The general laws of building wealth are to have a savings plan, receive good advice from relevant people, to let your wealth compound and to see through a task.

The 8 key lessons

•  Have a financial plan. Dream of what you want to achieve. Without a plan, you will not succeed. I also recommend that you have an idea of when and how you will achieve this goal. You should daily and regularly affirm this goal to yourself.

•  Be determined to succeed, devote your time, and study. Educate yourself on the areas you need to develop!

•  Seek professional competent advice by experts in that area. Overcome failures or setbacks and try again! Failures will often stop you short when you are just about to achieve, so persist after all failures

•  Ask successful people, how? Be around successful people and ask them for the wisdom of age and experience. When people see you succeed, opportunities arise.

•  Let your savings compound. Let your investments stay, the longer they are under lockdown, the more compounding would bring images.

•  Learn to acquire and keep the money; review the success of your investments. Make sure they suit your goals and objectives for your current circumstances.

•  Make investments work for you. The big word is compounding. For instance, saving $7000 per year for 10 years will accumulate $100,000, all thanks to compounding. Enjoy life, live within your income, and remember spending money wisely improves your money energy.

Romeo Caporaso
Australian Tax and Business Accountant