Upgrading Your Wealth System
As you know, the premise of Wealth Systems is to share the different strategies, tactics and technology (collectively, systems) that we can use to build wealth.
We started with an emphasis on the mentalities that help us form wealth, namely:
Spend Less Than You Earn: This is the most fundamental rule of wealth building. It doesn't matter how much you make if you spend it all. Track your income and expenses, create a budget, and find ways to save.
Increase Your Income: Look for opportunities to increase your earnings, whether it's through career advancement, side hustles, or investing in yourself through education or skill development.
Save Consistently: Make saving a habit. Automate your savings by setting up automatic transfers to a savings or investment account.
Invest for Growth: Your money should work for you. Invest in diversified assets like stocks, bonds, or real estate to outpace inflation and grow your wealth over time.
Manage Debt Wisely: High-interest debt, like credit card debt, can erode your wealth. Prioritize paying off high-interest debt first while making minimum payments on other loans.
Set Financial Goals: Having clear financial goals will give you direction and motivation. Whether it's buying a house, retiring early, or starting a business, set SMART goals (Specific, Measurable, Achievable, Relevant, and Time-Bound).
Protect Your Wealth: Insurance is crucial to protect your assets from unforeseen events. Ensure you have adequate health, life, disability, and property insurance.
Spending less than you earn really is the Golden Rule, and with credit cards and other “modern advancements” people are having a hard time abiding by it.
Building wealth takes time and discipline. Time only helps you if you USE that time to build wealth engines and reduce debt burden. Stick to your plan, avoid impulsive decisions, and stay focused on your long-term goals.
Oh and that plan? Prepare to change it!
Your financial situation and goals may change over time. Regularly review your budget, investments, and insurance to ensure they align with your current needs and objectives.
Rolling up your plan into a system gives you countless benefits:
…but that’s only useful until you decide on your definition of wealth. We touched on this topic and hit a nerve at the end of last year:
Once we finished laying the mental groundwork, the real fun began.
We started building wealth engines.
Upgrading The Wealth Engines
Our highest trafficking pieces are the Wealth Engine series.
Inside we document the design of various wealth engines that are being used worldwide to build wealth — here they are:
Wealth Engine #5: Digital Commerce
As of today’s publication we are in the middle of a 5-part breakdown of the Direct Investing engine.
The plan after the 5th engine is published is circle back to each engine — we’re going to begin optimizing their design, sharing resources you can use to build out your wealth engines and more.
Making each of these engines operate more efficiently increases wealth building and preservation power.
Upgrading The Wealth System
After we finish a round of posts Optimizing Wealth Engine X dedicated to each engine, then the focus will become increasing our access to high-grade information.
We’ll discuss open source tools + techniques to help build out great research and analysis capabilities. The better your flow of information, the better decisions you will make as you build out your success surface area.
Excited for the coming months in Wealth Systems - thank you for being a reader!
To help continue our growth, would you please Like, Comment and Share this?
NOTE: The content provided on this blog is for informational purposes only and does not constitute financial, accounting, or legal advice. The author and the blog owner cannot guarantee the accuracy or completeness of the information presented and are not responsible for any errors or omissions or for the results obtained from the use of such information.
All information on this site is provided 'as is', with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied. The opinions expressed here are those of the author and do not necessarily reflect the views of the site or its associates.
Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise. Readers are advised to conduct their own independent research into individual stocks before making a purchase decision. In addition, investors are advised that past stock performance is no guarantee of future price appreciation.
The author is not a broker/dealer, not an investment advisor, and has no access to non-public information about publicly traded companies. This is not a place for the giving or receiving of financial advice, advice concerning investment decisions, or tax or legal advice. The author is not regulated by any financial authority.
By using this blog, you agree to hold the author and the blog owner harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries as a result of any investment decisions you make based on information provided on this site.
Please consult with a certified financial advisor before making any investment decisions.