Dear Entrepreneur, Here Are 10 Principles To Wealth Creation

There are many strategies, philosophies, and ideas on investing. These are the essential fundamental principles of wealth creation. Every investment strategy has a unique hook that appeals to the investor. Some strategies have more merit than others.

In the same way, there are many paths that lead to wealth. There is no secret. Everything you need to know and every tool you need to start from scratch to build wealth is already out there; and accessible to even those that consider themselves ordinary

It is important to note that true wealth is a lot more than just making money. We’ve all seen rich people that are miserable and financially average people that are happy.

Wealth is also a result of the function of your network. Your network determines your net worth. The quality of the value you provide and the quality of your relationships ultimately determines your net worth.

1. Get a Deeper Motivation

The problem is financial wealth is an external goal with benefits limited to the world outside of you. Money buys things, but money doesn’t buy happiness. It can build you a prettier prison, but it can’t get you out of prison.

When you are starting from scratch, you may have to be selfish to survive and get yourself out of the mud, but you cannot be selfish to experience true wealth. Once survival is taken care of, selfishness becomes a choice, not a necessity

2. Dump The Debt

Generally, debt isn’t good when it comes to wealth creation as a whole. It will cause wealth depletion if you’re not careful and makes investment pointless. So, using your capital to clear as much debt as possible will yield benefits later.

3. Give More Value Than You Take

Adding value to the world by giving more than you receive makes everyone better off. That’s how you build true wealth. You improve others’ lives by improving your own. Exploitation may bring riches, but giving value brings happiness and fulfillment as well as riches and that’s true wealth.

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4. Be Courageous

To succeed in all human endeavors, courage is arguably the most important of all virtues. No one has ever created wealth from following the crowd. To have what most people will never have, you have to do what most people will never do.

5. Energy And Passion

Wealthy people have identified their areas of passion and have committed their energy to it. Many lose their energy to negativity and many have lost their passion.

6. Be Discipline

Wealth is the cumulative result of many little things added together and compounded over a lifetime. That means your daily habits will make or break your success. Saving, investing, reinvesting, and growing your financial and business intelligence are all essential wealth building habits that require persistent and consistent effort.

7. Invest According to Your Time Frame

You should invest in something that for the period of time that is available before you need to use the money. You won’t build wealth with assets that pay interest only. All it does is keep your money safe for now or so you think. In reality when you come to need it will buy you a lot less as inflation will have to devalue it.

8. Avoid Conspicuous Consumption

Why spend money that should go into building your wealth on things you don’t need, just to impress people you don’t like or know? This is why making money your primary motivation is a failed strategy for wealth building.

9. Employ Wealth Building Leverage

You won’t get wealthy by trading time for money, and you can’t do it all yourself. Building wealth requires you to work smarter rather than harder by using other people’s money, time, knowledge, network, marketing platforms, systems, and technology.

10. Build Supportive Environments

If building wealth was easy, then more people would achieve it. Yet, few succeed in their pursuit of financial freedom even though anyone can put together a reasonable plan to become wealthy. The difference is consistent, persistent, focused action. Life provides an endless stream of distractions to sidetrack your plans for wealth.