How to Prepare for a Long Term Wealth Plan?

Do you want to become rich?

How much you set aside for your retirement funds?

Do you establish your emergency funds?

I received a notification from my payout in Airbnb for my condominium for rent today; https://www.airbnb.com/rooms/4001727

4249.08 PHP

This property is part of my long term wealth plan, cash inflows will be deposited to my retirement funds. I don't want to rely on Social Security System, instead I want to build different passive income sources that will support my dream lifestyle.

If you read the book Rich Dad, Poor Dad by Robert Kiyosaki, getting out of the rat race should be part of your long term wealth plan. The way out of this rat-race is to invest wisely into other cash producing vehicles that are not connected to your time. You must learn to make money work for you, rather than the other way around.

There are pathways to prepare for a long term wealth plan:

1. The power of compounding interest. Invest a small amount of your income or at least 20% into an investment that could give a potential return of 12% every year. If you invest 100 000 PHP today, after 20 years it will be equivalent to 964, 629.31 PHP.

     2.  Invest for long term. The task is to invest for long term and grow your money thru an             investment vehicle that will give a good amount of interest rates. For those that have             n’t started yet in the stock market, then start with mutual fund: 
 

     3. Start a business. Starting a business is not an easy task, if you will ask an OFW that              what he wants to do at the time of retirement, 95% will answer “I will start my own                  business”. If you are one of those that wants to start a business then start building                  experience on your business plan. Keep accumulating experience and reap the benefits later.
 
     4. Real Estate. This type of investment are not for everyone. You need to commit                      yourself and check your financial capabilities before you jump into a condominium or              properties for sale. Try to understand the real estate market and make a research of              developer's project. Location, location is the key on this investment.

Feel Free to Share your Long Term Wealth Plan.

Sincerely yours,

Jonathan Ruiz

NEWBIE Mentor

P.S. I will be holding a free webinar for my launching of book, if you want to attend, send an email to jhonbull2002@yahoo.com   :