Wednesday, May 23, 2012

How to Build Wealth - Uncovering the Truth

Monroe ParkMonroe Park (Photo credit: The Library of Virginia)

While building wealth is not easy, it is not impossible either. Wealth building and becoming rich is not something that happens overnight. It takes strategy, imagination, perseverance, and hard work. During the process, risk is necessary, mistakes are guaranteed, and--hopefully--success will occur. To be sure, there are some guaranteed paths to becoming rich, just as there are some certain dead-ends.
Start a Business Though not the easiest path, starting a business is probably one of the most certain ways to build wealth. In fact, according to the U.S. Census, most self-made millionaires in this country are small business owners. Starting--and running--a business is hard work. It will take countless hours to get the business off the ground, but if you find a lucrative niche or a successful business, you will find yourself reaping financial rewards.
Real Estate/Investing While most Americans consider investing in stocks or in real estate a "sure-fire" way to build wealth, the reality can be far different. These past few years have demonstrated the fallibility of each of these sectors. Additionally, while the real estate market have caused some individuals to declare bankrupt, the reality is that others have continued to add to their bottom line. These real estate "winners" may have had wealth to begin with--and thus were able to weather the storm.
Choose a Lucrative Career Long hours, stressful days, and late nights may be the norm, but a lucrative and high-paying career is another way to build wealth. Often times, this takes effort beyond the office. Networking meetings, lots of travel, years of education. Sometimes it takes lucks--the "who" you know, over the "what" you know.
Save your Way to Millions Although a lucrative industry exists around saving money and living frugally, the reality remains that this probably will not bring you riches. Blogs abound telling you that the way to financial security is by finding deals. Frugal living may help you establish a secure retirement fund, but you won't be able to live like Oprah!
Winning the Lotto Most Americans believe that their best way to become rich is by winning the lottery. However, the lotto, Powerball, and Megamillions are just another way to throw your money away. People with money refer to these lotteries for what they actually are--taxes on the poor. Don't throw your money away week-after-week on a pipe dream. Put your energy--and your money--to better use.
While there are a millions of ways to obtain your piece of the financial pie, there are even more ways to guarantee that you will never be wealthy. Whether it's through becoming a business owner or embarking on a high-paying career, there are ways that you can find ways to live a new financial reality.
Frustrated about your financial limitations? At [], Jay Monroe has researched new business opportunities and strategies that will help you build your fortune.
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