Getting rich is much simpler than most would realize.
Most people's only relationship with money is of never having enough.Most people live a "paycheck-to-paycheck" existence,and use this month's paycheck to pay off last month bills.
A pay check no matter how big,cannot be define as wealth or riches.So often people seem to mistake getting a bigger paycheck or salary for getting richer.Nothing could be further from the truth for more than 95 percent of the population. As you well known,most people spend every naira the earn.
The first stage in your quest for riches is to get yourself to a stage where you have made enough investments over times to give you what I call a passive income rather than a paycheck existence.In other words,your investment and business makes money whether you get out of bed or not.
At this stage,i won't get into the details of where to invest but permit me to say this level of passive income is your first goal.To put this into perspective,this goal takes most people their entire working lives to achieve.The only time the have passive income is in their retirement at age 65 or older.
However,if you know what you are doing g and you are diligent in your desire to created riches,this goals having #50,000,80,000 or even #100,000 a month can be achieve in about three years if you are quick,five years if you are not,seven years if you want to take it a little slower,and maybe a year or two longer if you are currently deeply in dept.waiting until you are 65 is crazy.
Your riches bring about your wealth.this is what I see as another stage of financial growth in ones life.In today's world a millionaire is merely wealthy,not rich.Becoming g wealthy in the traditional way takes far too long.It is a very slow process that involves investing a modest percentage of your income over a long period of time.Wealth come when you are not only have passive income,but also assets to back it up.Wealth comes when you have cemented your long-term passive income with the steadiness of physical assets growth.
As a real estate consultant,most rich people I have come across talks about getting properties first, the go about this wrongly,they try to build assets before they build passive income.They think they should invest in real estate before they have developed passive income.They think they can jump steps and wonder why they stumble.The only vehicle you can use to get passive income is business ,and you don't do it by running a business,but by selling business.
Assets must have both capital and income growth. If they don't then they are not assets.
Don't buy property first if you want to become wealthy.Build passive income otherwise you are likely to become assets rich and cash poor.
Think if you want to be rich,poor or wealthy!All are choices. If you say yes you are right,you equally say no you are also right says "Henry Ford". The choice is yours
