The wealth creation journey can be simplified by breaking it down into these manageable steps:
✔ Budgeting and saving:
Start by creating a budget to track income and expenses. Set aside a portion of your income for savings regularly. Automate savings whenever possible to make it effortless.
✔ Debt management:
Prioritize paying off high-interest debt to free up more funds for saving and investing. Avoid accumulating unnecessary debt and aim to live within your means.
Also read: Why are our 20s an ideal age to begin our wealth creation journey?
✔ Investing basics:
Begin with simple investment vehicles like bonds, that offer diversified exposure to the market.
✔ Consistency and patience:
Stay disciplined and consistent in your saving and investing habits. Wealth accumulation takes time, so be patient and avoid falling for quick-fix schemes or speculative investments.
✔ Continuous learning
Educate yourself about personal finance and investment principles. There are plenty of resources available, including books, online courses, and reputable financial websites, to help you make informed decisions.
