How to build wealth by consulting. Looking to secure your financial future? Wondering how to build wealth? Consulting offers you the opportunity to secure your financial future.
What does it mean to build wealth?
Before we start talking about consulting, let’s take a look at how to build wealth. Your net worth is made up of your assets minues your liabilities. Wealth-creating assets, like real estate and bonds, are supposed to increase in value or provide income. Liabilities — or debts — are made up of money you owe, like credit card debts and mortgages.
How do you build wealth?
To build wealth, you need to increase your net worth. You can do that by increasing the value of your assets and by reducing your debts. (And even though it may be tempting to buy cars and big screen TVs, those are are assets that depreciate or drop in value. So you should strive to avoid those.)
How can consulting help build wealth?
Let’s say you take up consulting under one of the following circumstances:
- a second job while you’re working at regular employment
- a work-from-home job while you are a stay-at-home mom (or dad or grandparent)
- a part-time job while you’re in college
- a lifestyle job while you’re in early retirement
- a hobby-type job for to make money in your free time
By working from home as a consultant, you can earn a high hourly consulting fee while doing professional work. You can then use that money to get out of debt or add to your asset base. One consultant I know billed $30,000 last year *on top* of her regular job. Talk about a way to get ahead in life!
Posts related to building wealth
"How to build wealth by consulting" from Become a Consultant at ConsultantJournal.com.