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Moving From Income to Wealth
There is no formula to determine how much wealth is wealth enough for you, or how much income is needed to build that wealth that will keep you satisfied. It all depends on you. What’s common to all of us is that In order to start building wealth, a proportion of our after-tax income should be saved regularly. Financial advisers would recommend a target of one-third but your income has a large role to play here. So let’s start with, how you generate income.
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1. Generating Income
Unless you encounter the good fortune of inheriting money, property, or other assets to fast-track your journey to wealth, savings and investments from your income are the two principal strategies that can make you wealthy. That income can be earned in two main ways:
- Active or earned income: such as wages, salaries, tips, commissions e.tc which usually involves a degree of exertion to generate.
- Passive income: Money is received in exchange for little ongoing effort. You may have to do some work to set it up but after that, it needs less attention.
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3. Invest wisely
The closer you are to retirement, the less risk you can afford. Before you make investment decisions assess the risk vs the return of such a decision.
- Shares (Higher risk, potential for higher income)
- Property (Medium risk, potential for steady income)
- Interest-paying (Lower risk, potential for some income)
You can also consider supporting a startup this can result in big gains, but many fail so it can be risky.
One common strategy is to create an investment portfolio spread across a variety of assets with different risk levels, such as shares, property, and bonds.
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4. Maintaining and Managing Wealth
It’s good practice to re-evaluate your investments from time to time; you may find better assets to invest in, or opportunities to have better returns at lower fees.
Also political and economic events affect your investments, so it’s always good to watch out for them and react accordingly.
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CURATED BY
Writer, artist, Accountant and a forever learner. Learning, loving, Hoping.
CURATOR'S NOTE
These ideas talk about how to use your money/income as a means to build wealth
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