please read part 1: Creating Micro Wealth
Move into Wealth
Born into wealth. You have heard of them. The lucky and privileged. There is one denomination below "born into wealth". "Move into Wealth"
Before we move on, let me give you my definition of wealth.
A system which worries about your next month's ration, so you don't have to.
This definition is not catchy or flashy. But that's out of my head.
Moving on. Can a person born out of wealth be as successful as people who are born into wealth - by moving into wealth?
Yes. Thanks to compounding.
I can go into details of compounding, but this is not the topic of this article. I want to discuss how people born out of wealth, can create
Google Rags to riches stories, and you'll find 1000s of stories. Everyone knows atleast one.
Born into wealth's POV
- Inherit a revenue source
- End or reduce the effect of risk
- Invest time into hobbies and interests
- Take risk
Moved into wealth's POV
- Create a wealth
- End or reduce the effect of risk
- Invest time into hobbies and interests
- Take risk
Looking at them all, here's what's common in them.
They established systems which made them money.
Where Middle Class is Stuck
If you look at the above table, it's pretty clear what's the only difference. The first step. A person's thinking and mentality changes when their source of money changes.
For a person born poor, it takes a lifetime to setup the first step. That's the issue most people struggle with. To create wealth it takes generations to shift themind set
Working 9-5 for 5 days a week to earn 30,000 rupees is difference than earning the same through rental property.
My source of knowledge: