Wealth Development
How to Build Wealth Overtime
1. Continuous improve and develop your skills daily relative to all employability skills:
https://cte.ed.gov/initiatives/employability-skills-framework
2. "Basically, to accumulate wealth over time, you need to do just three things:"
(1) Make money, (2) save money, and (3) invest money." = Discipline + Licensed Financial Advisory = Wealth Development
https://www.investopedia.com/managing-wealth/simple-steps-building
3. "Bottom line. In order to build wealth, families need to have little or no debt, an emergency fund, investable money and confidence in their skills as an investor, according to the report. Note that it's important to prioritize paying off debt and building up an emergency fund first before using leftover money to invest ..."
https://www.forbes.com/advisor/investing/financial-advisor/how-to-build-wealth/
4. Become cognizant of disparities in wealth & advocate generational wealth strategy in your communities:
5. Study & Apply Compound Interest Theory Early in Life: For exampe, $2,400/year investment in a good growth stock (mutual funds) that average an annual return of about 11%—just under the long-term growth rate of the S&P 500 from age 21 until age 30 ($21,600 total investment) earning compound 11% interest for 37 additional years (age 67) = approx 2.1 million not including taxes and inflation.
https://www.ramseysolutions.com/retirement/how-does-compound-interest-work
6. Analyze Return on Investment (ROI) in everything you do, especially college/career decision making.
Do not waste time and money on a degree that is not able to help you become successful in the workplace.
Read more here: https://yourstudent.com/ROI
7. Encourage our media and entire educational system to help teach wealth building principles.
8. Find a supportive Mentor and surround yourself with people and things that pour life into you. (More Info Here)