Building Wealth – The Goose that laid the golden eggs

Building wealth is possible for anyone with any income level, but it takes time, persistence, and effort.

Many people look for hot tips to get rich quick. In many cases, they end up with massive failure.

Winning a lottery is one of the possible ways to get rich quick, but you have to be the luckiest person on the earth.

And, you will need to know how to manage your massive money to stay wealth for long period time.

According to statistics, over 90% of lottery winners ended up being broke or filed bankrupt within a few years because they don’t know how to manage their sudden wealth.

Many of you will probably be familiar with the fiction story of the Goose that laid golden eggs.

A farmer owns a goose which lays an egg every day. It was not an ordinary egg, rather, a golden egg.

The farmer sells these eggs and starts to live a rich life. His rich life expenses start to rise every single day as he gets easy money from his special Goose.

After a few days, he gets greedy and thinks that if he cuts the Goose, then he can get all the golden eggs out of it at once.

His greedy thinking forced him to skip the biological cases about the Goose, and he ends up with a dead goose and zeroes eggs.

As a result, his rich life came to a bad end.

I guess that you would have learned something from this fictional story.

I have those special Gooses and they lay golden eggs

I own some gooses that lay golden eggs every quarter, even some lay every month. You know what I am talking about. You are correct! I am talking about my dividend paying stocks, and they pay golden eggs, aka dividends for every single quarter.

If I sell them for a small profit now (aka capital gains), then it is like cutting a goose for meat and I will miss all the golden eggs that would have produced for their lifetime.

There are so many gooses out there, but not everything lays golden eggs. Therefore, when I invest, my goal is to find these rare gooses, then hold them for a longer period and collect their gold eggs for life.

And, use their steady output of wealth to purchase even more of these gold-laying creatures, and let them the goose farms grow exponentially over time.

Again, my gooses are profitable dividend paying companies, and gold eggs are dividend they pay every quarter. So, I am not going to kill them (trade them) for a quick buck.

• My Dividend Portfolio
• Dividend Income Reports
• Estimated yearly passive income

If you are looking to build wealth, you will need to understand the following: These points I learned from the wealthiest people by reading their books and biographies.

1. We all need to start somewhere

Ramit Sethi, author of New York Times best seller I Will Teach You To Be Rich, said "

"The single most important factor to getting rich is getting started."

Most people prevent themselves from building wealth because they keep waiting for an ideal time to start, many people don't even know where to start, and also so many others looking for all kind excuses to not to start.

• 3 ways to start investing with very little money

And, there is another type of people who are so afraid of failure, so they never even try.

If you want to be wealthy, then you will need to take the necessary steps and do what wealthiest people do.

2. Building wealth takes time, so start as early as possible

For the majority of wealthiest people, often, the largest wealth growth happened at the later part. A good example, Warren Buffet has a net worth of over $90 billion. According to his biography, he made more in 12 months at age 60 than he did in the previous 59 years.

Building wealth is a long game- you will need to have the patience to play. When you start early instead of waiting until the 40s and 50s, then you will have more time compound and build massive wealth.

Also, you will have the time and health to enjoy the money.

3. Learn to manage wealth

Some of my friends and some relatives are making more money, but they are living a poor life because they don't know how to manage their money. They buy stuff they don't really need and buy a bigger home which they can't afford handle.

In the end, they bring more money by trading their time and spend all of them on unnecessary things.

• Rich vs middle class vs poor people – how they spend their money?

They think they are rich because they make more money, but in reality, they are not because they have been spending all the money they make. Massive wealth means you don't work, instead, you own.

Robert Kiyosaki, author of Rich Dad and Poor Dad said

"It is not about making money; the problem is managing money" .

As mentioned at the beginning, over 90% of lottery winners ended up being broke and filed bankrupt because they don't know how to manage their sudden wealth.

Therefore, when you receive a massive wealth, you will need to know how to manage them responsibly.

Money needs time to grow. Similar, you need time to mature and learn how to successfully own that much money without losing it or letting it corrupt your values.

So, you should understand these wealth building techniques that wealthiest people using and create a better life for your and for those around you.

If you are unsure about what to do, then simply copy what wealthiest people are doing to build or maintain their status.

I continue studying more about wealthiest people and their hobbies, behaviors and spending habits, and I will share with you here all I learn from them.

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