Submitted by Kathleen Green
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Many people believe that the path to true wealth begins with a huge money making opportunity. This is only partly true. While a good wealth building opportunity does come up from time to time, they are actually few and far between. Most of the people who attain true wealth are those that budget wisely, work hard, and do not live as if they were wealthy.
The path to true wealth begins with determination. When you are determined to amass wealth, you will be successful, even if it does not happen right away. Determination spurs will power, hard work, and pinching pennies. However, determination is not enough.
The next step on the path to true wealth is making a plan. The chances of finding that get rich quick scheme that everyone talks about making millions from are pretty slim. You need to make a plan for a profitable career path, business, or money making opportunity. You also need to make a plan for investment.
True wealth is about budgeting and investing. Do not spend all of the money that you earn. Save some back until you have enough to invest. This is actually easier than it sounds. When you have reached a lifestyle that is comfortable but not excessive, stop increasing your lifestyle. Instead, sock the money away into a savings account or money market account until you have enough to invest and try to amass true wealth.
You might invest in low risk, high return investments such as money market accounts, or you might invest in stocks or commodities. Investing in new and upcoming companies that are very promising, sometimes called penny stocks, is one of the best ways to invest your money and accumulate true wealth quickly. Investing the money that you do not spend is the best way to accumulate true wealth.
This is a perfect example of how to amass true wealth. One man started out working in a rock quarry. He moved his way up into management, then into executive management. In the early eighties, the man invested almost ten thousand dollars in savings into penny stocks in a company that many thought would never float. Later, he was a millionaire when Cellular One took off like a rocket. He took the money, reinvested it, and made yet more money. Still, the man only lived in a house just big enough for his large family. When he finally passed away, he had over one million dollars to be divided among his family, and he had not worked in twenty years.