[Mika]

Building wealth is one of the basic purposes of life. That’s because when you have wealth you can not only live a comfortable life and provide for your family but also help needy people and even donate to the Church so that you can secure a position in heaven (provided, you are a religious person). We need wealth to fulfill our purposes in life.

In order to build there are a lot of things you need to do but here I am going to talk about basic things:
Before you can think of wealth, you need to think about your health. When they say health is your wealth, they are not saying this without a reason. Improving your health should be your top priority, if you don’t invest in your health, you will not be able to build wealth. Investing in health means eating healthy food, maintaining an active life, exercising regularly, and staying away from vices like drinking and smoking. When you are healthy, you will be able to work for many years and your medical bills will also be minimized.

Education is the second most important thing after health in order to build wealth. Education equips you with knowledge, and knowledge is money. If you have knowledge, you will get income opportunities and when you have income opportunities, you will be able to build wealth. Investing in education will give you tools that will allow you to do a lot of things in your life. If you desire to get a job, you cannot get a job without an education. If you want to start a business, education will equip you with the knowledge required doe a business. The more you invest in education, the better your knowledge and thus, better your income.

Saving and Investment are also essential for building wealth. You will have to start saving money, and then use your savings to invest in various assets. Once you have an income source, you should start saving at least 10 percent of your income. You will have to use your savings to invest in various schemes including stocks, ETFs, Mutual Funds, etc. Even though you can build wealth only through investment, investment can also be risky. So, you will have to find investment options that are less risky.

Some of the safest investments are real estate, bonds, treasury bills, etc. Trust me, these are some of the safest investments that anyone can try. If you have money, try investing in real estate. Just like you need to prioritize health and education, you also need to prioritize investing in real estate. Real estate is a hard asset, you can generate cash flow (because you collect rent regularly).

[nela13]

I think you missed one very important point, which is to avoid debt. When you have debts you will always be paying interest and end up paying a lot more.

[Treborika]

This is such an educative type of articles that enlightens one on financial issues.

[SHAHID987]

This is the question which still not answered by me perfectly because I am trying and trying but till date I am not able to build it, still I don't know where I am missing something.

[ptrikha21]

Very well listed. Health and Education matter a lot. Not letting debt eat into our savings is a must.
Plus we need to redraw our plans and re-prioritize things to help us focus on achieving better results towards our life goals.

-- 14 Oct 2023, 23:40 --

I think you missed one very important point, which is to avoid debt. When you have debts you will always be paying interest and end up paying a lot more.

Yes this is what I have learnt in my life in a hard manner.
Lingering debts can be a big irritant in our overall financial plans.

[Mika]

I think you missed one very important point, which is to avoid debt. When you have debts you will always be paying interest and end up paying a lot more.

Yes, I seem to have missed a very important point. However, debt is not always bad. If you can use debt to build knowledge or invest, debt can be useful, though

[SHAHID987]

I am trying to start building my wealth since 15 years, but just I am able to survive. Building wealth from online work is become tough for me as competition is become much more higher, I think boss free working idea has been sold perfectly, people think that if they work online they will earn without boss pressure.

[nela13]

Yes, I seem to have missed a very important point. However, debt is not always bad. If you can use debt to build knowledge or invest, debt can be useful, though

That is right, right now the interest for house loans is too high but if we want to invest in real estate and we don't have all amount needed then it makes sense to make a loan in the bank, especially if we are going to rent the house and generate more income every month.

[Mika]

Yes, I seem to have missed a very important point. However, debt is not always bad. If you can use debt to build knowledge or invest, debt can be useful, though

That is right, right now the interest for house loans is too high but if we want to invest in real estate and we don't have all amount needed then it makes sense to make a loan in the bank, especially if we are going to rent the house and generate more income every month.

Buying a house with a loan and using the house just for yourself is not something I am comfortable. However, if I can rent out my house, or even a couple of rooms, the house will bring me income that I can use for paying my loan.

[sweerie_banana]

That's a savvy approach! Renting out part or all of your house can be a smart way to offset the costs of a mortgage while building equity.

[Mika]

That's a savvy approach! Renting out part or all of your house can be a smart way to offset the costs of a mortgage while building equity.

Before you buy a house with a loan, you need a stable income. You might be able to pay your loan with your rents but you still need money for down payments

[eldavis]

If you want to start building wealth, you should have an investment you are pumping your funds into.

[Mika]

If you want to start building wealth, you should have an investment you are pumping your funds into.

Investment can multiply your wealth if you know where to invest and how much to invest. If you do not have a lot of funds for investment, compounding your returns as well as investing on a regular basis, for instance utilizing SIP, can be very helpful.

[sweerie_banana]

For those new to investing or with complex financial situations, seeking advice from a financial advisor can provide personalized guidance and help align investment strategies with specific goals.

[Presh]

When one compromises their health, there might be a potential for wealth but the person might not fulfil it because of ill health.

[eldavis]

When one compromises their health, there might be a potential for wealth but the person might not fulfil it because of ill health.

Like they always say, health is wealth. When we are sick, it would be impossible to make money again.

[Carson20t]

How I wish we could kickstart something from here, these are very valuable tips that if followed accurately one can walk to financial freedom. Most important of them all is that if one has the right knowledge that is the weapon to achieve and defy all odds. We can do it Champions.

[SHAHID987]

We almost all of us here, to at least improve our wealth. Although very little of it increase from forum sites but the main reason of being here is to increase it. After so many experience of trying to increase wealth let me say that luck counts much more in it.

[Mika]

We almost all of us here, to at least improve our wealth. Although very little of it increase from forum sites but the main reason of being here is to increase it. After so many experience of trying to increase wealth let me say that luck counts much more in it.

You will never build wealth by working on money making sites, if you have skills, you might earn better form freelancing sites but you will not become rich. To become rich you need to build a business