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Wealth creation: Importance and Strategies ( Become Rich In your Early 20s )
Introduction
Are you finding ways of wealth creation? In this blog post today I will share all the details about wealth? Laws of wealth creation, benefits, types of wealth creation, and all the complete details in this article. I make sure after reading this blog post you will have no doubts about wealth.
Are you ready to know the complete details about wealth creation, and how it is important for us? Let's begin, you know, wealth is most important for us. To live your life without worrying about money and financial problems. You have to create more Assets and wealth, so that you can live your life happily with family and friends without worrying about financial problems. When you are in your 20s, 30s, 40s, and 50s retirement.
Wealth is a very important product that will help you, after retirement, live your life without worrying about money and financial problems. And you can easily fulfill your basic needs in life. Today's time everyone knows the importance of wealth creation, but more than 80% of people don't know the actual ways of creating wealth. Those people have no financial education and they are not educated financially. Especially in India.
Financial education is only 5% to 10% in India. But the rest of the other countries are the United States of America, England, Canada, Japan, China, Taiwan, North Korea and South Korea and other countries. Financial education is more than 70% of people financially educated in these countries. That's why these countries are well developed and very advanced technology wise.
But now time to change your mindset and education level and become financially free and make your life more meaningful and enjoyable.
The most famous quote by Warren Buffett - "If you don't find a way to make money while you sleep, you will work until you die."
Here are some important tips to create wealth for your better future and live a better life after retirement.
1) What is Wealth Creation?
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| Credit: istockphoto |
What is wealth creation? Wealth creation refers to building wealth through a variety of methods using financial products. When you invest in financial products for a long period, you get back higher returns. Wealth creation gets you long term freedom of life, time freedom, health, wealth and happiness in the long term period of life.
2) Types of Wealth Creation
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| Credit: istockphoto |
Wealth consists of many aspects like our health, relationships, finances, and time and can be broken down into four categories. To understand types of wealth creation and types of wealth. Which are:
4 types of wealth you need in life-
- Money (Financial Wealth)
- Status (Social Wealth)
- Freedom (Time Wealth)
- Health (Physical Wealth)
These are all types of wealth you need in life, if you don't want to suffer in any aspect of life. Money wise, health wise, and finance and relationships.
3) Ways of Wealth Creation
- Create a own Business.
- Start investing early.
- Get financial education and sufficient knowledge.
- Reduce monthly expenses.
- Create multiple sources of income.
- Focus on creating wealth and creating Assets.
- Decrease liabilities.
- Investing in stocks, bonds, mutual funds and other government schemes.
- Start investing in gold and silver.
- Start investment in real estate property and Businesses.
4) The Laws of Wealth Creation
- Stop losing money and most precious time and start making money.
- The three laws to successful wealth creation.
- Creating wealth is about spending less than you earn.
- Invest your surplus wisely (at least 10% of your income)
- Leave your investments alone so they can grow.
- Educate your clients about wealth creation.
5) Benefits of Wealth Creation
- Become financially free.
- Get health, wealth, time and happiness in life.
- No need for more hard work to earn money.
- Well settled life after retirement.
- To get early financial freedom in life.
- Good relationships with family and friends.
- Get a fulfilled and joyable life.
- Recurring revenue and passive income.
6) Importance of Wealth Creation
- Live a safe and secure life.
- No more struggle for money.
- Make a better life.
- Get health, wealth and happiness and time freedom.
- Make your life meaningful.
- Get more respect in your society.
- Add some values in others' lives.
7) Best strategies for Wealth Creation
- Financially educate yourself.
- Make plans and goals for creating wealth.
- Planning for monthly expenses smartly.
- Monthly expenses, 50% for basic needs.
- Regularly invest 20% of monthly income.
- 10% for savings and 30% for wants and wishes.
- Your monthly expenses are less than 70% of income.
- Invest in long term plans to get higher returns, like: mutual funds, stocks, bonds, Real estate etc.
- Get sufficient knowledge about money.
- Develop a high income skills set.
- Get in touch with wealthy people.
- Start reading self-help books.
- Start investing early.
- Understand the compounding effect of money.
- Reduce liabilities and create more Assets.
8) The list of Assets building for Wealth Creation
The 21 Assets for creating wealth: these assets that will make you rich and wealthy.
Assets building proven method:
- Create a business.
- Real estate property and Businesses.
- Paper Assets ( stocks, bonds, mutual funds etc.)
- Commodities ( Gold and silver )
- Real Cash.
- Equipment and Accessories.
- Intellectual properties ( Trade secrets, Trade marks, copyrights, patents )
- Build your brand.
- Network ( people strong network)
- Create your own contents.
- Your most valuable time.
- Friends and family.
- Your skills ( Skills building )
- High valuable Knowledge.
- Communication skills.
- Most powerful mind ( mindset )
- Your health.
- Your business. ( Skill based business )
- Learning skills.
- Advanced technology ( internet )
- Your creativity.
9) Three pillars of Wealth Creation and financial freedom
- Living frugally & investing in stocks, bonds, mutual funds, real estate and other government schemes.
- Owning real estate.
- Owning a business.
10) Here are some tips for long-term Wealth Creation?
When it comes to long-term wealth creation, the following measures can be helpful:
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- The power of compounding forms the foundation of long-term investments. The power of compounding is a concept that will help in building a considerable amount of money in the future.
- Consistently investing and saving is the best way to create wealth.
- Start investing in a long term plan to get higher returns.
- Don't depend on retirement pensions only.
- Start investing in real estate property and Businesses, to get higher returns in a long term period.
Long-term schemes for higher returns and Wealth Creation:
- Index funds
- Nifty 50
- Mutual funds SIP's schemes
- Real estate property and Businesses
- Have enough insurance ( life insurance, medical health insurance )
11) What is Wealth Creation in Business
Wealth creation in business, financial experts say, creating a business is the best way to create wealth and generate passive income sources. Own business gets you regular passive income while you sleep.
Types of Businesses to Create Wealth:
- Products and services based businesses.
- Knowledge based businesses.
- Referral based businesses.
- Consultancy services.
12) Important skills you need to learn for Wealth Creation
- Investing skills
- Build high income skills.
- Financial education, knowledge and skills.
- Build good relationship skills.
- Future Planning and Set Goals.
- People managing skills.
- Understanding about money and wealth.
13) Financial education books
Best conventional advice on personal finance, investing, and business with the author of Rich Dad Poor Dad, Robert Kiyosaki. Get ahead with his pull-no-punches style of challenging the advice we’ve all been given on money, investing, and the economy. Frustrated and frightened by the financial advice being given by the mainstream talking heads, Robert Kiyosaki sits down with professionals from the world of money, investing, business, and personal development. Listeners will be provided various viewpoints on how to set themselves up for financial success. If you’re looking for get-rich-quick tips and tricks to investing, move on. To dedicate yourself to finance and have a better life.
All over the conclusion of this blog post, share with you the importance of wealth creation and Assets building. And how you can achieve financial freedom and become rich in your early 20s. This article is very helpful to understand wealth creation, financial freedom, investing skills and becoming rich fast. Importance of health, wealth and happiness.
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