I think it's true that we all want to be wealthy and to have everything we could possibly want in abundance, but despite our desires, not everyone has the capacity to manage their riches in such a way that poverty is virtually completely eliminated for them.
Numerous instances of persons who were extremely prosperous at one point in their lives but went bankrupt due to a variety of mismanagement can be cited as evidence that they lacked financial management acumen.
People have both risen from nothing to something, which can essentially be described as grass to grace situations, and have fallen from the top to the bottom. However, when you carefully examine this group of people's lives, you'll notice certain important characteristics that are admirable.
The following traits distinguish successful people who manage their wealth well from those who don't give as much thought to the requirements required to maintain their wealth.
- Financially incline: It is impossible to overstate the importance of financial education in leading a wealthy and successful life. It makes a great difference how someone manages their finances whether they have had formal or informal training, as opposed to those who have little to no knowledge of finance.
Multiple income stream: We have the opportunity to accumulate more wealth through the possibility of earning from different channels when we have multiple income streams, and I believe that this will put us in a better position than someone who only has one income stream because they run the risk of going bankrupt if that one income stream goes badly. It is impossible to exaggerate the value of having several sources of income because it greatly increases our chances of constantly being competitive.
Thorough Research: Before beginning or investing in any business, deal, or partnership, almost everyone needs to conduct concrete study and survey, and it Researching something before acting will give us the chance to learn the benefits and drawbacks of the business and will also help us come to a decision about whether to invest in it or stay as far away from it as possible.
I believe the traits and characteristics I've listed above will help us live a life that is channeled toward increasing and the capacity to maintain wealth, This message isn't over yet; I'll share the final part with you later. Make sure to put these few ideas into practice, and you'll see positive changes.
Thanks for reading through, have a prosperous years ahead.
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Like someone said to me sometime ago, he said A foolish man does not make money. And that is true, reading more and learning even as a wealthy person can keep wealth and even multiply it, i will learn from those helpful tips 💪.
Yea that person is absolutely correct, even if a foolish man mistakenly accumulate some wealthy, he'll lose it in no time due to his foolishness and lack of financial knowledge.
I wish you all the best in your journey towards that.
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Thanks very much🙌
I think everyone in this world we need to have financial freedom thanks.
That's true, everyone desire and ought to have financial freedom, but it won't come for free, and even if it does come for free, the place of the knowledge on management we've learnt will aid the possibility of maintaining or even multiplying it.
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I would say, the the most important item in your list is financial literacy. I've also seen countless people who stumbled into fortune but eventually lost it because they have very little to no idea on how to manage their finances. 😊
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Yea you're right on point, the place of financial literacy can never be overemphasized.
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Financial freedom :)
Exactly.
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Nice write up.
Very true, maintaining one's wealth requires financial inclination and k knowledge.
Thanks for the wonderful feedback, that's just the nitty gritty of it all, when you're financially incline, great things will certain take shelter in your abore.
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My take away from this is that the most important thing is financial literacy. The term is an all-encompassing term for me. It includes everything from sources of information, to knowing when and where to invest, to knowledge about savings. It is said that the more you learn, the more you earn. This would forever be true.
Yes you're correct, that's totally sums it up, but I had to break it to a minimal level where everyone cab easily decipher what I'm taking about.
The role of continuous learning can never be overemphasized.
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Absolutely right thinking.