take action on the formula and produce results is equally simple: Adopt wealth building habits.
Here is how it looks:
Small, Smart Choices x Consistency x Time = Wealth
The only question remaining is whether or not “You Will Do What It Takes!!!”
Kind regards,
PETER KWADWO ASARE NYARKO,
AUTHOR | FINANCIAL ADVOCATE,
CFLE, AFRICA.
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