Everybody works hard to accumulate wealth that will be of help to them and their families. This will help them have financial freedom in future. For one to achieve this there must be a way to sustain what they have worked hard for.
Investing is very painful. Many people are sacrificing a bit of today to secure their future that may never even exist. What would be even more painful is being in their 60s, waiting for their next social security check, knowing that they could have prevented this from happening while they were still young.
A social media user, Kenny, has come up with 10 wealth-creation rules which he says will help one acquire, manage and maintain the wealth. He goes on to advise that one should never follow the society standard, their rules are meant for one to be an average person in life.
- Budget.
- Avoid debt.
- Buy assets.
- Pay yourself first.
- Avoid lifestyle creep.
- Marry the right person.
- Be around quality people.
- Have an emergency fund.
- Live on less than you make.
- Save 10-20% of your income.
His social media followers supported him saying one should learn high-income skills such as copywriting, sales and marketing as this will help them get extra income. One can use the extra income and learn to invest. Once they are competent at investing, then they will be beating the mutual fund managers and have extra capital to use from high income skills.
They also explained that one should have multiple sources of income, explaining that one should not save 10 or 20% of their income but save more than that if they can. “Don’t waste money on unnecessary things and also get as much passive income as you can.” This, they say, will help build one’s wealth and comfortably sustain it.
