Wealth Building – These commandments of wealth will help you live in abundance, besides dictating to us how to attain and maintain it. Stay tuned to find how many commandments there are because I think you’ll be surprised at how simple some are to stick to.
13 Principle of Wealth Building
1. Thou shall give more value than you take
Wealth and riches have a wide gap in between, and to be wealthy, you have to invest more than you take out. I don’t mean in monetary terms alone but in different aspects that drive us towards wealth. The corporate world is pretty weird, and in the case where you build other people’s lives automatically at the end of the day, you’ll have placed your life in the trajectory of success. Yeah! Sure you’ve heard of people who went on to exploit others to secure more riches for themselves, but tell me, are those people happy and satisfied by their riches? This is the clear line between wealth and riches. Wealth is estimated by how much you’ve contributed, not by how much you have in your pockets. You can be the richest in the world but, you can’t purchase happiness at a thrift store. So, you better be critical when identifying what you want in life. Is it wealth or riches?
2. Thou shall create a budget and stick to it.
You’ve been told too many times about the importance of creating a budget. Then why haven’t you started religiously creating a budget, and sticking to it? It’s fundamental for the financial goals that you have a workable budget in place. Analyze your income versus your spending. Sometimes you end up with such a small amount to save. Or you could end up with no savings money at all. You will need to be smart about your spending habits, and cut off any unnecessary spending. Remain with only necessity purchases and save the rest to ensure that you’re working towards your financial goal.
3. Thou shall lead an integral life.
The third commandment of wealth needs us to be a hundred percent sincere and integral. From research carried out, the most lucrative business ventures tend to be illegal. Or involve lying, extorting, and forging documents. When in search of wealth, we should avoid such dealings by all means because it’s better to sleep soundly at night than have millions in your account with no peace of mind. The only thing that will deviate you from wealth and success is your principles. Well, if you aren’t principled, you’ll bite at any deal without considering crucial factors. What keeps customers coming is your diligence and honesty, don’t be fooled that shady deals will keep your business afloat, and even if they do, things will eventually fall apart. The rule of life is simple, if it doesn’t feel right please, don’t do it.
4. Thou shall determine your financial goal
You can’t get to where the treasure is without a map, a plan, and some tools. This is the same as attaining a financial goal. It’s not enough for you to have a picture in your mind that simply, reads, “I want to be successful.” Unless you have a clear direction of where you’re headed, you’re pretty much stuck. Make it a habit to set goals and jot down how you’ll get there, and who you need to support you, in your financial journey so that it can be easier. If you’re married, you should consider making a plan with your partner. This will create better alignment in your efforts towards achieving this set goal. You’ll know which assets to buy first, and which can wait until a later date. Don’t forget to consider creating a retirement savings account as early as you possibly can.
5. Thou shall be courageous
Nothing in life is achievable without self-belief and courage. Once you start doubting yourself, even for a minute, then you’re on the verge of failing. Considering our social nature, it might be difficult for some to stake out independently in search of wealth. This is, however, a poor man’s mindset, as we don’t need anyone to pursue our dreams of wealth.
As long as you have a well-outlined plan and believe in yourself, you’re good to go. Just like we all have unique fingerprint imprints, it’s the same way we have unique and different ideologies. Therefore, nobody needs to understand the picture in your head but yourself.
6. Thou shall make planned and informed investment decisions
You’ll find yourself stuck in pyramid schemes and failing investments if you only depend on tips about investing from family and friends. Don’t get me wrong, do consider those tips. But do your due diligence about researching them. Find out if they are legitimate business ventures. Also, something to consider is how viable in the long run these tips are. This will ensure that you protect your investment portfolio by restraining you to investments that only align with your objectives.
7. Thou shall be disciplined
Only the disciplined can achieve a wealthy status. Otherwise, you’ll just be dwindling in between social classes. Discipline is important in everything that we do, and once we understand that, tasks will be a lot easier to achieve. Wealth is a wholesome outlook on all the aspects that make an individual, from daily routines to sleeping habits. A disciplined person will achieve much more than a talented individual. So even if you are talented, you have to put in the work and stick to the plan. The number one killer of wealth is procrastination, and once we get ourselves tangled in that yolk, it will be difficult to escape the inevitable. Wealth only comes to those who search for it, and there is nothing such as instant wealth; it takes a lot more to achieve it.
