Two Paths To Wealth Simplified
Updated: Feb 1
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As I work with people all over the country, a common question I get is what is the fastest path to wealth or what is the right path for me and my family to take to build wealth.
Truthfully, there are a million paths to wealth, but you need and want to find the right path for you.
This depends on your income, ability to save and invest, your age, when you want to retire and on and on. So I don’t have a one size fits all approach.
However, if you boil it down, for simplicity sake there are two paths to wealth.
The first path is to say I don’t know how much money or income I will have at the time I want to retire but I will give it my best to build and growth my net worth.
However, the focus on this path is to attack your debt and lower your monthly bills.
Your saying I can control my money by having as little of it go away from me each month so I’m going to get this car and house paid off.
Or I’m going to lower my bills to fit the income I will have.
Essentially you are focusing on debt and how much leave your pocket each month.
The second path is to say I’m going to focus on all my efforts and energies on build wealth, investing and having assets that produce income for me.
I’m not really concerned with debt or monthly bills so long as I Have the assets to always cover my cost of living.
Again I know these are simple and basic but without doing one on one coaching with each of you individually, this was the best way I could think to share this idea based on people in the community asking me.
So control your debt and spending vs focus on assets and continuing income that always covers your monthly obligations.
I hope you found this smart money tip helpful.
I wish to remind you that you are amazing.
I appreciate you being in my community.