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Financial self-education and a realistic appraisal of your finances are the building blocks of growing wealthy.

Team-Carepital August 18, 2020

You can start the journey toward personal wealth at any point in your life, but the earlier you get going the better – if you begin at 20, you’re far more likely to become rich than if you begin at 30.

Regardless of age, the best way to get started is by appraising your finances, setting yourself goals, and then acquiring the education necessary to reach them.

First, take an honest look at your current financial state. With your current job, what kind of income can you realistically expect now and in the future, and what kind of expenses can you sustainably handle? You may find, for example, that the new Mercedes you’ve been drooling over simply isn’t affordable.

After this, you’ll be able to set realistic financial goals. You could say, for example, that you want that Mercedes to be within your reach in five years’ time.

The next step is to then start building your financial intelligence. Consider this an investment into the greatest asset available to you: your mind.

You can do this in any number of ways, but one good approach is to shift focus: work for what you learn, not what you earn.

For example, if you’re afraid of rejection, try a short spell working for a network marketing company. While you might not get an amazing salary, you’ll gain a lot of sales skills and self-confidence, which will be very useful in the future.

You can also improve your finance education in your spare time. Enroll in finance classes and seminars, read books on the topic, and try to network with experts.

If you base your financial foundation on these building blocks, there’s a good chance you’ll become wealthy one day.

Financial self-education and a realistic appraisal of your finances are the building blocks of growing wealthy.