Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

The 4 secrets to becoming wealthy

secret to becoming wealthy, wealth and financial freedom, financial planning, investible income

The secrets to achieving wealth and financial freedom are “extremely simple”, but the execution can be more complex, a financial planner has said.

“Most people in life want one thing and that is to be able to enjoy their life without having to work all the time,” Omniwealth financial planner Steven Korner sad.

“We all currently hold the tools to become wealthy, the only thing we lack is a real desire to achieve it.”

1.       Earn

Advertisement
Advertisement

The first step is to have investible income.

“If you are not happy with your current income, then make yourself more valuable to your employer to increase your earning potential,” he said.

“If you’re more entrepreneurial, think about a current problem in society and start your own company that offers a solution to that problem.”

2.       Save

It’s not rocket science. Mr Korner said saving will require discipline and the ability to avoid frivolous spending.

“Create a budget. This will create discipline and force you to put your desired savings aside. The faster you can save, the faster you will become wealthy,” he said.

3.       Invest

Mr Korner reminded savers that saving alone won’t build wealth. Rather, savers need to invest in income-producing assets like shares or property.

“These assets generally have a greater rate of return than just leaving your money in a savings account over the long term,” he said.

“This will allow you to accumulate your wealth more rapidly and put you on the beach sipping your favourite drink much faster.”

4.       Repeat

The first three steps are a cycle that should be repeated and reviewed as one completion of the cycle won’t be enough to build wealth.

He argued the first three steps and the discipline to repeat them are what separates the wealthy from the poor.

“Remember, it is easy to be average, everyone is doing it,” Mr Korner said.

“If you can’t be disciplined enough to start now you will find yourself relying on a pension at the end of your working life, instead of a comfortable income.

“The earlier you become disciplined in your approach to wealth, the more time you will have to build it.”

The 4 secrets to becoming wealthy
secret to becoming wealthy, wealth and financial freedom, financial planning, investible income
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Dan Hadley JLB Adela... - Hi Ro,

Thanks for your question and it is actually quite a valid one. At present there are a number of companies working on flying car options. These.......
Lawrie - What happens when a payment is made by an employer prior to the 30th June (say 25th June this year) via a clearing house, but it takes the clearing.......
Dr Terry Dwyer, Dwye... - She is quite right of course. Returns to both capital and labour incomes are much reduced by taxation and it has increased enormously since the.......
Anonymous - A Bad call by the RBA. Lower interest will not stimulate the economy any more at 1.25% than at 1.5%, which was already too low. The imminent election.......