We all want more wealth. All want to make their money grow. All want to find ways and means to accumulate wealth. All of us have dreams of becoming rich, wealthy, successful, etc.
But the question now becomes, how much wealth can one person accumulate in his lifetime if he is not well prepared financially? The wealth of nations can no longer be counted based on the gross domestic product (GDP) growth rate as the real wealth is accumulated through investment. Total wealth or the sum total of all the assets of a nation is equal to the total wealth of its people plus its capital stock.
Wealthy countries have always been those with the highest level of equality. However, there is a difference now. With the passage of time and the globalization process, the gap between the haves and the have-nots has widened significantly. One of the factors responsible for this widening gap is widening disparity in wealth across countries. Wealthy countries have always been those with the highest level of economic development, but today there are growing gaps among the developed nations like US, UK, Canada, etc., between the rich and the poor.
There are many reasons why there is increasing wealth inequality among the people of developed nations. One of the most important reasons is the globalization process. For instance, job loss in developed countries is causing huge loss of employment opportunities for the African American and Latino communities especially the immigrants, who often have migrated to the United States, to get a better job and earn a higher income.
Another reason is increasing asset values. There are many examples of people who have become wealthy without creating any wealth. Take for example Bill Gates. He was not a very wealthy individual when he started out with his computer software company. But he made it big because he had the right business idea and was willing to work hard at building assets. This attitude has been very helpful for people like him who want to be wealthy or at least have a comfortable lifestyle.
One of the most important keys to becoming wealthy is having the right attitude and mentality. African Americans and Latino communities have the ability to build wealth faster than any other group of people in the country because of their attitude of hard work and persistence. As long as you have the willingness to build assets, have the willingness to learn new things and have the discipline to work even hard at home, you can achieve wealth in your lifetime. The best way to become wealthy is to start small with simple investments that can grow into large ones. That’s how millionaires work!