Wealth Building – How to Begin

For many generations, we have been taught by our parents that the only way to succeed in life financially is to become savers. The financial timeline of life to wealth building has been to go to school to get good grades, get a job, buy a home, save money, be debt free and if possible with what is left invest in the share market or buy real estate. It is not our parent’s fault that we have not yet succeeded as they were taught by their parents.How do people become wealthy? Some people inherit money, some people build their own business, some have a lucky break and win the lottery – but for most of us building wealth is a slow process of investing time and money at getting it right.Most people are of the opinion that wealth = money and without both there lives will be of a less importance. But wealth is actually more than money. There are three important components to wealth with each component been the fundamentals that are required to achieve success. Wealth, Health and Wisdom are the three categories required to start the road to building wealth.Wisdom is knowledge and there is plenty of information available that will help you choose in what direction to invest. But is there too much knowledge available and does that detract from the overall goal of investing to make money.Health is the main ingredient for living and a healthy mind can allow us to invest wisely. I am not saying that if you go on a diet to loose weight you will become wealthy but you need to be healthy to allow the mind to make rational decisions on investing but more importantly it is better to be healthy to live longer and spend the wealth that you have accumulated.Before you can begin to build wealth you must understand the purpose or reasons as why you want to be wealthy. For some people building wealth can be a short term to buy a better home or car, for others it will be long term to set them up for retirement.If you are building wealth for the short term, think about your own timeline and begin with a starting date but more importantly have a desired end date. On the other hand long term builders may not have an end date as they are planning for their retirement. For this type of person the end date never comes because in retirement you are always building on the wealth you made over the past years.At the end of the day it is up to us to achieve our own wealth. It does not matter where we come from, it does not matter about the past, but is does matter about the future. World economies are changing and governments are increasingly going into more debt as they consider it is the right thing to do to help save us or save themselves. But as individuals we may be the only people on the planet to turn our wealth building dreams into reality.