What is a reliable path to wealth?

 As a CPA I’ve seen people take many paths to wealth, but they all have a few things in common:

1. They don’t put all their eggs in one basket - diversifying is critical. All markets experience ups and down. You need to be able to stay in the game long enough to experience the ups and if you have everything in one product when the down hits - boom, game over, sunk!
2. they are very cautious about gearing into investments - low or no debt. In market crashes the highly geared are wiped out - boom, game over, sunk.
3. All the wealthy people I know save a fixed or near fixed portion of what they earn - whether they are earning $50k or $500k a year. Set up some kind of automated saving system.
4. cars!! People who become wealthy rarely spend more than 10–15% of their annual income on a car. I have one guy with a $200k Porsche, but he makes $2–$3m a year.
5. Past performance means zip! All those people using charts and prediction systems (or trying to sell the system to you) are fools or charlatans! They work fine until the black swans come along. What’s a black swan? Covid, Russian invasion, GFC, the Internet, the government taking all your Crypto (yes they can, ‘give me your keys or I’ll put you in jail’). Sunk!
6. Work. All the wealthy people I know work. They keep on working even when they don’t have to.
7. And last - wealthy people don’t try to sell you something. If someone is posting pictures of themselves next to a fancy car offering to share their magical system, they are either very good at stealing from people like you, or the car is one they have just been paid to polish😊

~  Timothy james

Source : Quora