Wealth Building: What Does it Entail & How to be Proactive

Not everyone was born with a silver spoon in their mouths or made the wisest decisions to land them with millions in their golden years. It's also unfortunate that many of our parents and grandparents were unable to pass down value-rich land or insurance proceeds at the end of their lives that would have put us in a better financial posture. The good thing is that it is never too late to generate wealth and to walk in abundance during your life or pass down to your legacy a better life. Wealth creation, building, and growth are all various stages in the process of amassing a better quality of life that, with money at your disposal, affords you the ability to have more options for how you choose to live. This differs immensely from "having money," which is nice but should not be your end goal. Money is a means to a goal but in and of itself does not necessarily hold its value since the paper fiat (dollar) can be depreciated quickly depending on the US Treasury.

There are some avenues to generate wealth that may be more fitting for some than others, but consider them all and carefully consider how you can employ each in your own life. Remember that wealth can be transferred from generation to generation and should aim to bring about appreciative value.

1. Real property - land, homes, Real Estate Investment Trusts (REIT), and tax liens

2. Businesses (entrepreneurship)

3. Gold and silver (precious metals) - visit www.goldprice.org for current values

4. Stock market shares (stock, ETF, mutual funds, bonds)

5. Individual Retirement Accounts (IRA) - Traditional or Roth (preferably, the latter) or a Simplified Employer Pension (SEP) for the self-employed

6. Intellectual property (direct pay and royalties)