For the average person, building wealth to achieve financial independence seems like a far fetched dream. Contrary to popular perceptions, building wealth is simple. But it is hard. Just like losing weight is simple, everyone knows what to do. But it is hard since most people are unable to follow the simple steps to achieve it.
There are several examples of people who built wealth the simple way with no extraordinary strategy. What is clearly common amongst people who do this successfully is:
- They invest for the long term
- They continue to invest and let the investment grow over several years through the world’s and economy’s ups and downs
- They have control over their expenses and rarely dip into their investments for need of money
I’ve deliberately not spoken about instruments or assets to invest in. That depends on several factors and one must either do their own diligence to determine what is the right portfolio for them or get professional advice.
Remember, the #1 skill in investing is patience.