Principles of Building Personal Wealth
-
Save your money. Don’t spend it all. Build up savings so you can invest in something.
-
Buy things that appreciate, not depreciate. (Beyond life necessities)
-
Write down your goals. (Important to write, measurable, review, ok to fail)
-
Be willing to take risks. If you always stay “safe” you will never take a chance.
-
Watch for opportunities to make money. If you keep looking for it, opportunity will come.
-
Look for a need, then find a way to fill it.
-
Put energy into projects you enjoy. Making money at something you do not like will make you tired and leave you unhappy.
-
Start small but keep adding.
-
Be competitive. Try to do it better and cheaper than someone else does it.
-
Be honest and keep your word. If you can’t be trusted people will not do business with you. Reputation will stand you in good stead.
-
Work hard. Success comes to those who put energy into projects. Don’t sit and wait.
Now you know how the free enterprise economy works. You can see that it is good for society. It encourages each person to contribute because it rewards those who make the society more productive. But what can you do to make sure you have a profitable place in a free enterprise economy? How can you make money? Remember, if you make money, others will too. Why? Because you will hire others, borrow money to fund your operations, create products or services that others want or need.
Those products or services will be bought (money will change hands) and profits will be made at every point of exchange all down the line. Even if you don’t want to be an entrepreneur, you still help wealth build. You will spend the money you earn and this helps keep business alive. Not everyone wants to build profits. Some will feel rewarded by the good feelings that come from serving others. That is good also. Money is not the most important thing to them.
If you want to build personal wealth, apply the 11 principles above.
