Timeless Important Principles To Building Wealth – Part 2
Updated: Jun 20
Building wealth is a journey. True wealth takes time to build. The first 4 principles are great for you to get started. After learning the first 4, here are 4 more principles. These will allow you to go even further and longer.
1) Invest in Yourself = Highest ROI
This may sound counter intuitive. Why do you need to invest in yourself? Why not just take the money and invest directly in an asset? Now, this is not talking about investing in yourself by indulging in luxury holidays or items. Rather, this means spending money into courses that teach you new useful skills. For example, learning how to invest or trade properly. Imagine if you just started out and have no or little knowledge on how to invest. You will make many mistakes and may end up losing a lot of money, before deciding to give up and think that investing does not work!
However, make sure that the new skills that you learn will benefit you meaningfully, and you should continue to hone and master those skills. These skills should allow you to develop yourself to progress and go even further.
2) Your Network Is Your Net Worth
I’m sure you have heard of this phrase before – Your network is your net worth. Sometimes, it does not matter how much you know, but who you know. Learning and knowing how to build meaningful relationships with people is a very important soft skill. You never know when these people are able to help you along the way. This allows you to be resourceful whenever you find that you need help with something. It could be trying to build your business or to seek advice with a problem in your life.
No man is an island. Learn to build win-win relationships. You never know when you will need help and vice versa.
3) Managing Your Own Risks First and the Rest will Fall in Place
Yes, I’m talking about healthcare insurance. Healthcare costs are rising rapidly every year. No matter how well you invest, a hefty healthcare bill is enough to wipe out most of your profits. So in order for your investment portfolio to keep running uninterrupted, you will need to get adequate and necessary health care insurances to protect yourself, in the event should you run into a health risk.
Most of these healthcare insurances are easier to obtain while you are still healthy. So do get them when you are still healthy, to protect yourself in the future, and also to have that peace of mind when you are busy building your wealth.
4) Healthy Body and Healthy Mind
This may sound quite unrelated to wealth building, but this is actually very important! By having a healthy body, you are optimizing yourself to have higher level of energy and better frame of mind to make your wealth moves. Imagine that if you feel tired and sick often, it totally affects your judgement and distracts you from doing what you should.
Wealth building is a journey. A healthy body and healthy mind will carry you further and allow you to enjoy that wealth that you have built so painstakingly, when you retire.
After reading and internalizing both Part 1 and Part 2 on how to build your wealth, it is time to take action and start doing them as soon as possible! The earlier you start, the better. Remember, wealth building is a long journey. Enjoy the process and I’m sure that your future self will thank you, 10, 15, 20 years later, as you retire and enjoy the fruits of your own labour.
Join Our BOS Community
In the Buffett Online School, we believe in learning the right investing mindset and system, so we can start cultivating emotional detachment and grow our wealth safely and substantially in the long run.
By joining the Buffett Online School community, you and your friends will have access to a wealth of educational resources, expert insights, and a vibrant network of learners. This will help you and your loved ones further enhance your investment skills and emotional stability, thereby improving your portfolio returns.
Our next 2-day BOS MBA Value Investing Online Bootcamp is happening soon! We will teach you how to use Warren Buffett's proven investing method to maximize your portfolio.
Even if you have attended before, you will still gain additional new insights and exclusive community support specifically for this upcoming bootcamp!
And the best part is, it is FREE!
Additionally, our BOS community offers exclusive rewards and recognition for each person you invite, making your journey with us even more rewarding. You will take away resources like:
- Gone Fishing With Buffett ebook to understand Buffett’s investing insights (worth $17)
- Financial Freedom Calculator to plan out your own retirement portfolio (worth $47)
- Warren Buffett’s Portfolio Watchlist to peek into his recent trades (worth $97)
- ETF online course to learn to generate consistent 10% every year (worth $297)
Remember, you have the choice to cultivate the right investing mindset and unlock your potential to build wealth through intelligent investing. Together, we can create a network of educated investors who make informed decisions and contribute to their financial well-being! Join the BOS Community Today!
In the meantime, feel free to check out some of our blog posts to continue your learning. You can also join our BOS Telegram channel for more investing insights.