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.