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Building wealth is challenging for many people.
Its made worse during economic uncertainty, such asinflation, and can lead to fear.
This fear can hold many back from pursuing strategies to positively grow their net worth.
Have a Money System
Growing wealth requires money to take advantage of opportunities.
In a time where over 25% of Americansdont have $1,000 saved, this can be a challenge.
You need money to actually take advantage of this investment opportunity, said Singh.
The solution is a simple money optimization system.
Worse yet, with minimal due diligence, you risk substantial loss.
The mistake so many people make is they say, what stock should I buy?'
Instead, he suggested having a long-term view of building wealth.
Build a Passive Investing System
Managing investments takes time, which you may not have.
Passive investing can remedy this problem.
Using the money system Singh recommends, you’ve got the option to create apassive investing system.
Most Americans can even automate this with each paycheck.
This allows you to invest for the long-term, and many brokerages allow investors to automate their investing.
This begs the question of what to invest in.
Examples include S&P 500 index funds or the Total Stock Market (VTI) fund.
This isnt for everyone and takes a keen eye to see.
You want to invest where the money is going, not where the money has been, said Singh.
In short, look at the outflow effects of whats occurring now.
Dismiss Emotion
Uncertainty makes many people uneasy.
Moreover, theres always risk in investing.
Its key to take a Warren Buffett-like approach and not be emotional in matters of business.
If you allow emotion to lead decision-making it can derail wealth creation.
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