Disclaimer: Good Day, Readers. The WealthBuildingPowers blog is a financial literacy/competency blog, and it does not provide specific investment recommendations.
Prefer to listen, click the above podcast.
Today’s blog shares the lessons I learned about wealth creation. Some can help you avoid the many mistakes I made along the way.
- One of the most critical decisions in life isn’t where to go to college—it’s who you choose to marry. A strong partnership can propel you forward, while a bad relationship can derail everything. People spend months researching a car before buying, yet many rush into relationships without understanding their long-term impact. Your spouse affects your financial stability, emotional well-being, and the success of your future family. Choose wisely. Marriage isn’t about romance alone—it’s about partnership, shared values, and mutual growth.
Become a Great DAD
- Fathering is not something perfect men do, but something that perfects the man. Frank Pittman:
- There’s no sugarcoating this: Two actively engaged parents create better outcomes for children. Raising a child is challenging enough without the added burden of emotional and financial instability. Before starting a family, ensure you have a solid foundation in both your relationship and finances. Waiting to have children until you’re married and financially secure drastically increases your chances of providing them with the opportunities they deserve.
- Most 18-year-olds know as much about their future as I do about building a starship to Mars. The pressure to have life figured out at such a young age is absurd. My friend Chris’s daughter, Laura, decided she wanted to build rockets when she was five years old. Amazing? Absolutely. Normal? Not at all. Today, Laura is an Aerospace Engineer and recently had dinner with an astronaut who had just traveled to the International Space Station! IMPRESSIVE!
- Most people don’t have their career ambitions set in stone by the time they reach kindergarten. Too many young people rush into college because it’s expected of them, selecting degrees in subjects they barely understand, only to graduate five years later with an expensive piece of paper and no clear career path. The result? A costly detour. I made a similar mistake years ago when college was much cheaper. The lesson? Slow down. There’s wisdom in taking the time to explore, work, and refine your understanding of what truly interests you before committing to a path that will shape the next 40 years.
- Education matters. But what *kind* of education you pursue is more crucial than simply attending school for the sake of it. Many people assume college is the only way to achieve financial security, but that’s far from the truth. Some of the highest-paid professionals are skilled tradespeople, including plumbers, drywall installers (especially in high-demand states like Florida), electricians, and landscapers. Aerospace engineers, physical therapists, and business owners also thrive because they acquire knowledge that translates directly into valuable work. The key is acquiring **competency**—whether through trade schools, apprenticeships, certifications, or traditional university degrees. Education should help you master a skill that generates income and builds stability. In my case, I chose to pursue advanced education through degrees and professional certifications. This assisted in my career growth.
- Sounds simple, but in today’s climate of endless choices and unrealistic expectations, many young adults hesitate to start working. Waiting for the *perfect* opportunity is a mistake. The first job, whether it’s in retail, landscaping, or an office, teaches responsibility, work ethic, and financial independence. It builds character and resilience. Even if it’s not your dream job, it’s a stepping stone toward financial security. Earning a paycheck—even a small one—matters far more than waiting for ideal conditions.
- Money isn’t just for spending. It’s a tool that shapes your future. Unfortunately, financial literacy isn’t taught in most schools, leaving young people clueless about how to manage their earnings. Start small:
- Learn to budget.
- Understand credit and debt.
- Invest early.
- Avoid lifestyle inflation; just because you earn more doesn’t mean you should spend more.
- Small financial habits compound over time, turning modest incomes into long-term wealth.
- This isn’t groundbreaking advice, yet many ignore it. Living beyond your means leads to financial stress, debt, and unnecessary hardship. The simplest way to build wealth is to save a consistent portion of your income. If you can’t afford something, don’t buy it. Wealth isn’t about high earnings—it’s about smart financial habits.
- There’s no cavalry coming to save you. Pensions are disappearing, Social Security is uncertain, and relying on government assistance in old age is a gamble. Your future depends on what *you* do now. Start early. If your company offers a **401(k)** with matching, contribute enough to get the full match—it’s essentially free money. Each year, increase your contributions until you reach the maximum allowable amount.
- Unless it’s a life-or-death situation, keep your hands off your retirement funds. Dipping into your savings means setting yourself back *years*. Many people cash out their 401(k)s or IRAs for short-term wants, only to regret it later.
- Understand the tools available to you. Traditional **IRAs** help lower taxable income now, while **Roth IRAs** allow for tax-free withdrawals later. Employer-sponsored 401(k)s provide a structured savings option, often with company matching. The best approach? Diversify.
– Avoid overpriced markets.
– Prioritize affordability over luxury.
– Understand the long-term costs, including maintenance, property taxes, and other expenses.
- Whether through rental properties, flipping houses, or commercial investments, it offers stable returns over time.
- Start small – owning one rental property can help you build wealth steadily.
- Far too many dreams die unused. Fear of failure keeps people from chasing their ambitions, leaving the cemetery as the wealthiest place on the planet, full of ideas never pursued. Take **calculated** risks. Whether in career moves, investments, or personal growth, embrace opportunities. Failure isn’t final; it’s part of the process.
Success isn’t reserved for the wealthy, highly educated, or lucky—it’s available to anyone willing to embrace discipline, financial literacy, and calculated risks.
The formula is simple:
– Education (formal or informal
– Smart financial choices
– A strong life partner
– Hard work and calculated risks
College degrees don’t determine success—choices do. Financial security is within reach for anyone willing to take charge of their future.
The paths to financial freedom are UNLIMITED. CHOOSE YOUR OWN!
LET’S MAKE SOME MONEY – CRYPTOCURRENCY IS ACCEPTED!
WHAT SUBJECTS DO YOU WANT TO READ NEXT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT
St Jude Hospital: https://www.stjude.org/
Wounded Warrior Project: https://www.woundedwarriorproject.org
Folds of Honor: https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: https://wcnkas.org
TRUST ME – YOU WILL LIKE THE BLOGS BELOW!
You May Not Need A College Degree
Yes – You Can Achieve Your Dreams
13 Wealth Producing Rules
To Join Wealth Building Powers BLOG:
PLEASE SIGN UP TO FOLLOW ME BY PROVIDING YOUR E-MAIL IN THE WORDPRESS BLOG PAGE SUBSCRIBE BOX!
Thank you to my followers and readers for your likes and comments. All comments, recommendations, and feedback are welcomed and utilized to improve this blog.
ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.