For you, if there is no scope of inheriting great wealth, marrying a wealthy person or if you are not expecting a source from where a great amount of wealth is gonna come and hit you, then, to create wealth, you need to have a clearly laid down strategy. 99% of the cases, wealth creation is not an accident, it is clearly a laid down strategy that you believe, which you practice and follow on a day to day basis which ultimately makes you wealthy.
Even though there are different ways you can create wealth, it is important for you to have your own method of wealth creation. Based on your family background, assets you have inherited and skill sets you already have based on your upbringing, school education and the place you live, you can create your own strategy for wealth creation.
Below given is the strategy which I feel is right for me. I feel this method can be adopted by many, especially by those who are in the middle-class category with a normal financial background.
Level 1 – You time making money for you
This is the first level that all must go through. This is the worst level for money-making. At this stage, you trade your time for money. This I called the worst stage because here, to make money, you need to trade with for money with your time. 99% of jobs that you see in the job market comes under this category. You give your precious time to your employer to assist them in providing a service or making a product by trading most of the wakeup hours in a day and most of the days in a week for the money you get from the employer.
In this stage, the moment you stop working, your income will stop. Also, the possibility of expanding your income is also limited and time taking. No matter how hard you work, there is a limit to expanding your income.
But it is very important for you to pass through this stage unless you are born with a silver spoon in your mouth. I am a person who was working for the last 8 years and I am planning to work for 5 more years before retiring. This level helps you to set the foundation, gives stability, peace of mind and pay your bills. You need money to pay your monthly bills which are unavoidable. Also if you want to start working on some passive income, you have to put some amount as investment whether, in form of subscribing to an online course or buying software or to subscribe to something, you need money and your daily job will provide money to meet this requirement.
At this stage along with your routine work, you should spend some time on a daily basis to develop skills to move to stage 2. Which skill you should work on depends on your personal choice.
Some of the examples that you can look into for your skill development is given below. It all depends upon your interest.
- Public speaking skill
- Writing skill
- Marketing skill
- Develop network & social image through social networking
- Blog management skill
- Coding knowledge
Level 2 – Your system making money