While there is no one rule for wealth creation, to build wealth one must follow a certain level of discipline. Here are the three secret disciplines you need to master to grow your wealth.
1. Discipline to Save & Invest
We are all limited by the number of years we have to be able to run around actively. A twenty-year-old today probably has another 20–30 years of active working life left. This is to say, as we age, the physical labour we can offer reduces. This period is when we can set the foundation of our wealth.
The moment you have decided to create your wealth then you should take action towards making it happen by starting a dedicated savings account. Irrespective of the amount you decide to save periodically, your savings should be automated to make it easier to achieve discipline and consistency. You should also invest your money in opportunities like mutual funds and other investments.
Now in picking a savings account, it is important to find one with zero or minimal fees and with considerable returns. Your saved up cash should not sit in a bank, it should work for you to generate returns. For instance, if you saved up 1M Naira in 2017, at 10% interest per annum and one year later, the money should have increased by itself to 1.1M Naira. This is how you grow wealth, steadily.
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