Many keep on dreaming how to gain wealth, desiring, aiming, wanting, imagining and working hard day and night to fulfil their heart desires of becoming rich. It is good but what they forget is there is no successful rich man without principles and steps he used to make the money he/she possesses.
It is true we need to aim high, dream and imagine but it’s not sufficient so let us study the art of making a lot of money thus creating wealth in very few and simple lines. The principles are easily applicable and anyone who follows them strictly is on the road to making a lot of money.
Amongst the worthiest commodities on Earth is Information, which we are surrounded by, for it could be found in magazines, books, libraries, news, seminars, TV. Worthy of mention is the internet which has integrated the different parts of the world into a small village. All these media provide us the much needed information.
However these information sources do not provide us significant guidance. This is my goal for writing this article so as to give out the best I have learned. “Action” as it appears is the only thing I can say with confidence and certainty, it is above all things that counts. Even clumsy misdirected action will bring results. Might be not the required results, might be not the best results. But whatever the case action has and would always bring results as it is reaction demonstrated by the famous physicist “Isaac Newton”. As he enunciated his third law of mechanics “For every action there is an equal but opposite reaction”.
So let’s stop folding our hands, sitting behind, dreaming, wishing, desiring and imagining about money for money won’t come in this way as it has never and would never do. But let’s take on action as our motto and the results in less than a day will be presented to us on our table as a beginning on the road to making a lot of money.
It has proven that by taking action one can get out of debts as simple as lying on the bed and waking up early in the morning as sound as a soldier ready for war. That is by taking appropriate actions at the right time and evading unnecessary money wastage one can manage money so well that he/she uses it to create more money as they have often wished.
So many people fear making mistakes, but the truth is even if one makes mistakes he/she will still possibly make a lot of money. The truth is wealthy people do make lots of mistakes with their investments than most of us do but they still remain positive in their thinking.
What is important is that they just realise their mistakes as sooner as possible, correct them and are always taking actions to move forward.Which is an atitude any one aiming to be wealthy should take with him/her and get the results for as long as you take actions you will always get results.
Anyone would agree with me that the best book in the world on investment is of no value than a rock if it sits on one’s desk, unread and ignored. Then it eventually becomes a paper weight and a dust collector. So do not let that happen for there are thousands of books on making money and creating wealth. But for one inspiring to become rich after making a lot of money he/she should make good use of any documentation on making money and creating wealth.
Make it a habit, studying and understanding these documents by applying them and a change in one’s business life follows. Writing this I don’t want it to just be an article but a tutorial and call for one’s own personal success and personal declaration of financial independence.So as to see his/her heart desires come through with time after going through the article. So give yourself a chance of succeeding in the art of making a lot of money and creating wealth.
If one is aiming to study economics then he/she should ride on to college. If one desires to understand the banking system or politics then his/her place is not here reading this article. But if one wants to invest wisely, reduce his/her credit card debts thereby making a lot of money and having much in his/her pocket at the end of the year. Then they should take into consideration all what we have discussed earlier and are still to discuss.
Remember never to trust anyone who promises to make you rich for it doesn’t work that way. For if one does trust anyone, he/she is only moving on to their own failure and misfortune. For it’s like a finger pointing a passing comet and if one concentrates on the finger he/she would obviously miss the heavenly glory of the comet.So rely on one’s personal efforts and judge any advice and business strategy proposed on getting rich and if one finds is valid they strive forward.
The predictable results of knowledge is accumulating wealth using effective strategies, patience and resistance which so many folks retire poor because they lacked these characteristics.For if others have done it then we too can obviously do it, so let’s figure out how accumulating wealth is done in few easy ways;
1) The first and essential step is to understand and know how money works.Whereas so many people escape the subject matter never learning nor studying it, always avoiding to talk of it which is wrong.So each and every one should have as much information on money as possible through the different information media.
2) The second step understands that money is fundamentally an idea. Understanding that money is a social agreement to exchange value in a convenient way.So base self on providing required value and success in accumulating wealth would follow easily.
3) And the most important as previously discussed is taking action, take action and don’t wait to do so later. Start up something which is money yielding without fear of making mistakes.
Success in gaining wealth sometimes might seem to be an overwhelming task. However if developed step by step, one would finally gain the wealth he/she has often dreamed of. So below we shall be bringing more light on how to gain wealth.
