“Wishing will not bring riches. But desiring riches with a state of mind that becomes an obsession, then planning definite ways and means to acquire riches, and backing those plans with persistence which does not recognize failure, will bring riches.” — Napoleon Hill
Napoleon Hill, author of the classic book, Think and Grow Rich, made a very good point.
If you want to build wealth, there are a few secrets of the rich:
1. Make Your Money Work for You
The rich know that to grow wealth, it’s important to make your money work hard for you—not the other way around. Generating income from passive, rather than active, income sources is the best way to do this.
2. Time… Not Timing
No one can predict what the market will do tomorrow. The wealthy know this and don’t try to act like day traders. The wealthy understand that time and compound returns are the most important factor in growing wealth. Getting rich requires investors to adopt an unsexy buy-and-hold strategy, ride out market fluctuations, and ignore speculation.
3. The Importance of Writing It Down
Thomas Corley, author of Rich Habits: The Daily Success Habits Of Wealthy Individuals, noted that 67 percent of the wealthy people he surveyed wrote down their goals, while 81 percent kept a to-do list. If your goal is to become a multimillionaire, write it down along with an action plan for making it happen.
At Money & Clarity, we know the right kind of planning can make a huge impact on your ability to build a secure future. We want you to make the wisest decision when it comes to reaching your retirement goals.
Call us today at 513-563-PLAN (7526) or book online to schedule your free portfolio review, and let’s work together to strengthen your financial future.
In the next blog, I’ll share more secrets of the rich. And you can keep it to yourself, if you want. I won’t tell…
Regards,
Nikki Earley, CFP® & Dan Cuprill, CFP®
PS: To learn the steps you can take to protect and even capitalize on recent investment volatility in light of COVID-19, check out my webinar.
