Are you wealth bound by Steve Down ( Insert youtube link https://youtu.be/04Ob_cQWbbs)
Creating wealth is not as difficult as you might think. Basically, it is dependent on three factors:
• Rate of Return
1. Time as a factor in wealth creation
I have given hundreds of public seminars relating to the time and knowledge factors in wealth creation. After one seminar in Nairobi, an elderly gentleman walked up to me and said, “The principles you taught this evening were great. Unfortunately, I wish I had given the seriousness all this deserves 30 years ago. The training would be great for my kids, but for me, it’s too late!”
Because I’d heard similar stories many times before, I was prepared with my response. I enthusiastically asked, “ Sir, how old are you?” He looked surprised but responded: “I am 62”.
I told him he still had 30 more years to live. In that period, he had the choice to use his age as an excuse not to get started. If you are healthy, you have the ability to create wealth.
He reminded me of the time when my oldest clients first shuffled into my office. He was 103 and she was 102 years old. Upon asking them, “How may I help you?” They responded by saying they came for advice on how to get started for their retirement savings. Surprised, I asked, “Why didn’t you get started sooner?” They responded, “Couldn’t afford to while our kids were still living!”
2. Knowledge as a factor of wealth creation
Most people believe that you need to come up with innovation and sell it to create wealth. While this is possible, not all of us need to create or be innovative like Elon Musk or Jeff Bezos. Equally, the belief that entrepreneurship is the only way to create wealth does not hold much water.
Find a wealth coach, and you will benefit by learning how best money can work for you from their experience.
One principle I teach about; wealth is not earned, instead, it is created. The beauty of this is you can learn how to create wealth again and again.
3. Rate of Return on wealth creation
With the guidance of a wealth coach, you can predict and control the rate of return on your investment more than you think. The rule of the rate of returns:
• To get higher returns you have to invest in a high-risk venture
• To get lower but consistent returns invest in something you are familiar with
My brother Dave has taken an active role in the stock market. I am his best cheerleader. Like other highly successful investors, he has gained a high level of expertise in the stock market. He constantly seeks my advice, does his due diligence, and watches his investments closely.
If you want to start your journey on wealth creation, click here