7 rules of wealth creation

7 Rules of Wealth

have you ever wondered why some

people are wealthy

and others aren't

www.wealth-rich.blogspot.com

How can you get into that

situation?


How can you change your life so

that you can have all the things

that you've ever wanted?


A few very simple

yet time-tested strategies will get you on the road to financial freedom and true wealth


7 Rules of Wealth Creation.

1. Develop a "Wealthy" Mindset


Without doubt, your mindset is the

single most important factor that

will determine whether you will be

wealthy or not



True wealth and abundance come from having an affluent psychology



You gotta remove any disempowering beliefs you have about yourself or money

Whatever you think about, you

bring about i.e. Law of Attraction.



2. Spend Less than you Earn, Invest the Remainder Wisely


The average person is spending

105% of their earnings i.e. they

are in debt

Debt is only good if it's for building assets



This is good debt!

You must have a spending plan for your life

to make sure you only spend what you have

and then save and/or invest what remains

save at least 10% of your earnings



3. Learn the Language and

Mechanics of Money


Making money and becoming wealthy

can be a bit like learning a foreign

language

There's lots of terms like: Assets, Liabilities, Liquidity, Net Worth, Gearing, Leverage, etc.

3. Learn the Language and Mechanics of Money


and you must know what they mean

in order to become a good investor

The mechanics (tools, strategies, investment

vehicles, etc.), also need to be learnt so

you put them into practice knowledgeably.

3. Learn the Language and Mechanics of Money


4. Pay off Your Debts...Fast!


You can literally get rich by getting out of debt!

Start by paying off the loan with

the highest interest rate first.



It could very well be your

credit card debt

Then start on the debt with the next highest interest rate.



5. Acquire Assets


Reducing your liabilities(debts)

which we spoke about in Rule 4

The second way is by increasing your equity (assets)

5. Acquire Assets


There are essentially 3 types of assets:

Paper Assets (Shares, Bonds, Pensions etc);

Real Estate (Residential, Commercial, Development)

Business (Start, Buy, Rent)

5. Acquire Assets


You absolutely must acquire the

knowledge about investing in these

asset classes in order to build wealth

Work within your own boundaries. Only acquire assets you can afford to pay for or learn how to use Other Peoples Money (see Rule 7).

5. Acquire Assets


6. Know the Power of Compounding


Did you know that if you invested just $5,000 per year at an average return of 7% from the age of 25

you'd be a millionaire by the time you hit 65



It's vital that you decide on an absolute

dollar amount you will invest each and

every month

no matter what and stick to this to see

your wealth grow through

compounding.



7. Use Other Peoples Money, Other Peoples Time


One of the keys to getting out of the rat

race and creating financial independence

is knowing the secret of leveraging other people's time (OPT) and other people's money (OPM).



The ability to raise and use OPM and OPT

is crucial to obtaining the financial freedom you desire.



Strategies like these can really make you a lot of money and put you on the road to real wealth creation.



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7 rules of wealth creation