Building Wealth Is Easy
- Author Ryan Wegman
- Published May 15, 2008
- Word count 487
As humorous as it sounds creating wealth is as simple as 1, 2, 3. Building wealth of any substantial amount takes basic principles and disciplines.
Let me be the first to say that creating wealth is the boring part. Yes it's true that if you feel like analyzing stocks charts or facing tough decisions with evicting nonpaying renters, running around trying to find that one good deal that you heard about in the paper.
If you like dealing with phone calls in the middle of the night because the water heater blew out or the toilet is clogged. Worse yet you get that call in the middle of the day from your financial analyst that you lost enormous amounts due to a bad trade in the market because they didn't see it coming.
If these are issues that you are interested in by all means have at it. However if it's long term stress investments that you are seeking, look no further.
Building wealth is as simple as laying the foundation, setting the boundaries and playing by the rules.
Laying the foundation requires a very basic understanding of the pillars of wealth.
The first pillar consists of you, your health and your wealth.
The second pillar comes from structure and organization.
The third pillar comes from knowing your investor makeup.
The fourth pillar is choosing the right investments.
The sixth pillar is the knowledge of time value of money.
The seventh pillar is execution of decision.
The eighth pillar is calculating risk.
The ninth pillar consists of monetization and maintenance.
The tenth pillar is tax strategy.
The eleventh pillar is your asset protection.
The twelfth pillar is your exit strategy.
To build great wealth is a due process. The preparation it takes to exercise the building of a house or large building is the same. You must have a plan and lay a solid foundation. Then only can you begin to build strength and momentum in a vertical upright position.
If your financial foundations are weak then your entire house built out of credit cards may come crumbling down right on top of you. However if you lay out a solid foundation of money management your sure to be a success.
Plan for two lives right from the start. You need a short term financial plan as well as a long term retirement strategy. You also need to keep an alternate and impartial view when it comes to your investments.
Never mix emotions into your investment strategy. Never follow the crowd, by the time you hear about it's usually to late.
Learn about the alternatives no one else is talking about. Why do you think the richest men in the wold aren't speaking up about their own personal portfolios?
The IRS has specific guidelines you can use to place real estate into your IRA and other qualified plans. Only two percent of all retirement funds are invested into real estate.
There are many ways of making money in real estate, but nothing makes sense unless you have a road map and a proven method for finding profitable deals.Land banking
in California is a "proven formula" that provides safe, high growth, long term appreciation. Visit http://www.ryanwegman.com
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