The journey to success is not an easy one, but if we equip ourselves with the right tools, we can shorten the learning curve. When it comes to how we use our money, how do we set ourselves up to build wealth? How can we get some of the valuable time of the people who are where we want to be? Why is it so important to put our money in motion?
On this episode, investor and broker/owner of Princeton Pacific Properties, Michael Young shares on his journey and how we can set ourselves up to succeed in the investing game.
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YWhen you’re in your 20s, 30s, and 40s, everything should be around building your asset base. -Michael Young
Your earned income isn’t just money to spend— it’s money to invest
The number 1 mistake people make is taking their earned income and spending it instead of getting an asset that can pay for their lives.
Keep your money in motion
Don’t park your money in the bank where it will just gather dust. Do what the banks do. They put their money in motion by investing and lending. If you want to create wealth, you have to pay attention to what the most successful institutions are doing, not what they tell you.
Find wisdom wherever you are. There’s always someone you can learn from
Every city, town, or community has someone who is doing well. They might not be the richest in the country, but they are certainly doing something right, something you can learn.
If we want to achieve everything we want in our lives, we have to have clarity about it put desire behind it. It won’t always go our way, and sometimes we will stumble, but having those two things helps us get back up and push forward. We have to be willing to reject what we’re told and what we’re taught and aim to learn from what the most successful people are actually doing. When it comes to our money, our goal should always be to buy assets because those are what will take care of us in the long-term. If we do this, we will turn our goals into reality.
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