2nd Fundamental Thought - Wealthy Living

In this second part on facing the 22nd century is one of the most sought after and most thought about thing a person can imagine of. It can drive people mad and it can also bring joy. What exactly am I talking about? Well, that would be simple; it is the age old thought of Wealth. Everybody, and I mean everybody at any age or era, race or religion, from kings to paupers have at least thought of it at least once in their lifetime if not more (definitely a whole lot more than once). Ever since humans have developed commerce to allow the very first barter trade to the modern age credit card, each one of us is plagues or blessed with the lack of or the abundance of wealth. Now, I think every person is entitled to be wealthy but to their each personal level. There is a tipping point where once there is enough money to go around, people will be satisfied to live their lives the way they see fit. However, greed and envy, has always been the negative factors which pulls down successful people while they are still at the top.

In my opinion, every person with a good head on their shoulders should have a plan (no matter how basic it is) to escape being a slave to the possession of wealth (or too much of it). It is simple to be dragged along with the consumerist mindset and spend like there is no tomorrow when in fact we can live on very little but the bare essentials. Another thing about wealth is that everybody wants it quick but if there is a shortcut, there is also bound to be a higher amount risk. And this works out to be vice-versa. If you are like me, I would walk the middle lane and come out trying to get the best of both worlds. I want to be sufficiently free from the constraints of worrying about money without taking too much risk but also biding my time and moving when it is right not when it is dictated by somebody else. So at the end of the day…

What do we do about Wealth?

• Monitor daily spending habits. Being aware is the first step to identifying alternatives and methods to handle wealth
• Break it down in smaller sections and categorize it accordingly; For example: expenses – must spend, entertainment – wants or investment – future retirement
• Focus on the bare essentials and if possible, discard or at least reduce the excess wants or non-essentials
• Have a savings plan to keep a portion of wages, salary or whatever is feeding you preferably 10 percent or even more aside for investment
• Research the types of investment available; once you have a regular savings plan going, the money will be put to better use when it is being put to work in mutual funds, stocks, property investment or other investment engines
• Re-invest the investment; at a later stage, you will begin seeing the returns on your previous investment and this is a good to re-invest the amount in the same or some other investment engine (you may take out a small portion to enjoy the fruits of your labor if you feel inclined)
• Along the way, we also want to create more sources of income (preferably passive income) which will minimize risk to your monetary warehouse by diversifying sufficiently enough that it is now a hands off (or most of it) revenue generating system to put you safely into retirement or at least a way to start preparing for your passions or dreams to pursue in your later years