Stage 1: Make Money
Build your wealth by developing a skill that’s in demand. Offer some kind of value to someone. If your current source of income doesn’t line up with the skillset you want to build, make sure you develop you skill during your free time. Having a 9 to 5 can be soul sucking, but using it as a source of income with a larger goal in mind can make it a lot easier to bear.
Stage 2: Save Money
Build your investment pool from whatever source of income you currently have. Put a pre-determined percentage of your earnings into a savings account. This is the money you will use to invest in whatever business venture you decide to tackle. This will build you a new source of income that can actually be scaled.
Stage 3: Invest Money
This is where you free yourself from n on-scalable income. Invest your savings into something that can be grown without investing more time or effort. Investing into things like stocks may be useful as a learning experience, but won’t bring much ROI when starting off. Your best bet is to build a business around one of your areas of expertise or interests. Stocks and businesses can fail, but you will never lose what you learned/know.
Stage 4: Multiply Money
Once you’ve built your new scalable income stream, it’s time to reinvest your profits into growing and expanding your reach. If your business is bringing you a steady stream of income now would be a good time to quit your day job and focus on your business. A business can grow exponentially, there’s no limit to how far you can take it. At some point you need to start delegating tasks and outsource certain aspects of your business. This is where the true growth happens.
Stage 5: Maintenance
Maintain your wealth by continuously scaling & diversifying your income streams. Once you have a business running on auto-pilot, you have free time to figure out how to invest your money &even start another business. Repeat the cycle and watch your wealth grow!