9/21/2017

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Accumulating Wealth

The accumulation of wealth, in one form or another, is what most of us aspire to do to improve the way we live and to provide better lifestyles for ourselves, our children, and for future generations. Wealth building has always been the driving force behind economic diversity that keeps the world, and everyone in it, moving in a forward direction.

We all seek greater wealth, even those of us who profess not to. It doesn't have to be money, clothes, jewelry, or real estate, wealth can be anything of value, and almost everything has a modicum of value for someone. Even people who are destitute and homeless accumulate things that they consider worthy of having, if only to them. They, like all of us, hold on to their possessions, which in turn, gives them a sense of self worth.

Now, take a look around your home or dwelling place and you will see things that are important to you, too. These items, no matter what you paid for them or what value they hold for you, are part of your net worth. And it doesn't end there. Any real estate, antiques, investment vehicles such as 401k and SEP plans, stocks and bonds, money in bank accounts, and any other property that you own is all a part of your personal wealth.

It's okay to build wealth, to hold on to your assets, to make investments in things that will grow your net worth, and to save what you have for your heirs. Not only is it okay, wealth building is encouraged and should be made a personal goal.

How do you accumulate wealth? It depends on your definition of wealth and how and when you decide to get started on your personal wealth building program. It depends on how much time you spend studying and learning how to manipulate your income, your savings, and which investment vehicles will work best for you. It depends on how much you are willing to invest and what you invest in.

Wealth can be created in many ways but it doesn't come easy. Some people inherit their wealth and that's great, but most of us will never receive a big inheritance. Most of us will never hit the lottery or win big at gambling. If we do receive an inheritance, it won't be large enough to carry us through our retirement years.

What does this mean? It means that we have to work most of our lives to make a living and that makes it important to do the right things with our incomes to create wealth for ourselves.

As wage earners, You may not have a lot of money to invest but if you look at what is given to you in the form of employer benefits such as 401k plans, stock purchases, and other savings options, you can watch your money grow at a decent rate over the long haul.

Just as important as investing your money wisely and maybe more so, is watching how you spend your money and learning to live within your means. Today, with the economy in turmoil, it is more important than ever to keep an eye on your finances and it is imperative that you stay away from risky gambles with your investments.

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