A Simple Guide to Wealth Creation

Many people may think that the concept of wealth creation is not for them. They may imagine someone at work who has plenty of income on the side or is not in debt. The kind of person who reads blogs about wealth creation is the person who is been running a successful business for years and has time and extra money to think about growing what he or she already has. What many people don’t realize is that even those with significant debt who feel it is difficult to make ends meet can still think about wealth creation.
Even financially savvy people can hit a pothole now and again. It is very easy to lose hope, but not only is it important to simply avoid despair, but also to think big. It may seem counterintuitive to have big financial goals when you’re just trying to pay your debts, but that has been the story behind many tales of success. How many times have we heard stories about people who made millions with an idea they came up with when their financial situation seemed hopeless? JK Rowling wrote the Harry Potter series and would eventually become a billionaire with an idea she developed while on welfare.

What Are Your Goals?

Just like the JK Rowling example above, many people who ended up making a great deal of money were not actually that focused on money. Your first step towards wealth creation may involve thinking about your larger goals that are not just about money, but which a lack of money is keeping you from realizing. Perhaps you want to buy a new home, send your children to first-rate schools or want to take time off to write a novel. Think about how much money you will need to achieve these goals. The amount of money might seem unachievable at first, but don’t focus on the impossibility of it but on developing a plan.

Be More Efficient

The idea of cutting costs can bring to mind austerity, belt-tightening and going without. This can be less than inspiring and can feel like a punishment for you and your family. An important step towards wealth creation is saving money, but it is important not to be overly stingy and feel deprived. Instead, think in terms of being more efficient with your money. Look for ways to save time at work and at home and use that extra time to generate extra income.

For instance, you may find a faster route to work or finally trust your preteens to take the responsibility take the bus to school themselves and use the extra time to research stocks to invest in. Suggest some time-saving software k that can help your department get the job done faster and more effectively. This kind of successful contribution could earn you a promotion. If you run your own business, consider outsourcing more the work. In fact, one mistake many entrepreneurs make is to do too much of the work themselves rather than saving time and money by delegating to other people and concentrating on marketing and generating sales.

Make Diversified Investments

Investing money is one vital step towards wealth creation. Create a diversified portfolio of investments including stocks, bonds, exchange-traded funds or ETFs, real estate, commodities, precious metals and other investment vehicles. You can take the time to research your investments yourself, but it is a good idea to enlist the aid of a seasoned financial advisor to help you manage your portfolio.  Patrick Dwyer Merrill Lynch is one financial advisor with a trusted name in wealth creation. If you feel you can be a quick study in stock investment and only want to invest in a few stocks, you may want to go alone, but you can free up your time for more wealth creation if you hire a professional to manage a portfolio for you.

The Happiness Equation

Many people are familiar with the expression,”If you do what makes you happy, you will never have to work a day in your life.” When it comes to making money, you may find that it is much easier to create wealth by doing something that makes you happy and is something you are good at. Making a living is difficult enough, and the last thing you need is to be working at a job that makes you want to stay in bed.

Switching jobs or going into business for yourself may seem risky, but in the end, it can make wealth creation easier. Even if you have to put in long hours at a job you enjoy to make more money, you will leave with a sense of fulfillment and will be inspired to generate new ideas that you can monetize.

Wealth creation is not just about money but it is about living a fuller life with freedom and security. Money is a tool to help you achieve this state of affairs and should be viewed as such. You will be far more inspired and have more energy to work toward your goals if you stop seeing money as an obstacle. With creative thinking and the help of a financial advisor, you can achieve security and the wealth you deserve.

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