THE ENTREPRENEURIAL MIND | LESSON 1 p2

is the process by which long-term income is created through multiple sources like savings, investments and many more income-generating assets.

• Wealth Creation

• Wealth Building

What are the three steps to building wealth?

• (1) Make money,

  (2) save money, and

  (3) invest money.

• (1) Save Money,

  (2) make money, and

  (3) invest money.

In Economics, ___________ is the increase in the number of assets owned by an individual, a family, community, organizations, and country.

• Wealth Creation

• Wealth building

Many people define _________ based on different factors- increasing the level of money, getting rich or investing to increase money. It differs depending on the characteristics and behavior of a person.

• Wealth Creation

• Wealth building

is defined as the combination of all financial planning and investment of assets owned by an individual, family, or company. It includes planning for the future like getting married, having children, the costs of education, tax services, estate planning, and retirement planning.

• Wealth Creation

• Wealth building

____________ entails the use of one's imagination and hard work to be able to produce a huge amount of money. Hereby, ___________ is all in the mind of a person. It is the way a person thinks that will help him/her do something unique that leads to wealth creation and possibly a way out of poverty.

• Wealth Creation

• Wealth building

___________ is associated with scarcity, when there is an increase in the resources, especially scarce resources, that can also be considered wealth creation.

• Economics

• Agriculture

• Money

• Budget

In the area of finance, investment is the act of acquiring assets or goods that will not be consumed today but will be used in the future.

• True

• False

In economics, investment is the act of acquiring assets or goods that will not be consumed today but will be used in the future.

• True

• False

In the area of finance, investment is term coined referring to a monetary asset purchased with the expectation of becoming a source of income in the future or in other ways similar to it.

• True

• False