A Simply Strategy to Wealth Accumulation.
I have been thinking a lot about financial growth and wealth accumulation and I think that is really obvious because I have been wring about it as well. I have accompanied my thought with some research about the topic and that has made it pretty easy for me to share my knowledge on the topic.
If you do not find a way to make money while you sleep, you will work until you die. Warren Buffet.
I have come to a realization that there is a difference between being wealthy and appearing wealthy. The latter is what so many people are very comfortable with in this generation. People spend everything they have and even get into debt just to appear wealthy.
Let us take a good look at this instance: Someone saving up for months and then gathering everything they have just to purchase the latest mobile device or car, people do this forgetting the fact that these assets will degenerate within the space of a few months and they will be left with a reduced value of item. I love to live a good life and I guess everyone else does, but instead of saving up to purchase the latest car which is obviously going to be a liability, why not use the funds to acquire a good asset that will generate inflow on a regular basis and then probably get a cheaper car that will aid fast movement. The decision to invest in an asset that will continue to generate profit will definitely make you afford the car and the ability to maintain it properly.
Delayed gratification is really a good way to accumulate wealth, following the example given above, it is clear that delaying the gratification of purchasing a flashy car will make it easier to purchase a better one and certainly even be able to afford the expenses that comes with the maintenance.
Having a passive income is really important and it is a sure way to accumulate wealth. Rather than thinking about the luxury of the moment, putting those funds into a channel of income generation and then living a luxurious life off the profit made from the passive income is actually a good way to maintain that channel of wealth accumulation.
I really do not believe that you need to deny yourself from enjoying the luxurious benefits of life, even while you try to grow your wealth, it is advisable to always take a break and enjoy the things you can afford but definitely bear it at the back of your mind to only live within what you can conveniently afford and not more than that. Thank you for reading and have a grear day.