Building wealth the sound way is done by recognising some of the factors that makes the most impact to wealth building. In my previous article on my formula to wealth building, I highlighted 2 key factors that are within a family or a person’s control and make the most impact to wealth building:
- Channelling early to wealth building versus late allows you to build wealth with less funds
- Channelling more of your take home income to wealth building versus less allows you to hit your financial independence goals drastically faster, and possibly needing a lower rate of return
A third factor that makes a lot of impact to your wealth is whether funding more to your wealth building, or chasing a higher rate of return.
If we break up a family or person’s wealth building into 2 sections:
- Before a substantial amount is reached
- After substantial amount is …