Good morning Mogul Chix! It’s Wealth Building Wednesday.
Do you know the fastest way to building wealth? It’s not a get rich quick scheme, a $97/month package to some coaching program, or buying the hottest stocks. It’s not even a lucky fluke like winning the lottery. It’s Financial Education. When you invest in a financial education not only do you learn about money management and earning, you get the skills to make the best money decisions for growing and preserving your wealth. And that education doesn’t have to cost you an arm, a leg, or even your first born.
You don’t need a fancy degree, special designation or even a gaggle of money professionals. Nobody will care for your money as much as you do. Start by getting educated. Read as much as you can. Newspapers, magazines & books (including audio books) are plentiful at your local library, in book stores and online. If you get audio books, you can turn your car into a mobile university. I always keep some CDs or audio programs on my iPad with me. I don’t always have time to read, so audio is the next best thing for consuming the information.
Watch videos (Youtube and Amazon Video) provide a visual and audible experience. Be mindful of the channels on Youtube that you choose. Look for the boring but substantive, pure educational videos, not the flashy ones trying to entice you into a rich lifestyle. Watch TV (yes, I said it!!!). Bloomberg, CNBC, Fox Business, etc. all keep you in the know. Make it a part of your daily routine to tune in to shows that focus on money, markets and business. A healthy dose of educational TV is good for you. Plus you can keep up with what’s going on in real time.
If you live in or near a city that has a federal reserve banking institution or an exchange take a field trip. You can also walk into your local Fidelity, Charles Schwab, Merrill Lynch, etc for their workshops and seminars. They are usually happy to have you attend. And if you’re a customer of one of these institutions, you should already be getting notifications of these workshops. Financial advisors can also provide you with some knowledge, but watch that they don’t try to sell you.
There are money clubs, groups and organizations you can join. For example if you’re interested in investment clubs Better Investing has lots of online content, an annual conference & various model clubs you can learn from. Interested in real estate? National REIA has chapters in many cities that host education/networking meetings on just about every topic. Some require membership, while others will allow 1 or 2 guest visits. Finally search out money meetups in your area. Again, be mindful of the group. All groups aren’t there just for your learning and entertainment pleasure. I’ve been to groups where I thought it was a learning session, and it turned into a sales pitch. Those are the sessions where I learned nothing but how to get to the fastest exit with my wallet in tact.
If you want to build real wealth, get yourself some understanding and education. Your money is your responsibility. If you don’t understand how to make it, grow it & preserve it, you will lose it. Happy Wednesday!
Til next time,
Founder, Mogul Chix, LLC
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