Building wealth is a subject that is often talked about, but in certain communities the how-to is never discussed. I would like to reveal to you the game of building wealth. Yes, it is a game, you must have fun in doing this.
This is a compact version of the wealth game and it works no matter who you are and where you find yourself along the socio-economic backdrop of our culture.
1. Capitalize on opportunity: Opportunity to grow economically is around each of us every day. Most opportunities are missed for two reasons; (1) lack of identifying the opportunity and (2) the lack of knowing what to do when the opportunity avails itself.
2. Familiarize yourself with the four asset classes: business, real estate, paper assets (i.e. securities, debt, etc.) and commodities (i.e. silver, gold, rice, etc.)
3. Select which of these asset classes you should invest in by doing research. Although profit can be derived from each asset class, you must determine which is the best asset class to invest in at this time.
4. Once profit in established from the asset class investment, split the invest in three areas: (1) pay down existing debt (2) put money away for retirement and (3) invest in more asset classes in order to produce more wealth.
5. Read, read, read! There is a wealth of information out here. It is imperative to read to understand or get an idea of historical trends of a particular asset class.
6. Teach your children the previously stated five steps. Not only will you create wealth for your family, but the next generation will benefit from your experience and knowledge.