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Mar 28

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How To Build Wealth? Important Lesson On Wealth Creation

We know that “money” plays significant role in our lives. Though money is not the whole thing, it can help us to achieve our goals. So it’s vital to increase financial intelligence.

ideas to increase wealth

Realize what factual wealth is:

True wealth is not just having

luxurious house and cars. The real true wealth is FAMILY, FITNESS and WEALTH.

I heard that some people are really very rich but they don’t have family to enjoy it and some people lost their family because of

  1. Continuous disputes with his family.
  2. Always tired of overworking.
  3. Doing job which he hates.

In this case, he is rich only in financial but still lack of true wealth.

Tempt money instead of chasing it:

The best way to make money is by attracting it, not by chasing it.

The author defines the situation:

Money is like naughty cat. If you chase it around, it flees you. Though, if you ignore it and concentrate on what tempts the cat, it comes to you.

Money chasers may ask question that how do we know if we chase money?

How can I make inert money?

How can I make money starting a business?

What you have to do instead is concentrate on resolving people’s problem. Chase necessities, not money. Of course, business that resolves problem entices money.

Remember the truth; money is nothing but replication of the value you offer to others. so, the more you resolve people problem, the more money you will make.

Construct a business system:

How to build the wealth? The best way to build wealth is not by dropping your expenses though getting the same amount of salary. Build a wealth by exploding your income while controlling your expenses.

To do so, you have to build a business system. Here “system” plays an important role. Just having business is not enough. It’s significant to have “system” in place, means your business must be capable to run without your continuous existence. If you are not able to do that, then it is just a job not business. Get freedom by building system because it helps you to stop trading your whole time for money. Instead you spend your time on other activities, and money will still come.

How to build system?

“Automation” is the answer. Taking online presence allows keeping your store open 24/7 without your effort. (1) Find the parts of your business that still require your time. (2) Identify methods to automate them.

Be responsible and accountable:

It is must to have both responsible and accountable attitude.

What is mean by being responsible? Being responsible means if anything bad happens to you, you don’t blame on external factor like; customers, your family, your colleagues, friends or the economy. You blame on yourself and your selections.

But that is not ample. You have to be accountable. Being accountable is nothing but taking precautions to confirm that the bad thing won’t occur again.

Implementation – no ideas – is king:

It’s common that many people think that good idea is important to build strong business. But that is not true. Good execution is significant to build good business.

Best example is Google. You all know that there were many search engines before Google, but Google was the best search engine that is because of Google’s best execution.

Attention (focus):

Being focus is more important to build successful business.

Why?

Because that’s how you build momentum, so don’t prefer to do multiple tasks at once. Author said, “A scattered focus leads to scattered results”. It is too good to focus on one task and do it in best conceivable way.

It takes time and commitment to apply these lessons, but they are achievable. Espouse the mindset, take steady action, and you will get results.

 

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