Puzzle Financial Advice Pty Ltd - Keys to becoming wealthy

Why become wealthy?

It is useful to acquire adequate money because money gives you choices and options.

What are the keys to becoming wealthy?

I am sure that many people would say that the key to becoming wealth was to learn to be a good investor. And sure this can help, but it is far from the whole story. I would argue that the keys to becoming wealth are as follows:-
  • First and most important, you must decide that you want to become wealthy. Most people do not become wealthy by accident.
  • Second, you must decide that being wealthy is a very high priority in your life. Becoming wealthy must be one of your very top priorities.
  • Being wealthy, needs to be part of all major decisions you make in your life.

Those are the keys. After that, I am sure that there are many variants, but some things that can help are:-
  • Be clear about what is not important. Do not spend money on these things.
  • Spend less than you earn. Learn to save, and make it a regular habit.
  • It is important that you always have some funds in reserve “for a rainy day”.
  • Mix with people who also wish to become wealthy. You can learn from each other and can be a useful support network for each other.
  • Do not borrow to consume. A lot of people fail this test.
  • Looking for ways to increase you income can help, such as:-
    • learning skills that can help you to earn more money, from your labour,
    • starting your own business, or
    • learning how to become a good investor. However, you also need to recognise that learning to be a good investor is a life-long journey. You will never know it all.
  • Do not pay any more tax than you need to. This includes learning to use the superannuation system to your advantage.
  • Control the things you can control. Give yourself a buffer to help you survive the things you cannot control.

Remember that most people have a choice between being wealthy and looking as if they are wealthy. Which do you choose?


"Eventually every stock can only be worth the value of the cash flow it is able to earn for the benefit of investors."
Benjamin Graham in “Security Analysis”.