Wealth Building goes beyond doing business and making money. Doing business is just the first slice of wealth building. Wealth Building involves accumulating, multiplying, safe-guarding, investing, re-investing and re-distributing your wealth efficiently. Use this guide to help you build a Wealth-Kingdom that is Stable, Profitable and Highly Valued at all times.
Wealth Creation and Accumulation through business and entrepreneurship is as old as man. From biblical King Solomon and his gold mines, to our modern-day Bill Gates and his Microsoft empire, successful wealth building through business and entrepreneurship have over the ages become associated with certain norms, rules and principles.
What are these Norms, Rules and Principles?
Now, let’s explore the Key Wealth Building Principles for Personal and Business Success:
◊ Have a Strong Inner Motivator
Building true wealth is neither easy nor straight forward. The journey to true wealth can sometimes be rough, difficult and lonely. At such times, when the going gets tough, you need strong self-motivation to keep you on track. At such times, you must activate your inner motivators.
What are inner motivators? Inner motivators are those strong personal goals and ambitions that propel you into business and entrepreneurship. Inner motivators that push us to success may include the desire to:
Be free from the 5 – 9 workday; to empower yourself with more time to explore your passion, attain personal freedom, and have the time to embark on your journey to true wealth.
Build greater capacity to give back to family, friends and humanity; to help others especially the poor, directly or indirectly through your charitable organisation and foundations.
Attain financial freedom and enjoy the good life it brings. By attaining financial success, you inspire others around you to explore their own potentials for wealth creation; so that they too can break the shackles of financial dependence.
◊ Add Value to Create Wealth
Become rich by creating Value. Value is what people pay for with money. For sure, you know that defrauding and cheating others will never give you true wealth. True wealth comes from giving something of value to others, for which they are willing and happy to part with their money.
True wealth comes from making life easier for others, and being rewarded for doing so. Adding value is at the root of your success, joy and contentment.
◊ Be proud to be Different
Never be afraid to beat a new path and do things differently. You will distinguish yourself and stand out from the crowd by thinking out of the box. You can excel by avoiding conformity. You can hardly become wealthy by doing what everybody else is doing. Add some personal touch!
Great fortunes come from offering things others could not offer; or giving what others give, but in a different and more attractive new way or format that makes an exciting difference.
◊ Imbibe Self-Discipline and Integrity
Self-discipline and integrity will keep you on track to reach your targets and accomplish your goals. Wealth building demands a disciplined mind. Without self-discipline you open up yourself to negative habits such as procrastination - a major obstacle to success.
While striving to create wealth, never do things you will not be proud of. If you ever have to choose between personal gain and integrity, always stick with integrity. No amount of money can substitute for a clear conscience and peace of mind.
◊ Use the Power of Leverage
Use the power of leverage to make building your wealth-kingdom easier and faster. Leverage gives you access to resources you may not have. Leverage helps you overcome your personal limitations towards wealth building.
By leveraging, you can benefit from other people’s money, time, skills, knowledge, expertise, systems, technology, experience and capabilities. By leveraging, you can quickly overcome any hurdles towards financial success, brought about by your own personal limitations.
◊ Modest Living is the Key
As you begin to create and accumulation wealth, resist the temptation to become extravagant. Wealth building hinges on the principle of thrift and delayed gratification.
Many wealthy people live modest lives, even below what they can afford. Avoid sudden life-style changes that make it obvious that you have arrived. Your life-style could make or break your success towards wealth building.
◊ Have a Succession Plan
Protect your wealth-kingdom! Your wealth-kingdom is your legacy to your family, your relations, to generations unborn, and to humanity at large. Put in place appropriate plans, both legal and otherwise, to ensure that your wealth-kingdom will survive you; and not disappear once you are no more.
At the end of it all, when your race is run, you shall be remembered not for what you took out of the world for yourself, but for what you gave to the world of yourself.
Stay Smart, Wealthy and Wise!
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© Jay Onwukwe