Before one should dare step in to any adventure, it is important he or she determines the starting point. A thorough evaluation and understanding of one’s present financial situation is a major step in moving forward to gain wealth. Some of the questions to be asked when one is taking a stock of his/her financial life are; how well have they done so far? Are they pleased with it?
Your money personality
In other to gain wealth, each and every one should ask self the question why they use money in a particular way. There exist many forces which influence one’s money personality and can affect their wealth gaining process. For each and every one makes purchases in other to feel a particular way and satisfy desires. Most spending influence sources include: friends, family, easy credit, shopping and advertising.
In gaining wealth it is essential for each and every one to understand their atitudes about money and where they fit.
The hoarder prefers to budget, save and prioritize.
The spender after obtaining their profit or salary have spending as primary aim.
The planner is nitty-gritty type, always taking one step at a time
The dreamer is always hatching passionate schemes, but he/she just has no idea on how to make them come through.
The merger wants to bring together all of the couple’s money.
The separatist wants to get at least part of his/her own money for personal use.
The risk taker is he/she who loves and often takes adventurous investing.
The risk avoider wont dare step in to any step he/she is not sure of success.
Before any one takes the step of creating their saving and spending plans, financial goals must be set as a way of gaining wealth. Goals bring a reflection of one’s values thereby providing direction for planning. Setting goals would help each and every one balance their needs and wants thereby moving them to wealth gaining.
Characteristics of goals
It is important to understand the difference between a goal and a dream. If one expects to live a comfortable retirement, then he/she has a dream. But if he/she expects retirement at x age, then he/she would have to save y dollars which will have to last for z age, then he/she has a goal.So what is the difference between the two?
- Specific: Goals should be specific. How much does one intent to save? The time one will have to wait until the money comes in? So setting as a goal of gaining wealth is essential since one gives his/her self a time for obtaining and the ways of obtaining.
- Measurable: In gaining wealth one has to monitor and measure their progress. One has to do this monitoring in anyway of their choice, one could decide to write it down or as well as track on a computer.
- Reasonable and realistic: Each and every one aiming to gain wealth should set goals which are reasonable and realistic. Don’t try to save too much as this might sacrifice other parts of the budget. Saving is not an overnight process but a lifelong process so should be done in a systematic approach.
Each and every one aiming to gain wealth should set goals for the purpose. There exist short term goals which could be archived within a year or two. Midterm goals are those which can be archived within 3 to 5 years. Long term goals are those which can be archived over a period of 5 years.
Over time goals are changing in a continuous manner. As one reaches his/her goals, new ones should be established.
In other to gain wealth, one should consider the following when making his/her goals;
18 to 24 years
- Establishing one’s financial identity
- Have self well trained for a career
- Launch household
- Develop an actual financial record keeping system
- Develop actual planning systems
- Buy risk coverage
25 to 35 years
- Providing for one’s expanding household needs
- Keep one expanding career goals
- Manage the increasing need for credit
- Provide for training funds
- Buy additional protection coverage
- Draw wills
35 to 44 years
- Upgrade one’s career training
- keep on building education fund
- Maximize head of home protection
45 to 54 years
- Provide for self a higher education
- Keep on maximizing investments
- Asses and explore the estate plan
55 to 60 years
- Consolidate all financial assets
- An addition of future security is needed
- Investigate volunteer or part time work for retirement
- Attain financial independence
65 years and over
- One should secure reliable assistance in managing economic and personal affairs.
- Finalize the plan for sharing estate
- Finalize a letter of last instructions
Wealth is generated through a number of stages which we shall be looking below in a brief but explicit manner;
In order to generate wealth one must make saving part of his/her budget. For there is a saying for those aiming to generate wealth ‘’pay one’s self first’’, that is after getting one’s salary, before he/she pays their bills they must have kept something for themselves.
If one is aiming to generate wealth then he/she must stop working for money and allow money work for them. If one has a job, he/she is supposed to do just one job at a time, go have a good rest and so on.
If one is looking for ways of generating wealth, he/she should employ money to work for them in many different industries at the same time. But they themselves can only do just one job and be at a particular place at a time. So let us stop working in an unrestful manner, just have your one job but employ money to work for you elsewhere.
Engage into different activities that put money in to one’s pockets, by investing and securing future entries of money and by so doing one would finally generate wealth.
In other to generate wealth one must spend less than they deserve or merit, for the wealthy won’t dare buy things too expensive whereas there are substitutes at lower prices.
One should study and understand the art of money making as he/she takes action and not sit behind as most folks do and retire poor.