Good Day Everyone,
Sorry I missed posting last week. I was in Nashville for a bachelor party, and I certainly wasn’t doing anything that is becoming of a personal finance blogger but I’m back now and ready to get back at it. Today’s post will be short, but very important.
Many personal finance sites or books you come across might tell you that in order to build wealth, you have to make more and spend less. While this is obviously true, that alone isn’t going to be enough to get you rich. If you think about the wealthiest people in the world; Jeff Bezos, Warren Buffett, Bill Gates etc. These guys have a few things in common.
- They don’t earn the highest salary in the world
- They don’t have their net worth in cash/ they are heavily invested at all times
- They don’t panic during a market downturns (which is happening as I write this)
- They think long term
- While they all have nice and expensive things, they never let material things get in the way of their business/financial goals
- There are many more things that I came across in my research for this post, but these are the things I think are most relevant for most people
The second step you need to figure out is find your area of specialty and invest in that. Personally, I like to invest in stocks and everywhere I look (especially in malls) I see ticker symbols everywhere and I find doing the research for my portfolio highly entertaining. Investing in assets come in many forms, but investing in what you understand is very important. I will talk about different options in future posts.
I’ll leave it at that for now. I hope this post gets you thinking more critically about how you approach spending and investing decisions. For my post next week, I will be posting my dividend portfolio so you can follow along with me. Until then, please feel free to ask me any questions you might have regarding investing, finances, or anything else you want to talk about.
Have a Great Day!
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