1. Self Investing
To create anything, you need to invest in yourself. It’s something my father repeated often in our household. He learned this from his father, my grandpa. This is the foundation of every personal pursuit in life.
2. Income Generation
Having ideas without execution is like having a bow without an arrow. You want to put your ideas to work. If you do that, you can start creating value. And when we create value, we generate income.
3. Asset Investing
The third pillar of wealth building is investing in assets—anything that will increase your wealth without personal labor. This is the most popular pillar because we all want to build wealth without putting in the hour
4. Asset Protection
When you build wealth, you want to protect that from external factors. Once you’ve acquired some wealth, you’re a target. That means you want to keep your assets safe from legal situations. This is the fourth pillar of wealth building
5. Capital Allocation
At some point, you’ve acquired so much wealth that the only thing you’re doing is moving around your resources. This is the fifth and final pillar. You might sell one stock and buy another one. You might liquidate a business and start a new one.
Thank you
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