The foundation of my teaching in Money Mastery is that there are three main areas of investment to build wealth. These areas are how I, personally, built my wealth. Most people believe that those who are rich were born rich, and while that’s true some of the time, it’s not true all of the time. I was born in the South, and by no means was my family wealthy. I was called to be a pastor, and my inability to give and invest in others is what drove me to increase my income. I’ve taught on this topic many times, but many of you are new to my blog, so I want to make sure you get this important teaching as well.
Build Your Wealth with These Three Pillars of Investment
The first pillar of investment is real estate. I have a whole teaching series and two conferences a year on this topic because it is the best way to build wealth. There are formulas and guidelines that I discuss in my teachings which I encourage you to check out if you’re interested in exploring this area.
I like real estate because there is built-in demand. People are always going to need a place to live. Real estate is an investment that appreciates over time, which means the longer you own a piece of property, the more your investment can make for you. You can get started with just one property, and move into owning a whole portfolio. I encourage you to begin by buying your own house first. Once you’ve done that, then work on buying a rental property.
Building a business is hard. It takes a lot of your time and focus. You have to be incredibly present in the beginning. There is a lot of risk involved, and many businesses fail within the first three years that they’re open. However, it can be one of the best ways to build lasting wealth as well. Think of Jeff Bezos or Steve Jobs. By creating products and services that were in demand, they became billionaires.
I have started many businesses. My first one was cleaning carpets as a teenager. Those big machines were not readily available to all consumers, so I bought one and offered my services. Now, I write books and speak all across the world. I have built a real estate business, and I’ve owned several franchises. There are many opportunities in business, and it’s a great way to build generational wealth that you can pass along.
I don’t talk about the stock market often because it’s not the best way, in my opinion, to build wealth. However, it is a great place to steward your wealth. Investing in the stock market can be confusing, so I encourage you to consult an expert. The biggest tip I can give you in this short blog post is to make sure your portfolio is diversified. You don’t want all of your eggs in one basket, which is why I’ve given you these three pillars of investment.
Stay tuned for blog posts on mastering your money every Monday and Wednesday!