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There are a few core principles that are universal. The sun rises in the east and sets in the west. The speed of light in a vacuum is 299,792,458 meters per second. To create wealth, you must earn more, save more, and invest with intelligence.
If you’re reading this article, it’s because you have a keen interest in learning more about the principles surrounding wealth creation. Whether you’re starting your journey to building wealth in your 20s, 30s, 40s, or beyond, the core principles of wealth creation remains constant. This article offers a road map to help you obtain the wealth you need to live a Rich Life.
What is wealth?
Wealth can be both tangible and intangible and measured through comparative analyses or life experience. A common measure of wealth is net worthwhich is calculated by taking the total value of your assets and then subtracting the amount of debt owed.
To be considered “wealthy” based on this construct, you’ll want to have a net worth that’s comparatively higher than others in your sphere. For example, you might need a much higher net worth to be considered wealthy in New York City than in Kalamazoo, Michigan. That’s because the cost of living in New York is the highest in the US, while the Kalamazoo area has the lowest cost of living.
However, for many people, wealth is more about how net worth produces abundance and security to create an ideal life. It’s about getting to a place where you can look at your personal relationships, finances, and ordinary days and say, “Wow!”
However you measure wealth, though, the principles for building it remain the same.
How to build wealth at any age
Regardless of your age or current net worth, it’s good to focus on the fundamentals. That means committing to these core principles of achieving wealth:
- Creating more income
- Managing your savings
- Investing intelligently
How to earn more income
Wealth building begins with how much money you…
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