We all would like to know the key to building great wealth. Here at Buy Like Buffett, we discuss different strategies that you can use for making money. My bias is often towards making money by investing which is why I often follow the strategies of the great Warren Buffett. The truth is that there is more than one path to building wealth. The key is to find the path that is meant for you. The one that fits into your passion and goals.
Do you have a love for investing in stocks, bonds, mutual funds, exchange traded funds, and other assets? If so, then the stock market is the best place for you. You will stay interested, active, and engaged in your buy and sell decisions. You can make money by trading stocks or being a buy and hold investor.
Maybe the Internet is more your cup of tea. You may be interested in working from home and making money using the Internet. There are absolutely millions of ways that you can make money using the Internet. You can blog, write ebooks, do consulting, and sell products. The list is endless of ways that you can make money using the Internet. Find the one that best fits you.
You may be sick and tired of your day job and want to start working for yourself. Starting a business is a big risk but it also offers big rewards as well. Entrepreneurs are risk takers who see the potential that starting their own business has. You could start a LLC, corporation, partnership, or a sole proprietorship in a matter of days. Check with a legal advisor so that you know which entity works best for you.
So, I guess you could say that the key to building great wealth is to do the following:
- Find your niche. Everybody has something that they are good at. You have to find that area and build on that. Once you find it, the learning just begins. You have to keep gaining knowledge so that you can become a better investor, entrepreneur, or Internet mogul.
- Be passionate about whatever it is that you do. You can’t fake enthusiasm. If you hate what you are doing (even if it is making money for you), what’s the point?
- Work hard. There is still no substitute for hard work. Whether they admit it or not; every successful person worked very hard in the early stages of building their enterprise.
- Be persistent. Never give up on your goals. People often quit too early when they are right on the doorstep of success. (Imagine if Warren Buffett had quit when he made the mistake of buying a failing textile business). This blog would be call Buy Like _______ instead of Buy Like Buffett.
- Give back. Once you have made it and reached your goals, you should take the time to help someone else. You can mentor someone else so that they achieve similar success. The great thing about money is that you can donate it to help improve the lives of other people. You want to leave a legacy so that future generations can profit from your hard work.
The good news is that this is not an either or proposition. You can combine a number of different strategies. My goal is to replicate Buffett’s investment returns, run a successful investment advisory business, and create a passive income stream from my blog and online projects.
Well enough about me, what are your goals?