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THE KEY PRINCIPLES OF WEALTH

Society is designed such that, the few rich people continue accumulating the plenitude of wealth because they have the propensity to control resources to their advantage as well grab the abundance anytime they choose to, leaving the poor and middle class with scraps to hold on to. For decades, the saying “the rich would continue being rich and poor forever be poor” remains undisputed for the reason being that the rich know how to Play their cards right by following these laid down principles;

DISCIPLINE

The greatest principle of wealth creation is building discipline. Discipline saves time, energy and resources thus provides more room for opportunities. Conforming to scripted norm, such as waking up early, pursuing your dreams, going to bed early, eating right, staying and living healthy makes a person live efficiently and effectively. Building discipline allows you to achieve your goals without having to waste time.

NEVER SPEND MORE THAN YOU MAKE

Another rule to consider on the chain line of wealth creation is spending less than your income. This allows you to save more and have enough before your next income is generated, thus insuring you during emergency situation. Consider Mr Alex and Mr Brown, both having an income of $300 monthly. However, Mr Alex ‘s expenditure for a month exceeds his monthly income whereas Mr Brown spends half his income in a month. Who is most likely to have more money? In fact, the one with more money is considered wealthy than the other.

PLAY THE MONEY GAME

Rich people’s goal usually involves immense wealth and abundance of it which means having lots of money. The money game is simply understanding the dynamics of money making in your business and personal lifestyle. “It is finding areas of spending in which you have lots of opportunities to save” according to Al Zdenek. Just like any other game, the money game is fun to play and once you’re good at it you keep winning.

DON’T JUST SAVE INVEST IN APPRECIATING ASSETS

Saving is putting aside money you do not spend for future use, however it is not the best way to make as much money as you desire. Majority of the wealthy people in our societies save to invest in assets, bonds, or stocks. Investing brings higher possible returns, although there is increased risk involved. But no need to panic, taking risk is also playing the money game.

DON’T WORK FOR MONEY, EXCHANGE TIME FOR MONEY

As confusing as this point may sound, it is actually a point to consider in the principles of wealth creation. Majority of employees only earn a survival wage whilst employers strip them of the higher capital. The truth is you are never paid for how hard you work rather you’re paid for how well the work is done. Next time you think of working a job, find an easier way to executive your responsibilities instead of wasting time over working yourself, when you do that it will save you more time and energy to work another part time job thus exchanging your time for more money.

UNDERSTAND THE ROLE OF MONEY

The rich understand that money play three primary functions which are serving as a medium of exchange , a unit of account and a store of value instead of what we are thought in school that money is a medium of exchange. Once you understand that, you’re worth the amount of money you have and your value equals your net worth, you can begin working harder to ascertain the needed respect and societal value. “ The money you make is the symbol of the value you create” according to Idowu Koyenikan the author of the book “Wealth for All”.

AVOID DEBT
Avoiding debt will also reduce your financial and personal stress. Debt reduces net worth plus the interest paid on debts could be facilitated in an investment . The next time you think of going in for a loan remember is better to have nothing than owe with a huge interest rate. You can never be wealthy when you owe.

LEARN TO HAVE INFLUENCE

Influential people turn to have the majority of connections making it easier for them when starting a business, they easily make their way out with fortunes as compared to an average person with no influence. Having influence creates a larger market for a business to progress because you easily persuade the masses to your side as well as get them to try your products.

FOLLOW YOUR DREAMS

According to Larry Ellison “I believe people have to follow their dreams- I did”. Before you can achieve anything worthwhile you need to start out with your dreams. Dreams bring passion and passion grows innovation and innovation creates wealth.

NEVER STOP UNTIL YOU ACHIEVE

Patience and time do more than strength or passion. The rich believe in dreams, they set goals towards attaining those dreams so even when things don’t go as planned they keep pursuing with a different alternative. They’re never taken aback by failure, they persist and persevere until their dreams are realized. In your path to achieving greatness, there bumps but the zeal of never stopping brings proven results. You can not be rich overnight, except you’re born with a silver spoon no one has ever been rich that way.

UNDERSTAND GOOD DEBT AND BAD DEBT

Debt, debt, debt, funny enough travels two paths, either earning you money or raiding you of the little you have. Good debts are those that earn you much income example; buying a real estate property with a bank loan and unleashing it as a rental property. With time you earn more income than the actual investment thus helping you pay off your loan and making you enough income.

In the world of worthy people, discipline drives results, the zeal of never stopping pushes you to achieve greatness, therefore no matter your situation strive on these virtues to amass wealth just like the rich do .

By Alexander Asiedu Ofori

A passionate writer, content creator and a Pan-African

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