When you’re ready to build your wealth, would you choose to follow guidelines, rules or commandments? Several blogs offer these choices, among others. They all have good advice. The following are some of the suggested ways to build wealth.
At Investopedia, they’ll give you Three Simple Steps to Building Wealth. “While the basic steps to building wealth are simple to understand, they’re much more difficult to follow. Basically, to accumulate wealth over time, you need to do three things:
- Make money. Before you can begin to save or invest, you need to have a long-term, sufficient source of income.
- Save money. Once you have an income that’s enough to cover your basics, develop a proactive savings plan.
- Invest money. After you have set aside a monthly savings goal, invest it prudently.”
Financial Mentor, Todd Tresidder reminds us, “We’ve all seen rich people who are miserable and poor people who are happy.” He offers The Ten Commandments Of Wealth Building. While all 10 are important and amazing, let’s look at a few of them.
- “Build wealth for a deep cause. Money alone is too shallow a goal to motivate you to overcome all the obstacles that stand between you and wealth. When you find a deeper goal like freedom, growth, creativity, or charity, then you’ll have the internal motivation to persist and succeed.
- Give more value than you take. When you give value then your financial success becomes a measure of how much you have given to the world. It’s a satisfying way to live.
- Live with 100% integrity. Integrity is non-negotiable because no amount of money can replace a good night’s sleep, a clear conscience, and a peaceful mind.
- Be courageous. Wealth results from doing what others won’t so you can have what others never will.”
An article on The Balance lists 12 wealth-building secrets. The tips are based on The Millionaire Next Door books by Stanley, Danko and Fallow.
The common sense guidelines include protecting your credit score, being cautious about your spending, paying yourself first, and actively saving and investing.
The bottom line for this article says, “The wealth mentality is not as mysterious as many people think. Small tweaks, goal setting, and long-term financial planning can move you closer to a wealthy retirement.”
Most guidelines, rules or commandments for building your wealth include saving and investing for retirement. No one wants to reach retirement age only to realize you have to keep working because you have failed to plan. Planning for retirement requires some type of long-term investment.
After spending over 30 years investing billions of dollars for big names like Deutsche Bank, Morgan Stanley and Brevan Howard, Kelly Korshak had a different dream.
He had seen firsthand how the big institutions on Wall Street were able to use mathematical algorithms to their advantage. Kelly’s dream was to empower all individuals to grow their wealth using AI machine learning technology. So, he left Wall Street to start iFlip.
Sure, many companies are offering AI apps, but they only provide rebalancing of your account. iFlip’s AI is like a living thing. It’s always learning. It changes, managing risk based on how the market is changing.
The best algorithmic trading software available only at iFlip is the AI you’ll find on your desktop account in your Smartfolio and on your mobile stock trading app. The Smartfolios have AI based into the trading portfolios set up in your account.
It’s right there, always learning and changing based on the market. Managing risk so your account loses less and wins more. You’ll see your account growing more over time.
Whether you prefer guidelines, rules or commandments, see how the algorithmic trading software and the best mobile stock app can help you in building your wealth. Watch this one-minute video and then jump over to iFlip for more details.