Wealth is a goal many people want to achieve, yet it is elusive to most. For some, wealth signals security. For others, wealth symbolizes status and success. For many, wealth signifies a break from the past, which may have been a hard financial path as children or young adults.
Whatever the reason, many people, despite making very solid money, never seem to build their wealth. Living a nice lifestyle if they make enough is common enough, but the actual goal of sizable wealth, let’s say liquid assets of $1,000,000 or more, eludes them.
Wealth accumulation takes discipline and, needless to say, hard work. However, following some pretty simple guidelines, combined with a solid career path, the goal of real wealth can be achieved by anyone who wants it badly enough.
A sweet inheritance can help. The baby boom generation, those born from 1946 to 1964, are believed to be inheriting $11.6 trillion dollars, according to a study commissioned by insurance company MetLife. However, when that number is broken down, the median amount per person is about $64,000. Nice, but hardly huge wealth.
The accumulation of wealth is not an evil desire or goal. It not only can help build a lifestyle you want, it helps you provide for people you care for who may not be as fortunate. Plus, it gives you the ability to leave a legacy of sorts to family or institutions you feel are important. At the end of the day, business, pleasure and life in its totality are defined by money and the use of it. Things are not paid for in animal pelts or beads and trinkets.
“But thou shalt remember the LORD thy God: for it is he that giveth thee power to get wealth…” [Deuteronomy 8:18]