By David Drews

It will take time, but to create independent wealth, you need to build, buy and manage assets. What do I mean by assets? I mean stocks, government, corporate and municipal bonds, mutual funds, interest bearing accounts, businesses (including web based businesses), partial ownership in businesses, IP (including books, music, etc), rental real estate, etc. Investments that pay you money are assets. It will take time to build up enough assets that pay you enough so that you can quit your job and run for office or whatever you want to do.

You cannot really catapult yourself to wealth. No money down real estate is VERY risky. Most MLM salesmen don't make very much money. Real bad scams abound. Take the time and build your portfolio of assets correctly. Study potential investments carefully.  Be prepared to stick with your journey for the long haul. Hire an excellent fee only financial planner or broker to help you.  Check for references and do a background check on your broker or financial planner! Prepare a complete business plan, research the market and the competition, and determine if your business is feasible, if you are going to start a business. Again, help may be required.  And be advised, getting people to buy your stuff is HARD!

Read the Millionaire Next Door and model yourself after self made millionaires. Most self made millionaires live below their means and buy assets with the difference. The millionaires of the U.S. found profitable niches and exploited them.  It took some time for the millionaires profiled to become wealthy. We are talking years. I would shy away from ANYONE telling me I could become wealthy instantly.

How much do you need to retire?  You will probably need a million dollars, unless you are going to live as cheap as a college student.  If you want to escape the rat race that bad, I would change careers and start a business on the side.  A good withdrawal rate from your investments would be 5% or less.

Creating and executing your plan to create independent wealth won’t be easy, but don't quit! Keep saving, investing, studying, learn new skills, and never quit, and I bet you have a good chance of ultimately reaching your goal.

Want to learn more? Check out http://www.independentwealth.us for more info.

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