They say the wealth of nations is created by the actions of individuals. The result of their efforts, however, has a much greater effect on society as a whole. It’s no coincidence that many of the world’s wealthiest people have taken consistent steps to build wealth over the years.
From investing in stocks, real estate, bonds, and CDs, to starting a business, crypto, and even giving back with charitable donations. These individuals have taken the necessary action toward becoming wealthier. How? By growing a seed of wealth in one small action at a time.
To grow your seed into an entire field, you must take consistent action over time. Thankfully, you don’t need to know how much someone else has or doesn’t have to take action today to grow your seed tomorrow. Instead, you only need to understand how to take consistent action consistently over time to grow your seed into wealth.
What does consistent action look like?
Let’s say you have $500 in your savings account, and you’ve had that money there for a while, but now you want to build some wealth. So, you decide to take that $500 and see what you can do with it. You can buy some shares in a company and hold them for a while. You can research a few companies and hold some stocks that you think have potential. You can set up an automatic $25 withdrawal from your account every month. You can do all of this, but what kind of actions are you taking? You can’t just do anything, you have to decide how you want to use your hard-earned money, and do so wisely.
How to build a seed of wealth
There are different steps to building a seed of wealth;
• Invest- Using the money you have, you can choose the stocks, bonds, and other investments that will produce the best return for you.
• Save - You can save money to invest later if you don’t have a lot.
• Invest in Assets - You can also choose assets such as real estate and precious metals to produce income from the owner rather than the more common use of stocks.
• Seek Income - You can choose assets that produce income from interest or dividends to add more money to your portfolio.
• Increase Portfolio - If you’re investing, you can also choose to increase your portfolio by investing in higher-risk assets that may produce bigger returns.
• Invest in the Future - You can use the money you’ve already saved to fund your future through retirement accounts and social security.
• Invest in crypto - The newest route one can build wealth is cryptocurrency. And you can stay vested in it for as long as you want. The beautiful part is that this is decentralized, and you have control over everything.
Take specific, incremental steps to grow your wealth
Each of these actions will lead to a small amount of wealth. Now, you may be thinking that $500 is not a lot of money. If so, then you may not truly understand the power of small consistent steps. What you must understand, is that the smaller amount of wealth you have today, will grow over time.
Regardless of your current income, if you take those steps consistently over time, you will grow that seed into a field of wealth. That $500 you have in your savings account, with consistent actions, you can grow that seed into a field of $1 million. What about the $500 you have in your brokerage account, with consistent actions, you can grow that seed into a field of $50 million too.
And of course, the seed of $1,000 you have in the bank can be grown into a field of $50 million with consistent actions too. The same goes for every other amount you have. Even if you have $10,000 in savings, it can grow into $50 million with consistent action.
Don’t just save money — invest it wisely
What you’ll find, however, is that even small amounts of wealth can grow significantly. For example, let’s say you start with $500 and you decide to invest it in the stock market. It would be easy to just save the money and not do anything else. However, that would be missing out on the full potential of your seed of wealth.
When you choose to invest your money, you must also choose the right investment. There are thousands of different stocks and investments that could be a good fit for you. You also have to make sure that your investment is worth the risk you are taking. You may find that some of the stocks you decide to invest in are worth less than the $500 you have. You may even lose all of your investment. When that happens, though, you must remember that you had to take action to get that money in the first place. Therefore, in the future, do your due diligence before you take investing actions of this nature.
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