In order to generate more wealth, one must have at least 2 things going for him. One should be a specialized skill for which he is getting paid for -e.g a dayjob that one really enjoys, a private practice, etc. Another should be other income generating streams that supplement or enhance the money he is presently getting.
When one invests in a skill, which so happens to be rare and in demand, then one can demand a premium for delivering his skills to others. However, to become really good in a skill, one must invest a lot of time at it and he should have the natural knack or proficiency for it.
Having a natural proficiency for a skill is requisite in order for him to really enjoy practicing that skill and to have a (competitive) edge over others.
As a contingency or in case one's particular skill is not good enough to bring him enough wealth, one must also have other income streams. For that, he needs to have money working for him in the form of investments like equities, property. Also he should network with other people to bring him to new wealth generating opportunities.
Networking is also a must because one should constantly seek out opportunities to wealth. Opportunities don't just come to someone. One must be proactively seeking out and the only way to do it is to network.
Reference: The Rules of Wealth by Richard Templar
No comments:
Post a Comment