Guarding Your Treasure From Loss
There are no secrets to getting rich; however, the right strategies can help you build wealth. Some people may face more obstacles than others but there are roadmaps that everyone can follow. The difference between the rich and others (who are not) is their lifestyle and mindset.
While some people complain about their situation, others try to change it. Habits drive financial freedom. Effort, more than luck and waiting, can allow you to achieve your financial goals. In today's world, passive income has become a buzzword. Yet passive income streams don't exist, but scalable income is real.
The first investing principle taught by George Clason is to protect your capital. In the Richest Man in Babylon, George says to study the opportunity before investing. Research the risk before parting with your money so that you can reclaim it with interest.
Before you invest, check if the debtor can reimburse you and has a good reputation. Nothing should be passive and monitoring is vital for knowing if their ability to repay you changes.
Low-risk investments offer little growth potential. But if you cannot make time or hire someone to check on your treasure, go with low-risk options. A suitable amount of annual interest is far better than losing your hard-earned money.
It is unfortunate that many unqualified people now give financial information online. To avoid false security, consult with accredited individuals about profitable wealth management.
This article is part of our Business Coaching blog series. At Dataczar we talk to a lot of small businesses. We’ve found a few books that we keep recommending time and again. To better help our customers, we’ve added a Reading List for Small Businesses to our website. We encourage every small business owner to read and keep these timeless business books on their office shelf.