CREATING MULTIPLE INCOME STREAMS AS A WAY TO WEALTH

Millionaire in the Making: Building Generational Wealth by Investing Wisely

Author: Laurens Boel

Publisher: Zebra Press (Penguin Random House)

Recommended Price: R230

“I want to help those of you who feel stuck in the rat race, like I did. I hope to educate all South Africans on how to build a stronger financial position with multiple streams of income, while also protecting their wealth for generational success.”

Author, educator and property expert Laurens Boel believes that, thanks to apartheid’s legacy and a dearth of financial education, many South Africans are stuck in a cycle of surviving financially from day to day because their focus is on accumulating the wrong sorts of assets: those that may outwardly exhibit the trappings of wealth but that depreciate over time. These assets easily turn into liabilities, particularly if they are acquired on credit.

“To change society, we need to convert consumers into investors, spenders into savers, and equip our nation with world-class financial principles,” he says.

Boel sets out each step of the wealth-generation process, including how the rich think differently from the poor, how the economy works, and how to earn passive income through side hustles. He offers his own set of insider insights on how to grow and protect your wealth.

Like his previous book, Financial Freedom Through Property, Boel focuses on property investing as a foundation for wealth. The reader will be armed with tips on investing in South Africa’s property market, such as finding below-market-value deals, leveraging other people’s money and using efficient tax structures.

However, to solidify your financial position you need to establish multiple income streams: these may include investing in shares or exchange traded funds, short-term trading (not to be undertaken without appreciating the risks involved – ed.) and starting a business.

The book may also benefit experienced investors looking to polish their portfolios and build wealth, not only for themselves but for their children and grandchildren