PRINCIPLES OF WEALTH CREATION

Wealth creation2

Wealth is the subtotal value of assets owned by a person. The original meaning of wealth means to possess great qualities, values, and virtues. So money is not necessarily what you should desire. The crucial thing is WEALTH. Keep in mind that money is not the same thing as wealth. Wealth pertains to all the things we want and need, things like food, clothes, cars, houses etc. Money is what economics call “legal tender”, a tool for exchange, it is generally accepted as means of payment, exchange and pricing, money is a recent invention, but wealth has been here for many thousand years. You can have wealth without necessarily having money. As a matter of fact, no amount of money you possess that can make you rich.

If you could have all the things wealth brings, you certainly would not need money. In many ways, it really does not matter how much money you have, especially if you are in a place where you cannot spend it. Then why does the subject of money always arise when talking about prosperity, wealth and riches? Money is the way we move wealth and money is necessary in modern world where you have to buy most things from someone else.

Here are some principles you need to practice:

  1. Identify what gets you exited and run with it, give it your all.
  2. Never stop learning, a man who never learns will not earn. Study hard and obtain the best knowledge required to show yourself approved.
  3. Increase your network; your network determines your net worth. Identify good relationships and build on it.
  4. Be a solution provider. Ensure you are seeking to resolve problems and give good service. Think of whom you’re your knowledge can benefit, and render your services to them. Focus on helping each person to resolve at least one problem.
  5. What is your financial net worth, what do you own that has potentials to generate income? Convert them into investments or assets.
  6. Have an escrow account where some part of your earnings is kept for the future.
  7. Have a daily, weekly, monthly, quarterly and annual budget, stick to it and ensure you don’t spend more than 50% of your income. Minimize your expenses and grow your income.
  8. Another principle of wealth creation is ability to delay gratification. Urgent things should not be at the expense of important things. Learn to say no!
  9. Make sure you have a mentor. Find competent people who can lead you in the process of wealth creation. Don’t walk alone; you need a coach to guide you.
  10. Reach for success by developing your passions, desires and drive to make money.
  11. Get to know the laws of money and follow them. Money is a game and those who understand it play it and win.
  12. You must understand that self-discipline is the greatest asset and the number one rule of wealth creation. To create lasting wealth, you must be able to master and discipline yourself so that you can adequately follow the laws of money and wealth creation.

I am committed to your success!

 

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Categories: Wealth

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6 replies

  1. These are great tips! Thx for sharing!

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  3. What an inspiring principles. I am delighted to have come across these principles via you. Thanks very much.

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