3 key rules to wealth creation: Key secrets to building wealth

It’s a widely known and accepted fact that there is no one rule to wealth creation as different sources might provide you with the opportunity for job creation. To create and build wealth, one must follow a certain level of discipline to achieve the purpose. The following are the three secrets disciplines and secrets you need to master and utilize to grow and build your wealth.

1. Save and Invest

There is no human on earth who is not limited by the number of years he or she is able to run around actively to make money. A man who is currently 20 years old has twenty to thirty years of active working to work on his or her job. The implication of this is that as we age gradually, our ability to engage in physical labor reduces. The period of our active working is that period of time when we can set the foundation of our wealth.

That particular moment when you decide to create and build your wealth then action should be taken towards making it happen by opening and starting up a dedicated active saving account. No matter the amount you plan to save or will save periodically, the savings should be automated to build more consistency and saving discipline. You should also consider investing in money projects and projects such as real estate, mutual funds, stocks, bonds, and so on.

When selecting a saving accounts, it is very important and necessary that one selects a type of savings account with zero or minimal costs and appealing returns. The money you are saving should not just sit idly but generate returns continuously. For instance, saving $10,000 in a particular year should provide you with 10% giving you $11,000 at the end of one year. This is one of the ways of creating and growing wealth.

2. Ability to delay gratification

Looking around you, you will see a lot of advertisements that are created by different companies to facilitate buying and impulse buying when at the supermarkets or malls. Remember you spend to buy what we need and what we don’t need such as new gadgets, new designer wears, new accessories, and so on.

The goal to become wealthy will require you to be more discipline with your spending and the way you use money. You need to learn how to postpone buying what you think you presently need until you have well enough to buy them. Delaying gratification till better time doesn’t mean you should not enjoy some little comfort or little luxuries. It’s just important to note that the buying of luxuries can be delayed and postpone to a much better time when your financial goals have been achieved.

Always learn to live below your income. Learn to identify the differences between your needs and wants. Always ask if the things or items you are trying to get with your money is presently needed or connected to your survival? Are you buying for impressions? The answers to these questions will help you in growing your wealth.

3. Discipline to always ignore those who live to impress

The people who live to impress are always around us. These people can be our families or friends who spend money or financial resources just to impress others and get recognized. We always have that one person who makes use of flashy and expensive items to court attention from others only have financial problems when it comes to sorting out some financial bills.

Try to impress others with what you use or wear will cost you more money and end you in a financial situation you are not going to be happy to experience. Trying to becoming like those who spend to impress will lead to you into making poor financial decisions which are very detrimental to your wealth growth.

Your purchase decision should be based on personal needs and not need to impress others. This will help you to spend more wisely.

What is the fastest and easiest way to build and grow wealth?

One of the fastest and easiest way to build way is to spend less than what you earn and try as much as possible to live below your means. Save the money you aren’t using and invest your financial resources in places where there is opportunity for steady growth of invested funds. These are some of the fastest and easiest ways of building and growing your wealth status. The problem with some people not building wealth is that they keep spending as much as they earn.

How to grow wealth from little or nothing?

1.  Educate yourself about money. Understand the principles and rules of wealth creation.

2. Trade off and liquidate assets you don’t need anymore.

3. Avoid accumulation of debts and wasteful spending.

4. Automate your savings to build consistency.

5. Invest in real money opportunities

6. Making connections and share your knowledge with your circles.

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