The things a wealth strategist regrets not learning in High School: How to build wealth and the difference between saving and strategically investing
Have you ever wondered why some people always seem to make more money than others? The answer lies in their financial education and strategy. Even as an honors graduate back in high school, I was unequipped.
If I would have learned even half of the concepts and attitudes I help my clients with now as a wealth strategist, my own success in building wealth and retirement over the years would have been dramatically accelerated.
The first thing I wish I had learned was the difference between saving and strategically investing. While it's important to save money, the real key to building wealth is investing in assets that either produce cash flow, appreciate in value, or a combination of both. When you strategically invest your money, it grows quicker than if you were just saving it over time and having inflation slowly chip away at it.
Another important thing I wish I had learned in high school was how to build wealth through real estate.
Real estate investing is one of the most effective ways to build wealth, and it can provide a steady stream of passive income in many cases. Investing in rental properties and letting the asset appreciate and build wealth over time, is a concept I wish I had learned in high school. An easy exercise is looking at the place you were living while in high school. How much has that property gone up in value since you were a student? That is the power of compounding growth.
Finally, I wish I had learned about the concept of infinite banking. Infinite banking is a strategy that allows you to hold cash inside special life insurance policies. Just like keeping your money inside stocks or bonds, the cash value inside these accounts grows, and the appreciation is all TAX EXEMPT since it is inside a specially designed life insurance account.
By using infinite banking, you can use your own money to finance your investments and purchases, while also giving your money the ability grow and build wealth. Building wealth and retirement over time takes dedication and knowledge, and learning the skills above are essential.