True wealth is what we all aspire to attain. The state of having so much abundance even after satisfying basic needs is the height of it all. The wealth that endures and cuts across generations is the reason a lot of us put in the work daily.
But thinking about wealth in terms of accumulated money is not a totally holistic way to look at it. Wealth is so much more than piling money until it shatters a metaphorical roof.
The journey to wealth is paved by the habits you cultivate and access to the right information at the right time. Wealth requires maintenance and consistency.
Let’s see the few pillars that ensure wealth is created and sustained.
1. Income
Income is a crucial pillar on the road to sustainable wealth. It serves as the foundation for financial growth, without which the journey cannot even begin. Earning a higher income over the course of one’s life gives room to save and invest more.
There are a number of ways to earn a steady stream of income. One can choose a professional career or run a business. In many cases, people do both. Whatever the scenario may be, it is important to choose an income stream that pays well enough to live well and grow wealth. The key is to keep it moving.
2. Expenses
While we have established that a steady rise in income is key, what happens when spending is done haphazardly? Expense control is an important factor in accumulating wealth. Placing function over trend always makes a lot of difference.
Regardless of where one falls on the revenue scale, there is little or no hope of building wealth that lasts if expenses cannot be controlled.
3. Savings
You may not be able to reach your long-term financial objectives if you take savings out of the picture. Now savings can be a chore, but it gets easier once there’s a clear plan in sight.
It is pertinent that you regularly define your financial goals and state just how and when you intend to attain them in a clear and detailed manner. Financial planning will help you achieve this.
4. Investments
Take investments off the table and you get an anomaly. A clear-cut investment plan is probably the most important tool on the journey to wealth. Besides affording one the opportunity to soldier on through contingencies, it provides a solid place to stand when making present-day decisions.
Like many things in life, investments can be tailored to individual preferences and general disposition to ventures. There’s always a plan for everyone.
5. Your relationships
Everyone and everything we know is a result of the relationships we have built over the course of our lives. These people and knowledge influence our way of life, and as expected, the opportunities available to us. The quality of these opportunities is dependent on the quality of these relationships.
True wealth lies in the matrix of people who are supportive of you. Beyond putting in the work ourselves, the people you know also affect how fast and how well you can grow wealth.
In a nutshell, your journey to wealth requires that these pillars are rightly positioned for success. Every pillar is an import part of the structure.
So, find the balance, and stay balanced!
Remember that you can always send an email to contact@meristemng.com for an extensive discussion on how to manage your wealth.