First Rule : Invest in Yourself

The Wealth Triangle

First find yourself a job. You will be exchanging your time for money. And the most important rule is to save for your retirement first as premiums are always cheaper when you buy at a younger age and take away all your risks by buying insurance. Buy a Life policy with as little as $50-$100 per month with a rider to cover 20 critical illness first and loss of income first. This will ensure in your lifetime if you have health problems your hospitalisation will be taken care of. Your loss of income rider will ensure that even if you are sick you will protect your income. This is the basic risks you must undertake to ensure that your Income is protected. Spend within your means and do not overspend. Having savings every month is crucial for your financial success in future.

Develop your High Income Skills. It is any skills that help you earn at least $10K per month or $120K per year. You need to invest in yourself by upgrading your skillsets by taking courses or attending seminars to learn from those who are successful.

After you have developed your High Income Skills you need to Scale Your Business by hiring talents and outsource the work so you can increase your income.

When you have managed to Scale Your Business and get a higher Income the next step is to Buy Assets that help you derive an Income, creating Passive Income for yourself. And you keep this formula and repeat to create many streams of Passive Income. Only at this stage should you consider investing in Real Estate as properties are the most expensive assets you will buy in your lifetime.

Author: Gilbert Tan TS

IT expert with more than 20 years experience in Apple, Andriod and Windows PC. Interests include hardware and software, Internet and multimedia. An experienced Real Estate agent, Insurance agent, and a Futures trader.

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