8. Thou shall keep debts in check
Too much debt is always a brewing pot of financial disaster. Whether it’s necessary or unnecessary debt. You must check your debt even when it comes to small credit card purchases. Because ultimately, these small debts build up quickly and will end up stalling your financial progress. While you divert all your attention and resources to paying them. Ensure that you live within your means and give up the need for instant gratification. Don’t they say, delayed gratification, in whatever form, tastes better than when it’s offered too soon?
9. Thou shall avoid conspicuous consumption
One mistake most of us make is when we start closing in on wealth, we forget ourselves and start admiring a better lifestyle with more vacations and outings. What we don’t think of is the impact such spending will cause on our wealth. Those who’ve turned out wealthy, are living testimonies that they had to spend below their means and even sacrifice more of their time doing things that will eventually guarantee them ultimate wealth. The media has made us view wealth as flashy cars, lavish houses, and ecstatic vacations. Don’t be fooled and stay on course once you have established financial freedom, you’ll get an opportunity to enjoy the spoils of wealth. Contrary to the social view, most legitimately wealthy people live modestly, investing more for a better future.
10. Thou shall build supportive environments
To smoothen the road to wealth, you need to create a conducive environment to facilitate ease in operations. Whatever you’ve planned, must be executed at the time set out to complete the task. It’s human nature to want to ditch plans that you’ve already committed to, and the only way to avoid this is by having a support system that will get you back on track. Surround yourself with people that will drive you towards wealth. Also, in your daily routines, you must include things that will motivate you to achieve your plans. Life always has sideshows that might deviate you from your course, and having supportive people around will help a great deal to steer you clear of unnecessary distractions.
11. Thou shall listen to your voice above any other
We’ve all heard those sob stories of people who believed in financial fairy tales. There are those where an investor promises you up to 3000 percent profit in stocks. All you need to do is send a certain amount, sit back on your couch, and they’ll do the heavy lifting for you. A few weeks down the line, as you anxiously check to see the progress, you find that you fell into a conman’s trap. You’ve lost most of your money, if not all. Even worse, you’ve wasted a substantial amount of your time doing nothing. These sad stories always have a similar ending, ” the deal was too good to be true.” I can assure you, that there is no person or bank, that has a simple solution to a complex problem.
Don’t be fooled too easily with easy money and no labor, because unfortunately, the laws of finance don’t work that way. You have to work before you get paid. You keep working hard for a given amount of time to get paid whilst you sleep. And still, then you have to pay employees who work while you sleep. Remember that it takes money to make money.
12. Thou shall be frugal but not miserable.
We could call this a financial dieting program where you have to give up the tasty junk for healthier foods, but still, have a cheat day or two to maintain your happiness. Because if you gave it all up at once, it would leave you feeling distressed, unhappy, and unwilling to continue with the diet. That’s the same for financial freedom, where saving more and spending less isn’t always the answer. You have to find a way to cheat through the system and spend less without compromising your quality of life.
Canceling all date nights with your wife in a bid to minimize spending may give you a bigger bank balance. But for sure, you will have an unhappy spouse who tolerates the habit but can’t stand it. Do you think that’s a fair trade-off? Probably not because who wants an unhappy Mrs. You could try having an appetizer at home before going to the restaurant. Then have your main meal on the date and skip the dessert, which you’ll indulge in back home with dimmed lights and a romantic setup. You’ll be smiling to the bank, and your better half will love you even more for finding such a great balance.
13. Thou shall work as little as possible
Ever wondered what you’d do if you won the lottery? I bet some of your answers include things like paying debt, taking care of your parents, vacations, or even donating more. Now, did you know you can achieve all these things without winning any lottery?
My point is that you get a more in-depth understanding of what you’d be doing with your life if you didn’t see money as an obstacle. As with work, you’ll be drained, picking jobs that serve as only money-generating sources. You must risk choosing a path that’s fulfilling for you even if it didn’t pay you anything. So, work in this context means doing something that you have to do.