Wealth creation takes the right kind of education, discipline, willpower, effort, and the ability to take on aggressive risk -- all this over a reasonably long period of time. In fact, the period of time, the amount of effort, sacrifice, and the degree of risk the truly self-made successful people undertake to get where they are is always more than meets the eye.
Most people don’t want to give wealth creation the time and sweat it really takes. The result: most don’t do any of it. They just survive. They drift. They manage. They make ends meet. They live paycheck to paycheck. It doesn’t have to be that way though. If you are reading this, chances are that you aren’t “just anybody”. However, it’s critical to define your “definition” of creating wealth.
Wealth is not just about money; it could be a heady mix of health, well-being, happiness, freedom, money, and more. For a few others, it’d just mean a huge wad of cash sitting in the bank account. Nevertheless, wealth means different things to different people. Start by defining what wealth means for you and abide by the following principles to guide your journey.
Choose the Right Path
If you want to build real wealth, there are three ways: stock market, real estate, own business. Out of the three, owning a business puts you in the most control by far. But "Equity" in the end is the name of the game in building wealth. You choose how you want to play.
Find Motivation. Then Keep Nurture it
You can motivate yourself for absolutely anything you’d want (no matter how stupid it might sound). I have a friend who decided to become a millionaire just because he didn’t like his boss. Go judge him now.
- Are you looking for real freedom to do what you want, whenever you want to do it, and however you’d like?
- Want to chase all those toys, bells and whistles that the rich usually have such as cars, villas, and yachts?
- Feeling generous? Want to engage in charitable events and causes?
- Is creating wealth a barometer to measure your own success, growth, or leadership?
What motivates you might not motivate the person next to you. But it doesn’t matter. Find your motivation and keep nurturing it because you’ll need it more than anything else. Your motivation is going to be the fire that fuels your journey.
Value: Give it away before you ask for cash
Train yourself to give value away upfront before you ask for anything. Strive to give value upfront, be it customers, employees, vendors, colleagues, and pretty much everyone else you’d work with. Counter intuitive it might seem, but when you give you build trust and a connection with others.
In turn, when you do come to them with an offer or something you're selling, they know you will do right by them. Arthur Ashe said it best:
“From what we get in life, we make a living. From what we give, we make a life.”
Use a Network like a network
If you want to be truly wealthy, you’d need a network of people you can bank on. Your network helps you find more deals; makes it easy for you to find talented and smart people to help run your business; allows you to tap into the fabric of collective help; and more.
The key to building your network is not to find people to ”use” them.; it’s to find people and provide value to the relationship. Let them get the best of what you can give them. "Give and take" in mutually beneficial relationships, is a key to building a great foundation to your wealth creation journey.
Protect Time & Use It Well
First, there’s the aspect of letting time play its magic to help you create wealth. Second, there’s the issue of productivity, efficiency, and time management. Wealth building takes time. Patience and persistence in wealth building is key!
You can speed up the process by building equity through businesses you develop, sell, and use the equity to drive your future wealth. This coupled with the dual effect of the power of compounding interest from investments can set you on a path to create real wealth.
On a side note, there’s also the question how you manage your time, which is by far your most valuable asset. Protect your time, get more productive, strive to squeeze out meaningful work from every hour available to you. When used well, creating wealth is only a matter of time, work, and consistency.
These are principles that put you straight on the path to wealth creation. Realize in the end, just staying on the path is more important than the destination itself.
Are you going for it?