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The 3 steps to lasting wealth

To obtain lasting wealth, there are three steps which it is necessary to follow. These are as follows:

Security – Achieving security is the first step toward being financially free. Security is having money available, or liquid assets that could provide you and your family with enough money to live off of for a period of time if you were no longer working.

Having this financial basis is useful in a number of ways, but in particular, it helps you to have greater control of what happens in your life if you are made redundant, or you suddenly found you are unable to work for some time.

Independence – If you have security, then you have a degree of confidence when it comes to investing. Many people have a fairly conservative approach to investment, so security helps to feel that any investment is less risky. If you plan to invest in real estate and you are taking on a challenge such as renovating an investment property, then the money you have can help to reduce the risk felt as an investor.

Freedom – When you have used your wealth wisdom to accrue sufficient assets to live as you do now, or better, without the need to rely on a wage – then you have achieved true financial freedom. This level of freedom is what true wealth is about. If you were suddenly made redundant from your job, you hold the cards and you can decide what happens to you and your family.

Working to develop your wealth wisdom will give you the mindset and know-how to create financial freedom. The wealth you can acquire when you understand how to develop an investment portfolio of diverse, cash generating assets will allow you to provide for your family no matter what ups and downs life may throw at you.

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