I know a lot of people in ‘building mode’ want to make the best use of what they have – Is this you?
Are you trying to get some income ready for when you’re not working any more?
If so, be prepared for a couple steps forward, and the odd step back too. If I could convince you I’ve come back to you from the future this is my message: It’s very important for try as hard as you can now, to make your ‘tomorrow’, go well.
How on earth outside of an inheritance or winning lotto can you really be ‘sorted’?
Is being wealthy even possible these days?
While I’d like the world to be more ‘fair’, I know it’s about playing the game by the current rules. While we rage against it, we still need to study the machine…
My dad taught me how to make money, but not what to do with it afterwards.
I overcompensate for this lack of financial education with my own kids – I’m determined to build intergenerational wealth [or I take my work too seriously].
My 11-year old kid asked me how to get rich this weekend in the car. I squealed with joy, and then I explained these 6 rules for wealth building.
Rule one: Divide your income between spending, saving, investing, and giving.
Rule two: Start investing as soon as you can, and never give up.
Rule three: Enjoy hard work, get good at making money. Don’t play until the day’s work is complete.
Rule four: Grow your own businesses and put money into other business too.
Rule five: Own your own house, and buy two rental properties: One keeps you warm, one retires debt, and one becomes a source of investment income in the future.
Rule six: Give first, then receive. Of the wealthy, generous people I know, almost all of them started giving when they had nothing.
Now, I’m realistic; I know my kids won’t remember these lectures.
They’ll learn it if they see it in action, though.
As parents, we have to talk honestly about our financial challenges, goals, and successes. It’s how we prepare.
We can leave them an inheritance for sure, but without preparing them for wealth, what’s the point?
Keen to get a strategy formed? Make a time now to find out how I can help.
Meanwhile, if you want to start learning how to be wealth, start listening to wealthy people.
Josh Comrie’s my latest guest I talk with on the Everyday Investor. If you’re going to learn something from another person, choose someone connected to the problem enough to relate, and knowledgeable about the solution enough to show you the way. You can’t argue with lived experience.
