Building Wealth: A Key Step In Hedging Against Inflation – MENAFN.COM

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Individuals seeking to build wealth have used a wide variety of methods, strategies and plans. There are tips about what you should do and what to avoid . However, building wealth is more intricate than simply saving money or investing in all the“right” places, whatever that means.

Building wealth is a way of living that requires fundamental tools that every person, including you, can have, starting with patience and discipline . Once you’ve got these tools, you are ready to dive into learning more about wealth building.

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First, let’s define what wealth means.

Table of Contents show

  • 1. What is wealth?
  • 2. Why build wealth?
  • 3. Building wealth serves as a hedge against inflation.
  • 4. What are the top three ways to build your net worth?
    • 4.1. Start a business.
    • 4.2. Choose to invest.
    • 4.3. Invest in yourself.
  • 5. Wrapping Up

What is wealth?

According to Merriam-Webster,“Wealth” means having an“abundance of valuable material possessions or resources.”

It’s the word“abundance” that means something different to different people.

For one person, having wealth means having the funds that allow them to live a certain lifestyle. Others claim that they have attained wealth when they are able to securely and permanently live off of the money they currently own with no continual income.

Determining what wealth means to you is an important, and often overlooked, step in building wealth. Without a specific goal in mind, wealth can seem impossible to attain.

Goals can keep you focused as you build your plan and will allow you to more fully celebrate specific monumental milestones along your journey. Remember, SMART goals need to be attainable and realistic. Making them ambitious goals won’t hurt either.

Why build wealth?

The most simple reason to build wealth is to improve your well-being. Like it or not, a person’s happiness is influenced by the amount of money they make.

Matthew Killingsworth researched human happiness as a senior fellow at …….