All wealthy people break the time barrier.
And by that I mean they successfully separate how much money they earn from how many hours they spend working. Even if you make a great hourly rate, there simply isn’t enough time.
Now, of course, that’s really just a fancy way of saying they invest in assets that grow over time, so that they become less and less reliant on their paycheck as their sole source of income.
Typically, that involves a combination of:
* Real estate (owning your home, Real Estate Investment Trusts (REITs), and perhaps rentals)
* Companies (stocks/index funds in global markets, maybe starting their own business or shares in a startup they work for)
* Permanent insurance (typically participating whole life policies)
* Debt (usually different kinds of bonds)
* And, though far more rarely, things like art and other collectibles
Regardless of the exact mix, the point remains the same. To reach your financial goals and build real wealth, focus on ownership.