There’s little point in being rich for a day if you end up spending the rest of your life broke!
Whilst there are many terms and strategies you will need to familiarize yourself with on your journey to becoming wealthy, in my view, understanding the different ways in which income is generated is one of the critical learnings to be applied in order to build sustainable wealth.Making money and becoming wealthy can be a bit like learning a foreign language. There are lots of terms like: Assets, Liabilities, Liquidity, Net Worth, Gearing, Leverage, Cashflow etc. and you must know what they mean in order to become a good investor. The mechanics (tools, strategies, investment vehicles, etc.) also need to be learnt so you can put them into practice knowledgeably, minimizing financial risk and maximizing investment gains.
Let’s be honest, there’s little point in being rich for a day if you end up spending the rest of your life broke! Understanding and applying yourself to the different ways in which income can be generated and cashflow managed is the key to becoming rich for life!
All of us in one way or another desire financial security and many of us dream of attaining financial freedom. Simply put, to become wealthy over time you basically need to:
- Make (income),
- Save (cashflow) and
- Invest (in assets) that generate additional cashflow.
The better you are you are at applying this simple “formula” the faster you will become wealthy and the longer you will remain wealthier.
Understanding and applying yourself to the different ways in which income can be generated and cashflow managed is the key to becoming rich for life!
About Keelan Cunningham
Keelan Cunningham is an entrepreneur, multiple business owner, author, and personal finance/wealth building specialist. Keelan’s passion is helping people improve their business acumen and personal wealth creation strategies, so they can lead a truly wealthy life in all aspects and with any luck similarly transform the lives of others.
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