The Third Secret to Accumulating Gold
This continues the series derived from The Richest Man in Babylon.
The third secret to accumulating gold is not as challenging to your habits as the first two secrets are, but to be successful you will need to do your due diligence. Once you have accumulated some savings and adjusted your budget, the next step is to begin to invest the monies you have saved.
Before you give up because of the current condition of the stock market and economy, please take a moment to realize that the stock market is not the only place to invest. There are many places you can invest your savings for a return, but you will need to research your investment possibilities.
Owning Real Estate, starting a business, and loaning or investing capital in a business or project are some examples of investing outside of the stock market. Yes, you may need to be more creative and/or open minded to possibilities, but many opportunities will be available to those who are ready and looking for them during this economic down turn. There are and will be opportunities that would never be available in a thriving economic climate.
The point of the third secret is to turn you money into your employee. Your money should be working for you and producing more income for you. This is the essence and simplicity of “financial freedom”.
Once you have reduced you spending by budgeting, and the money you have saved makes money for you, then when you reach the point where the income your money makes will pay for all your needs, (not wants) you’ve reached the point of freedom.
This is not to say that you are wealthy, but you are free from the fear of job loss, or illness, or anything that would keep you from working for an income. In reality you are on the road to wealth if you continue to live on seventy percent, and if you add to and invest your savings.
What investment opportunities might be available now or soon available based on the current environment? Are you in a position to take advantage of them? If not, what are you going to do to get in position?
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