What they forgot to teach you at school

The Simplest Path to Wealth

Why should you read this? A Google search of “simplest path to wealth” returns 159 million results. But none explains this in 4 posts, each a 3 minute read or less. The 10 minutes you spend over these posts will be the most rewarding ones in your life for building wealth. Only when you have enough wealth can you chase your dreams.

How do we measure wealth? Think of it as the number of weeks/months/years we can pay for rent, phone bill, food and transport without having to work. When you have a nice nest egg, chase your dream. Greater the number the wealthier you are.

You can be wealthier than you think. Spend less than you earn. Or earn more than you spend. Invest the rest.

The financial institutions, financial advisors and investment advisors make it complex. The more complex it is, the more fees they can charge.

Compared to what the finance world says it is a piece of cake:

Consider opening a no-fee bank account that pays interest. Even though you earn, it is less than the inflation rate - your purchasing power erodes with time. So keep only emergency savings for 3 months towards rent, phone bill, food and transport in the bank.

Apply for an unlimited cash-back credit card. The cash-back will be credited to your bank account or card statement.

Keep your money in a no-fee investment account. In the long term you earn more than the inflation rate, meaning your purchasing power builds with time. This is your Aladdin’s Magic Lamp.

Envisage filing tax using software that minimizes your tax or maximizes your refund.

Each step will be discussed in a separate post.

Think about this: you may be wealthier earning $25,000 a year than the person earning $250,000 a year.

Wealth alone does not bring happiness. You also need good health and loving relationships.

Questions? Comments? Respond below.