Why It's Vital to Focus on Wealth Acceleration at an Early Stage of Your Life
Sandeep Gupta
FINANCIAL EDUCATOR help people to Invest and Gain Control over their Money || WEALTH ACCELERATER COACH ||
Before you can even consider investing your money, you need to know where it's going. The best way to do that is to understand its risk profile, as well as that of other potential funds. To do this, you need to understand the 3 key pillars of wealth acceleration – cash generation, savings & investment and property & wealth management. If these elements are integrated throughout your life from childhood onward, you will reach financial security much sooner than if they are spread out over a lifetime. You will also end up with a far superior capital base.
What is Wealth Acceleration?
The concept of wealth acceleration can be applied to many areas of life, not just finance. It can be used to boost your productivity and efficiency, increase your savings, and improve your investment results. The idea is to generate more income and wealth to fund your future. The concept of wealth acceleration can also be applied to companies and peoples' personal finances.
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How Does Wealth Acceleration Work?
There are three key areas of wealth acceleration. The first is cash generation, which is usually the most neglected. The other two are savings and investment. The cash generation area is usually focused on increasing your income through work or outside income. The investment area is usually focused on growth and producing more wealth through savings. You can accelerate your cash generation through flexible work hours, working from home, or even volunteering. This is known as being a 'work from home' (WFH) Queen or king. Alternatively, you can opt for a more conventional 9-5 job where you commute to the office everyday. Working from home, on the other hand, offers the flexibility of being able to work from anywhere, anytime. This is great if you have kids at home, or you're a homeschooler who wants to avoid the commute.
Why It's Vital to Focus on Wealth Acceleration at an Early Stage of Your Life
The key to wealth acceleration is to have a plan as a child. Your family's financial health can heavily affect your future. There's no point in worrying about how your parents' finances will look 10 years from now, as they will have a much bigger impact on your life. They will likely be the ones who saved for you, paid for your school fees and helped you buy your first car. They will also likely be the one's who supported you through your childhood, and provided the foundation for your future success. As you get older, you will begin to earn more and you will want to start to save for the future. However, having no idea where your money will go can be quite risky. If you start to invest as a young child, you will end up with a very large financial base to grow onto. With time, you will have built wealth that will last a lifetime. This is the case even if you do not get involved in any other types of financial management or have any children until you are in your 30's.