Improving your financial state is a good idea for a new year’s resolution. I realize that we are already at the doorstep of February, but it’s never too late to start making better decisions. If you are looking for ways to increase your cash flow, the most important decision you will have to make is to find a lucrative investment to invest your money in. With that in mind, I give you the top 7 wealth builders to follow this year!
What are wealth builders?
Simply speaking, wealth-builders are lucrative investments that will make you money. When it comes to investing, it is important to understand that there are two types of investments you can make:
- an investment that earns you money
- an investment that spends your money
Today, we are interested only in the first one!
Top 7 wealth builders to follow this year
Now that we know the meaning of the definition, let’s see what are the top 7 wealth builders to follow this year!
That is correct, advertisements are wealth builders! Every business in the world depends on advertising, whether it is online advertising, TV commercials, newspapers ads, or any other type.
One of the best financial advice for young professionals is to study and analyze advertising.
Advertising is one of the most influential ways to reach out to potential customers.
Understanding the customer is the road to making money.
With so many different types of advertisements, there is also an array of different approaches you can take.
You must understand, to earn some you must first give some.
And there is no better way to spend money than to advertise yourself or the products and services you offer!
Number 2 on our list of the top 7 Wealth builders to follow this year is education. Investing your money in education is how you become a winner.
Proper education will open every door for you.
Still, you have to be smart when you want to educate yourself.
Life is too short, and time is precious.
With that in mind, there is no room for unuseful information in your brain.
Do not be a sponge, picking up everything around you.
You should only concentrate your energy, time, and effort to learn skills that will be of use to your goal.
Everything else is a waste of time and money.
Money management education
I know that I already covered the topic of education, but money management education requires a special section.
That is the only way for me to underline the importance of understanding what money is, and how to use it.
More importantly, how not to use it.
The biggest issue is that no one teaches us about money.
There is no class that you can take in school.
When it comes to money education, the biggest school is life.
Some are fortunate enough to find good teachers and learn from successful people. Others not so much.
With that being said, if you wish to make money, you must educate yourself in that direction.
Find a way to learn how to use money, and that will be one of the biggest wealth-builders you can find.
Another excellent example of successful wealth builders is your savings account.
It does not really come under the category of investing money.
However, it is a smart practice to apply. We spend money all the time. Some people often spend money on things they don’t need.
As I mentioned at the beginning, making an investment that does not have an ROI percentage is a poor business choice.
Every time you spend money on buying something, you should think about whether you made a smart decision or not.
Saving money does not mean keeping it in a vault, but finding the right way and time to spend it.
For that reason, always think about saving money.
I am not saying you should be Scrooge McDuck, but it’s always better to have money for when you need to spend it on something important.
We are now entering the territory of big players.
One of the most lucrative jobs you can find is real estate.
Investing your money in a valuable piece of property is the best way to make more money.
Whether you wish to rent it out, start a business, or simply wait for the value to jump and then re-sell it, it will always make you a profit.
Think about it, whenever someone wants to move to another country or continent, they need to purchase or rent a property.
If someone wants to start a business, again, they need a property.
It is a business that will always have customers.
If you have ever seen a TV show called Shark Tank, you will understand why all entrepreneurs like equity.
If they have a percentage of a company, they have passive income.
Owning company assets is a good way to build your wealth.
However, it is also important to know what equity is worth investing in.
Furthermore, it is also important to know when to sell it.
I leave the best for the end. If you really wish to build your wealth, it is important to own as much passive income as possible.
Passive income means earning money without doing anything.
You create a business that works on its own and generates a profit for you.
That will not only make your wallet full, but you will also have more time for yourself and your family.
Apartment complex is a good example of passive income.
The owner collects rents, and after covering for all expenses, he or she is left with a passive income.
Top 7 wealth builders to follow this year made easy
I hope that this article provided you with some useful information.
Pull up your sleeves and start building that income.
If you spend your time and money on these 7 wealth builders, you can’t go wrong.
And again, I wish to underline the importance of passive income.
That should be your ultimate goal.
Spend an hour a day and read about passive income, and you will start to understand how important it is.
Passive income is what transforms business owners into millionaires.