In an age where managing money and building wealth is a daily challenge for many, innovative ideas to reshape traditional notions about money are a necessity.
An article published by Forbes magazine, written by George Acheampong, a well-known financial advisor, provides a new and practical vision for achieving financial independence.
The article is based on lessons learned from 13 years of experience helping clients achieve their financial goals.
In a practical, rule-free style, Acheampong shares his vision on how to build wealth in innovative and sustainable ways, going beyond traditional methods that many find ineffective in today’s rapidly changing world.
These principles are not just passing advice, according to him; Rather, it represents a business plan based on personal and professional experience, which makes it an inspiration for anyone seeking to achieve financial freedom.
Learning from experience…a new perspective on wealth
The article highlights innovative ideas and new methods to redefine wealth building away from traditional models.
1- Wealth begins with concentration and is preserved by diversification
One of the most important lessons that Acheampong shared is the importance of focusing on developing one skill until you excel at it, considering this the first gateway to achieving a high income.
From this active income, income-producing assets such as real estate and stocks can be purchased.
He says: “Talk about 7 sources of independent income is a misleading idea. Most of the world’s wealthy people achieve their wealth from one skilled job, then diversify their assets to maintain them.”
2- Sustainable cash flows
In a paradigm shift from traditional advice, Acheampong stresses that wealth does not lie in accumulating money in investment accounts for decades, but rather in achieving sustainable cash flows.
“Instead of saving for decades, invest in assets that provide high cash flows such as real estate or small businesses,” he says.
3- Innovative financial strategies
Acheampong explained that investing money can work on multiple levels. For example, an investment portfolio can be used as collateral for a line of credit to be invested in the purchase of income-producing assets, such as real estate.
These assets reproduce income that is reinvested in the portfolio, creating a complete investment cycle.
He pointed out the importance of using the tax law to the investor’s advantage, such as large tax deductions on revenues generated from real estate.
4- Financial freedom is not related to age
According to the article, financial freedom is a mathematical equation based on making investments cover life’s expenses. Using the strategies mentioned, this goal can be achieved more quickly than traditional methods that rely on retiring at the age of 65.
5- Balance between increasing income and reducing expenses
Acheampong believes that the key to wealth lies in the balance between increasing income and reducing expenses. “If you earn $150,000 a year and live on $50,000, you provide two years of freedom for every year you work,” he explains.
6- Rethink ways of earning
How people earn their money is just as important as how much they earn, Acheampong says. He emphasizes the importance of achieving a balance between ambition and the desired lifestyle. “If you work in such a way that you lose the pleasure of the money you make, what is the point?”
7- A balanced approach to taxes and financial distribution
Acheampong concludes the article by explaining the importance of planning to minimize future taxes through balanced asset allocation strategies between traditional and tax-exempt accounts.
The article highlights a unique experience and proven strategies for transforming money into a tool for achieving freedom and independence.
He also reminds us that financial freedom is always available if one is willing to pay the right price, whether it is through commitment or proper planning.
