Laws of Wealth I wish I knew earlier in life
As someone who has been working hard for years, I wish I knew earlier in life that a salary job won’t make me rich, no matter how hard I work. I thought that putting in long hours and climbing the corporate ladder would lead to financial success, but I was wrong.
1. A salary job won’t make you rich, no matter how hard you work.
This is a hard pill to swallow, but it’s the truth. If you want to create wealth, you need to think beyond your salary. No matter how much you work or how hard you work, a salary job will only take you so far.
2. Your wealth creation needs to be decoupled from your working hours.
This means that you need to find ways to create wealth that don’t rely on you working. This could be through investments, starting a business, or creating passive income streams.
3. You need assets that generate money while you sleep.
This is where passive income comes in. Passive income is money that comes in without you having to work for it. This could be through rental properties, stocks, or digital goods.
4. Stock, real estate, intellectual property, digital goods, all of them generate money passively.
A salary only generates income while you work. This is why it’s so important to diversify your income streams. By having different assets that generate passive income, you can create a steady stream of income that doesn’t rely on you working.
5. Passive income is the only path to financial independence.
This is the ultimate goal. Financial independence means that you have enough passive income coming in that you don’t have to work for money. This gives you the freedom to do what you want with your time and live life on your own terms.
Ultimately, the key to building wealth is to find ways to generate passive income. Remember that a salary job won’t make you rich, your wealth creation needs to be decoupled from your working hours, and you need assets that generate money while you sleep. This is the only way to achieve true financial independence, where you don’t have to rely on your salary to live.