Power comes before wealth in the dictionary and life. Wealth cannot be obtained without power. Knowledge is power, and it is important to have knowledge and power before the accumulation of wealth. To accumulate wealth, you should learn everything that you can about economics, finance, investing, and money. If you are not an entrepreneur, establish other streams of income outside of your employment wages.
Wealth is an accumulation and maintenance of valuable economic resources that can be measured in terms of either real goods or monetary value. While wealth can be expressed in numerous ways, the most common expression of wealth consists of all the real resources under an individual’s control or possession. Of course, money is a definitive measure of wealth because of its tangible nature and readily determinable value.
Another common measure of wealth is net worth. It is determined by adding the market value of all physical and intangible assets owned, then subtracting the value of all outstanding debts and obligations. Remain cognizant of your expenses and always track your net worth.
Wealth can also be described as an abundance of financial assets or physical possessions that can be leveraged or monetized for other transactions that create or enhance wealth. It does not matter how young or old you are, it is never too early or too late to start wealth accumulation. Invest in an accountant and financial advisor to assist you in your financial plan for wealth accumulation. Be prepared to exercise discipline and invoke consistency in your financial and investment habits.
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Nicole Michelle
Finance and Money Wiz
April 12, 2023
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