To truly build long-lasting wealth, you need to generate multiple, reliable streams of income – so you can fund your higher-paying, riskier strategies without risking your current lifestyle.
Here are six steps you can take to achieve this goal:
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Focus on increasing your ability to earn more money by improving your work ethic and work skills.
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Choose to live well below your means so you can save over 60% of your monthly income.
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Put no more than 5% (if you’re below 30, you can bump this up to as much as 20%) of your liquid net worth into asymmetric investments.
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Put the rest of your money into conservative, income-producing investments and strategies.
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Reinvest a portion of your safe income back into well-researched asymmetric investments.
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Repeat until you’re rich.
More Income = Faster Wealth
It may seem paradoxical. But the more “safe” income you build, the more “free” income you’ll have to speculate on high-risk, high-reward plays that can change your life right now, not 20 years from now.
It’s never too early or too late to begin building your wealth. The sands of time will continue to slip away, regardless of your actions.
Palm Beach Research Group