2nd Wealth Building Principle: Give More Value Than You Take. Adding value to the world by giving more than you receive makes everyone better off. That is how you build true wealth. You improve other’s lives by improving your own. Sure, history is replete with people who have amassed financial empires by exploiting others or the environment, but taking value can never lead to happiness or fulfillment. Exploitation may bring riches, but giving value brings happiness and fulfillment as well as riches — and that’s true wealth. By giving more value than you receive, success becomes a measure of how much you have given. The wealthier you become the more you are giving to others. It is a rewarding way to live. “From what we get in life, we make a living. From what we give, we make a life.” - Arthur Ashe 3rd Wealth Building Principle: Live With 100% Integrity Never do or say anything that wouldn’t make your Mother and Father proud. Don’t cause harm, encroach on other’s property, violate moral law, or damage the environment. Don’t lie, insult, or cheat in pursuit of financial wealth. Heck, don’t even stretch the truth. It just isn’t worth it. The rule is simple: if it doesn’t feel right then it probably isn’t. If you don’t feel comfortable telling your spouse, children, and parents what you are doing, then you probably shouldn’t do it. Never choose expediency over integrity because no amount of financial wealth can replace a good night’s sleep, a clear conscience, and a peaceful mind. 4th Wealth Building Principle: Be Courageous Humans are social animals which makes us cautious to venture independently. Yet, wealth doesn’t come from following the crowd. It results from doing what others won’t so you can have what others never will. Wealth results from doing what others wont so you can have what others never will. It takes courage to be a self-starter and be self-responsible. It takes courage to walk new paths and develop new skills. It takes courage to stand out from the crowd. It takes courage to put out the extra effort when others don’t. In short, it takes courage to build wealth. It may be true that the nail that stands up is the nail that gets hammered down, but it is equally true that the nail that never got driven is the nail that didn’t fulfill its purpose. Live with courage so you can live fully and experience true wealth. 5th Wealth Building Principle: Be Disciplined 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, reinventing, Without discipline, you risk falling prey to the number one wealth killer: procrastination. You must begin the right habits today without delay. It takes discipline to overcome procrastination by starting today and persisting tomorrow. There is no substitute for action. Anything less is just an excuse. Another obstacle to disciplined, daily habits is “magical thinking.” This is the false belief that financial security will magically appear out of thin air without a specific plan or action causing it. Wealth happens because you do what it takes to make it happen. The appearance of “instant wealth” actually stands on the foundation of years of disciplined, daily habits. Luck comes to those who make their own breaks. 6th Wealth Building Principle: Avoid Conspicuous Consumption The illusory carrot for building wealth is the attraction of a “more, better, different” lifestyle. This myth is perpetuated by brokerage ads filled with sailboats, European vacations, and perfectly manicured golf resorts. The problem is consumerism causes your limited resources to be directed toward lifestyle and away from building wealth. They are competing demands for the same scarce resources – and only one can win the battle. “Seek freedom and become captive of your desires, seek discipline and find your liberty.” - Frank Herbert The reality is wealth is a form of delayed gratification. Wealth builders live modestly by spending less than they can afford (in money, time, and energy), so they can invest the difference for greater value in the future. They understand happiness does not result from the material trappings of wealth, because that would only keep them from fulfilling the deeper cause that drives them to success. Every day you make a choice between consumption today or wealth for tomorrow. The only way to live delayed gratification as the most fulfilling alternative without any sense of sacrifice is when your motivating cause is a deeper drive than your desire for lifestyle. If lifestyle is your cause then consumption becomes the priority — making wealth eternally elusive. 7th Wealth Building Principle: 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. The solution is to create a support system that keeps you focused, on track, and literally draws you toward wealth. Your family environment, relationships, work environment, financial habits, daily rituals, and more must be pro-actively designed to literally pull you toward wealth by supporting and reinforcing your plans. You must structure your life to support a wealthy outcome. It’s the path of least resistance. Financial Mentor’s coaching and educational products can help you re-design your life to achieve financial freedom. You either direct your daily life to achieve your goals, or you can passively allow your days to be filled with alternatives. You either get the results you choose, or you get the results that are given to you. Which path will you follow? 8th Wealth Building Principle: Apply Leverage To Build Wealth Leverage is the essential success principle that builds wealth. 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 applying the following principles of leverage: 1. Financial Leverage: Other people’s money so that you are not limited by your own pocketbook. 2. Time Leverage: Other people’s time so that you are not limited to 24 hours in a day. 3. Systems and Technology Leverage: Other people’s systems and technology so that you can get more done with less effort. 4. Marketing Leverage: Other people’s magazines, newsletters, radio shows, and databases so that you can communicate to millions with no more effort than is required to communicate one-on-one. 5. Network Leverage: Other people’s resources and connections so that you can expand beyond your own. 6. Knowledge Leverage: Other people’s talents, expertise, and experience so that you can utilize greater knowledge than you will ever possess. Leverage allows you to build more wealth than you could ever achieve alone by utilizing resources that extend beyond your own. It allows you to grow wealth without being restricted by your personal limitations. Leverage is the principle that separates those who successfully attain wealth from those who don’t. It’s just that simple. If you aren’t using leverage then you are working harder than you should to earn less than you deserve — and that isn’t going to make you wealthy. 9th Wealth Building Principle: Treat Your Wealth Like A Business (Because It Is) You wouldn’t build a business without a business plan. Why should building wealth be any different? Design your wealth plan based on proven business principles that lead to success. These principles include competitive advantage, leverage, accurate record keeping, and accountability– just to name a few. Run your money like a business, because that is exactly what it is: a personal financial management business. Additionally, your personalized wealth building plan should take into account your unique skills, interests, and resources while incorporating the Ten Commandments to Wealth, successful investment principles, and much more. When complete, your wealth plan will be tailor-fitted to your unique life situation, while honoring the proven success principles that no wealth plan is complete without. Run your money like the business it is. Anything less will slow your journey to wealth. 10th Wealth Building Principle: Steward Your Wealth “If a man is proud of his wealth, he should not be praised until it is known how he employs it.” By- Socrates Wealth is your servant, and you are a servant to your wealth. Money is little more than a tool that comes with a responsibility to use it wisely. The rich man is a fool who dies without arranging his affairs to assure that his wealth does good during his lifetime and after his passing. Through your legacy of wealth, you have the opportunity to bless yourself and your family’s life now and into the future. And you can go beyond that by expanding the circle to include the lives of all who follow you. As a successful wealth builder you will be in the unique position to organize charities that can do great social good. The fact that you can’t take it with you means wealth is a gift to be given. Always understand that wealth is not something you possess, but it is a flow which has found a temporary parking place under your stewardship. Eventually this stewardship will move to others as all things must pass (including you). The wealth builder’s solemn responsibility is to use this temporarily gifted power wisely so that it creates maximum benefit for all those who are touched by what you created in your lifetim There are ten key wealth building principles that lead to true wealth, not just monetary wealth.
Posted on: Thu, 20 Nov 2014 10:19:48 +0000
Trending Topics
Recently Viewed Topics
© 2015