How To Create Your Own Wealth

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How To Create Your Own Wealth

Outside of the privilege of being born into a wealthy family or marrying into wealth or winning a lottery……..the probability of which is very slim; there are three fundamental ways of becoming wealthy.

Money is one of the most important subjects in life. Joy and pain stem from decision about money. This makes giving due attention to how money is made and wealth accumulated a worthwhile endeavor.

The truth is that making money and accumulating wealth is not an easy walk in the park. The only thing that is really easy about money is losing it.

Creating wealth is a product of determined, conscious and consistent steps, taking over time. It answers to a choice to be wealthy, backed with a decision to pay the necessary price.

People become wealthy because they have learnt how to become wealthy. A choice to be wealthy is a choice to embrace any of these three sure fire accesses to wealth:

1. Live below your means.
Living below your means and investing your savings is the guaranteed way to wealth. Your first task in your quest for wealth is to learn to live upon less than you earn. Learning to live upon less than you earn is a crucial step in your pursuit of financial success.

This is crucial, because in the final analysis, the true measure of how good or how well you’re doing financially is how much you keep out of the amount that you earn. It’s not how much you make, but how much you keep, that determines your financial future.

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A part of the earned income from your job is yours to keep or save. It should not be less than 10% no matter how little you earn. Then get educated on a specific investment vehicle, and put the money you have saved into an investment.

In order for you to have something to save out of what you earn, you must learn to live below your means.

The truth is, we can all become wealthy, if we will put in the necessary discipline to live below our means, save and invest our savings skillfully.

“If you would be wealthy, think, saving as well as getting” Benjamin Franklin

Saving money involves sacrifices; it involves delaying gratification and saying no to yourself and loved ones most of the time. You might not be able to change your car or your house the way you would have loved to. Your children might not be able to attend the very best of available schools, and your appetite for a particular delicacy might not be satisfied; all in the bid to save some money for investment.

Sacrificing pleasure and the good of life, especially when you can afford it, in order to save money for investment is easier said than done. This is because human nature craves pleasure and wants to enjoy the best of live. But if creating wealth is your choice, then you must learn the discipline of sacrificing and delaying gratification in order to save money for investment.

2. Expand your means.
The way to wealth is, and always has been, your ability to start and build a successful business. Starting and running your own business is the highway to wealth. Studies show that 80% of wealthy people made their money this way.

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You can become an entrepreneur, start a business and put yourself on the road to wealth for the rest of your life.

Starting your own business is a great thing to do but there are no guarantees that your business will fly. Starting and running a business involves risk. You risk losing your money and wasting years of your life trying to establish the business. Statistics show that four out of every five businesses fail within their first five years. Of those that remain, four out of five will also fail within the next four years.

The risk of failure is high, but it is the highway to wealth. If you can succeed in building a successful business, your probability of creating wealth becomes highly enhanced.

The good news is that all business skills are learnable. You can learn any business skill you need to achieve any business or financial goal you set for yourself. If you can drive a car, you can learn to be a successful entrepreneur.

3. Do both.
The truth is that you can learn to sacrifice, live below your means in order to save money for investment; and at the same time learn to take risk as you expand your means by starting your own business.

Wealthy people have more than one stream of income. If one stream dries up, they have others to support them.

In the final analysis, accumulating wealth involves making sacrifices and or taking risk. It is either you’re sacrificing by living below your means or you’re taking risk by expanding your means through entrepreneurship.

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To Your Prosperity
Sharon Akinoluwa

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