Thread by @AccentInvesting

12 Things You Get Wrong About Wealth

// A THREAD //

Item number 9 may surprise you.

1. Wealth is not just about money

A big bank balance may seem cool, but the pandemic showed us not to depend on income.

Wealth is having assets that increase in value over time.

Wealth ensures you sleep without worrying about money.

Wealth buys you peace of mind.

2. Wealth is security

There are stories of athletes and lottery winners having millions but ending up poor.

The difference is that wealthy people focus on investing rather than spending money.

The wealthy ones rely on appreciating assets, which gives a sense of security.

3. Wealth is for help

Acquiring wealth provides the ability to give back to society (charities or churches).

On a personal level, it is also a tool to help our families.

There is no better feeling than providing the best comfort and care for our parents.

4. Wealth works for you, not vice versa

Money is a tool to build wealth.

Assign your money a job description to execute its purpose.

Money should be used to invest in real estate, stocks, and businesses.

This is how it works 24/7 for you and produces more money.

5. Wealth is for a healthy retirement

There will be a time when your income will not sustain your lifestyle.

We will be dependent on assets and investments.

This is where planning for your future life becomes crucial.

You do not want to be burdened with debt in retirement.

6. Wealth is networking

Having a supportive group of people is crucial to building wealth.

If you have a network, you will

- Learn faster
- Make fewer mistakes
- Grow together
- Save a lot of time

Your network is really your net worth.

7. Wealth means relying on others

Building wealth requires you to work harder and smarter.

Leverage the resources of others, especially in areas that you’re not good at.

Lean in on others to help you build and grow wealth.

Using others' knowledge to speed up the process.

8. Wealth is not flashy

People associate wealth with shiny objects such as cars and big houses.

Wealthy people are pretty simple and don't display their belongings.

More often than not if you do not have wealth, you tend to show off.

True wealth is in assets; not objects.

9. Wealth is time

People spend life working while sacrificing time with their families.

If you build wealth, you will

- Spend time with family
- Go where you want
- Live on your own terms

Wealth allows you to control time and use it how you want.

10. Wealth is health

You cannot create wealth without good health.

If you are constantly sick, you cannot earn an income.

Being healthy means

- Healthy food
- Exercise
- Being in a good headspace

Do not just focus on the money; health is just as important.

11. Wealth is not formal education

Formal education is not a requirement to build wealth.

Wealthy people believe in acquiring and continually seeking out specific knowledge.

Formal education earns you an income, self-education builds wealth.

12. Wealth is a journey

Wealth is a long-term process that requires time and sacrifice.

In the process, you will miss:

- Parties
- Friends
- Vacations

It is a full-time commitment to be excellent in what you are doing.

If you let the guard down, you may lose it.

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