7 Rules for Wealth Building

By | July 29, 2016

7 rules for wealth building

Is being wealthy something that happens to someone else? Can you make it happen? What if there was a way for you to become wealthy, wouldn’t that be fantastic.

Well, by following these 7 rules for wealth building you are increasing your chances of becoming wealthy.

  1. Support

    7 rules for wealth building support

    To start your wealth building you will need to have a support network. People who believe that you can do it. It doesn’t matter if it is an online forum but you need to surround yourself with people who either are in the same position as you, or have been through what you are thinking of doing and are willing to give good advice.

  2. Filling a need

    When you decide to become wealthy you probably think you need to invent something no one else has. Well there could be a good reason for that, no one wants it- it probably has been tried but it crashed. What is better is to look at products that are out there and find out what can be improved on them. Look at reviews, talk to people, create a survey. Find out before you start a project whether there is a need for it.

  3. Attitude

    If you have an attitude of ‘ I don’t deserve to be wealthy’ then you probably won’t ever become wealthy. Even if you win the lottery or have a massive inheritance you will probably end up where you are now. Live the lifestyle in your head, don’t go out and spend more than you can afford, but see what you want and use it as a driving force to keep your momentum in times of difficulty. Have pictures of the lifestyle you want to achieve around you.

  4. Debt

    There are two types of debt – good and bad. What you don’t want is to be fire fighting bad debt and trying to become wealthy. You need to find the cause of the debt and reduce or get rid of it. Good debt can be used to increase your wealth. Used to build a base on if you don’t have the initial capital to start, but be sure that it is good debt you are taking out. Ensure as far as possible that your idea is going to fill a need and is something people want before you start.

  5. Execution

    You lay there in bed and all of a sudden you think of that widget every one wants, brilliant you think I can be wealthy. Well yes and no. This is the reason that there is only 1% of the population who are really wealthy. They have the ideas and they act on them. A lot of people come up with the same idea, but it is only the one who acts on it who becomes known for it – the others say ‘ I thought of that!!’  Most people don’t like change. You can have all the ideas you want but if you don’t execute them then that is all they are – ideas. Yes you can sell your idea, but who is going to get wealthy then? You or the person who has now created your product?

  6. Control

    Would you have a sports car and then have someone else drive it for you? Would you sit in the passenger seat and enjoy it as much as driving it? You probably wouldn’t – you would want full control. There is nothing different between this and your life, don’t give control to someone else. If you are in a regular job at the moment you are giving your employer 5 days of your life. They give you two – fair exchange!! Before you quit your job ensure that there is something else you can do, either in the sidelines or preferably build it up while working. When this is established then quit and take control of your life.

  7. Brand7 rules for wealth building brand

    When you pass the golden arches who do you think of? Yep McDonald’s. Why? – because of their branding. You don’t go out for a beefburger you go out for a big mac. You need to get a brand and stick with it. You need to get known as this brand. You need to get trusted as this brand. You need to find a logo which people can identify with the brand, so when you produce anything you use this logo and it will be identified with your brand.

If you get all of these 7 rules for wealth building right you will start to build your wealth. Once you have your wealth you need to invest it, to prevent using the capital and live off the returns from the capital.

For the future you can use the leverage of the capital to create more wealth. Just ensure you don’t put the capital at too much risk. Practice monogamy, concentrate on one business, become an expert in what the business does. Put your all into the business, as long as it fills a need then you will become wealthy.

Where you can get all the support you want is on a site called wealthy affiliate, there you can join for free and create two web sites, to promote your business. You get the first level of training for free and if you enjoy it as much as I have then you can go premium. Once premium it opens up the whole of the training, showing you how to build a profitable business online.

I hope you enjoyed this post about 7 rules for wealth building, if you have any comments or any other rules you have used to become wealthy then why not share them with us in the comments box below?

Thanks for reading

Phil

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