Retirement is bound to happen to everyone. It is a destination that everyone will reach but not many plans for their retirement.
Have you ever travelled from home to an unknown place but did not plan on the route. You could reach the destination but at what cost. By planning the route, you reach the destination faster and hence save petrol. By having a plan, you save time and money.
Here are my 5 tips on how you can build wealth quickly:
1) Write it down
It is noted in many publications that writing your goals down has a tremendous effect on achieving them. Some might ask what if it doesn’t work. But what if it does. It does not cost a thing at all. All you have to do is write it down as often as you can. Many of my friends achieved many things in life by writing down the things they want to achieve
2) Share it with no one but your loved ones
The people who love you are your biggest and greatest support. You don’t want to share it with people who will laugh/run away at you the moment you fail. Failure is guaranteed, and you don’t need people who will continue to pull you down. Instead, you need to surround yourself with people who will back u up.
3) Put a time frame
Whether it is to have a million dollars in assets in the next 10 years or by age 55, a plan must have a clear time frame. I personally use this EZ Calculator app to help me understand the time frame I need to reach my goal. You can download the app in the Google Play store or apple app store.
4) Keep it simple
Stick to what you already know, whether your business/job, property, stocks crypto. Stick with it and learn more about it. What if you don’t know any investment at all? First, invest in yourself. Start with you first. Go for the upgrading course to help you get the promotions or skills to earn better pay. Then, find and learn something that interests you. There are people I know who love crypto, stocks and get very excited when talking about it. For me, the more I understand Singapore’s pro homeownership policies, the more inclined I am towards property investing. You have to keep looking for the right books or meet the right person to help you find your interest.
5) Exit Strategy
There must be an exit strategy for every plan. Warren Buffet used to say his favourite stock holding is forever, but he doesn’t hold many stocks for decades. Instead, he keeps the winners and exits when the stocks don’t meet his expectations. An exit strategy can be when the market reaches its peaks or when you find better opportunities.
This concludes my 5 quick tips on how you can build wealth quickly.
Over the years, I have helped homeowners with the property portfolio by enriching and empowering them. You feel that this article has helped you in some way, do share it with your friends. Do drop a comment on some of the things you like me to cover for the next article.